I would be absolutely schocked if you hire Orsid. We had problems with them for so many years. When we finally parted ways, none of the transferred paperwork was complete.

Cooper Square sells management, they are not efficient at all. Their back office is terrible.

Matthew Adam Properties, Inc. Great back office and the agents are wonderful.

After our recent annual shareholders meeting, the directors voted for the new officers, or tried to. No one would agree to be president or vice president. The previous president, while still a director, said it was too time-consuming, both personally and job-related. With no leadership, the directors dispersed but agreed to try again at their first monthly meeting. Later, the ex-president offered to be acting president until the board can try again, and all directors agreed. Our By-Laws require 4 officers, but will not allow the secretary or president to hold any other position. No one would agree to be co-presidents either. Has anyone else been through this?

This probably should have been posted as a new tread but here is my opinion and advice...

Obviously the BP is doing too much... Are the others on the Board not carrying their weight?
Is the Management company doing their job efficiently?
sounds like an evaluation and fair distribution of responsibilities are in order first… beginning with the management company.. the Board should ONLY be overseeing management and ONLY do what you do not want them to do…

At the end of the day, the management company should be managing the building and the position of any board member should never be onerous to the point of no board members fleeing the positions!

Sounds like reorganization is in order…

Best
~AR

You present valid points, starting with that it should have been a new thread. Our management company does not seem to be efficient -- writing overdrafts, paying duplicate invoices, losing track of where funds are deposited. So this Board has to oversee it regularly. Reorganization is a great idea, but in what way? Workshops are available year-round, but the only director who attends is the BP. Delegating responsibility to other directors is something the BP has to learn also, but then has to follow up, making another job.

First the proper role assignment and responsibility assumption must take place.
Management must be provided with a list of tasks and expectations to complete and perform on a regular basis. This will include everything!
Once Management identifies areas that they cannot or will not take responsibility for, then the Board must assess and assign according to the position and requisite of their positions and availability to fulfill the particular duty.

Mind you that not much should be left after management takes their full responsibility. If they have issues, get rid of them.. plain and simple. It is easier to hire a new management company 1 time than to deal with a bad one on a consistent basis.

(Also bear in mind that sometimes when a board starts micro-managing management, they step back and regress.. sort of like a child and overbearing parent.. so first try to put your expectations out there for them before dumping them)

How big is the property? Are you on the Board?

~AR

Here's the bottom line...
After working with many of the companies mentioned on this site and now as the Director of another... No matter who you go with, where you go, you will have challenges. You will also have many people with horror stories of that company simply because bad news travels more efficiently than good...

My suggestion to you is to first list out your needs, then your desires and do this with each management element - managing agent, responsibilities & protocols.. include everything from how the bills are paid, to communication to when you want to see the monthly financials, etc...

Then interview and choose a company that is willing to put all this into the management contract. Additionally, you want to meet the agent assigned to the building and have him/her written into the contract as well (just so you don’t get a ringer)...

I am guessing you are paying 10K a month(ish) for management... Since you are 300 units... Have you considered hiring and maintaining an on site manager?

Best
~AR

AR makes several good points. I also worked with a few companies during my 30 year career in the management business and suggest that as a 300 unit coop you do a lot of homework before making a decision. The best source of references can be obtained from your Coop's attorney and accounting firm. Since they will be working closely with the management company they will want to see you select a professional company that maintains the books and records with efficiency. If you don't have confidence in the attorney and accounting firms that is the first change you should make. If you do have confidence in them then they should be the go to guys. I would suggest you look at owner/management companies since they know the importance of the bottom line and do not just look at real estate as a stack of brick and mortar.

i am on the board of a 350 unit coop and we had terrible experience with cooper square and orsid realty. it is impossible to get anyone on the phone who knows what they are talking about. After years of searching we found an excellent agent, Harry at David Eisenstein Real Estate. They are on top of every detail. they visit te building at least once a week. you can give him a call at 212-582-9080 ext. 13. if you have any questions email me directly.

I am sure he is a wonderful person/agent but it sounds like a sales pitch to me?

Vinnie..........

I HAVE ABSOLUELY NOTHING TO GAIN