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The Property Manager has played a significant, instrumental role in helping the Board and the cooperative improve its financial and operational condition in a relatively short amount of time, far exceeding our expectations.
Outside of the normal management fee, I wanted to survey if it's unusual or frowned upon to consider giving the PM a bonus gratuity to show the corporation's appreciation? If you have any thoughts or experience regarding the above, please share.
Thanks in advance!
I think it is a perfectly fine idea, but as Ned said, check your contract with the management company company first, and/or speak with the company's president. It would be improper for the PM to give the board gifts, but recognition of a job well done via a financial award should be perfectly acceptable.
I would suggest that when you give the award you indicate that it recognizes a particularly valuable contribution the PM made to your co-op and not something that is provided annually. I would not use the word "bonus" because that implies a re-occurring event. I would also not give it at the end of the year when most re-occurring bonuses are given out.
My building has a particularly good PM and he has been effective year after year so we usually give him an AMEX gift card (good almost everywhere) at the end of the year. If you foresee a long relationship with this PM then it might be ok to establish the precedent.
Don't let him go! Good PM's are very hard to find!
Per your positive experience with your managing agent, would you mind telling me which managing agent you're using? Our building has not been as fortunate and we are looking for a managing agent that takes a proactive approach and takes pride in their services.
Our co-op consists of two buildings located in Forest Hills, New York.
Our condo in Queens uses ALG NY Management. We switched about a year ago and are very happy with them. I recommend them. Contact Linda or JoAnn at (718) 925-8200.
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You should review your contract to see if it mentions bonuses at all or any restrictions (e.g. bonuses are made to the Property Management company versus individual).
-If the PM is a free-lance property manager (i.e. contracted individual) then it would be appropriate to bonus
-If they are an employee of a property management company, then I would say no - it's up to their company to bonus them for their work efforts
What you could do is give them a "thank you" card signed by all board members with, for example, a gift card to recognize their contribution to successful operations.
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