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Any recommendations for a managing agent? We are a small (under 25 units) residential building in Manhattan. New construction, fully occupied, part-time super, typical "new-building" issues. Very active board that is willing to go the distance to work closely with the managing agent and to run the coop efficiently and effectively.
We inherited our current managing agent with the building and they are unresponsive to our needs, unwilling to step up their performance, and arrogant to boot!
We are looking for an agent that specializes in small buildings and the related issues of budgets, expenses, maintenance, insurance, etc.
Any suggestions will be greatly appreciated!
The management selection process is a tough job for any board of directors to take on. I suggest that you do the following:
Speak to the Cooperative's/Condominium's attorney and accountant and ask them for recommendations. They will give you at least three companies to speak with as to give you only one is a conflict of interest. If you do not have an attorney selected as yet it should be done before you seek out a managing agent.
Hire a management consultant to help you with the selection process. This should not cost more than a couple of thousand dollars and should result in saving you lots of time and frustration and save you at least, if not more in future management and extra fees.
Prepare a questionaire for each of the candidates to complete. Don't get too detailed, get the pertinent questions answered.
Decide exactly what you expect from the managing agent so that you can communicate your expectations to prospective candidates.
Visit the back office of each company to see what is behind all the talk.
Lastly, there is no such thing as a "small building specialist". All professional management companies are able to manage a building no matter what the size.
If you need more information, contact me.
Much appreciated! We know that we are in for a long and difficult process and appreciate all of the help that we can get!
If you think it is worth $100 per unit to have a professional guide you through this process from start to finish, please contact me and I will be glad to meet with your board to discuss it.
We made a big mistake a year ago! And now we are interviewing for new mang companies. Call the Boards of the other buildings of the companies you are interviewing -- and speak to more than one Board member. Dont be discrete and so polite that you end up with a Mang who thinks they own your building. Most Board's forget that this is a business negociation. A friend of mine says that he Negociates like an enemy -- but comes through as a friend.
And going forward -- Email has now become a catalyst for change in how Mang companies operate. No more "I did not get your message." Email keeps everyone informed and honest.
The Property agent is the most important person. Again, find buildings he mananges -- and talk to the residents. The Agent can make all the diffrence.
Fees: A cheaper company may charge higher fees, or have hidden cost. Such as: Outragous processing fees for small jobs. Mailing cost.. etc...you will be surprised by how quickly the cost adds up...
If you have a Super you trust, he could give you your best lead....
Sorry to sound so distrustful -- but we have paid, paid and paid for our mistake.
VP
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Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
Try Matthew Adam Properties, Inc.
127 East 59th Street, 3rd Floor
New York, N.Y. 10022
(212) 699-8900
Ask for Ira Meister, President
Good Luck in your search
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