What happens to a co-op when the board president resigns and the property management company doesn't renew their contract? What can a building manager do to right things when everything is going badly?
More often than not, a manager will fight to rebuild the working relationship. When an issue arises, the property management company should sit down with the board to work out any differences. This allows an open discussion and for action to be taken. That being said, it will not always be a good working relationship and a property manager needs to assess whether it is profitable enough to warrant the extra stress. Also, some of the board members may never see eye to eye and the property manager plays referee at the detriment of not getting anything accomplished.
When the co-op board deteriorates, so does the building. The property management company needs to remind the board of its leadership role, but if those reminders are not followed, then the board-management relationship can be severed. If the board has been making bad decisions due to a few members, it is up to the property manager to try to realign the situation. At times, the property manager can work with the board to develop a cohesive objective. If a common denominator can be found then the board, property manager and building can move in a positive direction.
If you serve on a co-op board or condo board and need professional property management services, contact All Area Realty Services and find out why our over 30 years of experience and loyal clients make us experts.
All Area Realty Services is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area.