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As a small condominium (10-15 units) in the NYC area, the owners are thinking more about self-management since, (1) it is too expensive too keep an outside management and (2) the management is not responsive. Now, the question becomes if anybody has any guidance, experience or an advice in self-management so that we could prepare for it and then execute it. Thank you for all your input.
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Hi,
You also need people who have the time and dedication to do the work. With only 10-15 units, you may not have the numbers necessary to generate that population. I am a volunteer president myself in an 111 unit complex (co-op) with a great management company and I still find it had to find the time along with working a career. You could probably pull it off until something needs to be fixed or replaced and then you might be faced with the choice to a) go into work that day; or b) have a meeting with the contractor, inspector or engineer.
I say all of this to persuade you to find a more responsive management company.
Good luck!
I can run the books and pay bills but, as you mentioned in your post, if something happens on the premises that would require me to be present, I would not be available.
Would you recommend a good and not so expensive management company for the size of our building?
Thank you again.
Mark,
Lack of responsiveness is not a reason to dismiss 3rd party management.
Mark,
To further my comment, you need the right mgmt, whether it's self-management or 3rd party. Self-mgmt. is doable, but comes w/ many other pitfalls.
Or hire a contracted Property Manager individual versus a company. I don't know if you have Indeed on-line recruitment in the US. We used them as they were very reasonable (pay by number of time your posting is viewed). We received over 50 applicants, short-listed to15, interviewed 11 and hired on of those 11.
We are a small (11 unit) NYC coop and use a management company, (Argo Real Estate) which I highly recommend. Just the employment administration (payroll, taxes, insurance, supervision) of staff, part-time Superintendent, janitorial, contractors, makes this a "no brainier". Then add the bookkeeping, audit preparation, insurance coverage; it is worth the money.
Firstly, self management is not all that bad or undesirable but it's important not to underestimate the amount of work involved, and the seriousness of work involved however it would be always proactive to look in to the underlying mortgage documents to verify any condition exists by the bank, coop/condo must be managed by a management company before the big step is taken.
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You can self manage as long as the group of individuals have the right skills to self manage. You need a finance person (for the books and everything associated with financials; invoices, insurance, claims, budgets, collections, payments). Having a person with a mechanical/technical background would be ideal and someone who has the skills to source and meet with vendors. An administrative person for all admin associated work (filing, preparing notices or letters to owners and this person could be the prime for owner complaints). Lastly, you need someone to "lead" this team, provide direction and support in any of the areas. You are small; you can self manage if you know the tasks and have the right team to assume them and those people have the time.
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