New York based property management firm, All Area Realty Services blog. Find tips for Co-Op Boards & Residential Building Management.

A Co-Op Board Fights Sublets with Airbnb Records

Posted by All Area Realty Services Team on Nov 15, 2018 1:17:37 PM

In recent news, a co-op board filed a lawsuit to terminate a tenant's proprietary lease due to illegal subletting. The co-op building's property manager caught some suspicious looking visitors coming and going from the accused resident’s apartment. He notified the board immediately, and with some digging, they found the tenant was subletting the space on Airbnb. Eventually, due to the resident’s unwavering denial, the co-op board had to subpoena Airbnb’s records for indisputable proof. To this day the case is still ongoing in court. Here are three steps you can take to prevent a similar scenario from happening in your building.

Preventative Measures

If resident’s renting out their apartment, on major concern is that there needs to be policies in place that make Airbnb-ing more difficult. Some examples are:

  • A rule prohibiting guests from staying in an apartment without the tenant-shareholder.
  • Prohibiting doormen from holding keys for guests.
  • Prohibiting the doormen from allowing guests in who haven’t been approved.
  • A rule prohibiting guests from entering who aren’t accompanied by the apartment owner.
  • Creating a system where guests have to register with the building before entering. 

These rules if enacted make it harder for residents to have a constant flow of strange guests entering and leaving the building. 

First Warnings 

If a unit owner has found a way around the rules and is using the apartment as a short-term rental, the first step is to send a letter to the resident demanding they stop. This letter does not have to be a formal warning and can come from the board or your property manager. Although a lawyer is not necessary at this point, but a lawyer could also send the warning letter. 

If the resident ignores the first warning and persists, the next step is to check your by-laws. These will hold all the provisions against short-term rentals and rules informing you how to notarize the resident that they are in violation. You should have a formal warning written up and signed by the co-op board president. A formal notification such as this will put your board in proper legal standing, if legal action becomes necessary. 

It is important to note that in co-ops the board is also required to notify the tenant-shareholder’s lender. This may seem like an annoying extra hoop to have to jump through, but it actually could work in your favor. The lender may also start urging the tenant to stop subletting the apartment, giving the tenant extra pressure to cease their activities. 

For condos the by-laws may give the board the right to fine a resident for violating the rules of the building. This could prove to be a helpful step in preventing legal action. 

Taking Legal Action

iStock-478524467

After you send a formal warning the owner or shareholder has 30 days to end their illegal activities. If they continue to rent out the apartment, your next step is to check the by-laws or proprietary lease for your building's policies on recovering legal fees from a resident

A co-op has the option to start the process of a “Pullman Case” to evict the shareholder on “objectionable conduct.” A condo has to go straight to the New York Supreme Court to request an action for declaratory judgment against the accused resident. This option is also available to co-ops, but unlike condos, they also have the choice of housing court

In court you'll need to state that by violating the rules, the owner is challenging the authority of the co-op board to enforce rules. Next, ask the court to declare that the board has the right to enforce the rule and permanently prohibit the owner or shareholder from violating the rules in the future. As long as you come prepared with evidence you should win the case. 

All in all legal action should be your last resort, as it can potentially cost tens of thousands of dollars, not to mention the stress and hassle of the process. The benefit of going to court is that if the resident fails to comply they can be held in contempt of court. Again, this should be a last resort. Hopefully, if you’re dealing with a resident who is renting out their apartment on Airbnb, or any other source, they will cease their disruptive activity after receiving their first warning. 

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 experience and loyal clients makes 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. 

 

 

 

 

 

 

 

Topics: Co-Op Board, Property Management, Condo Board Association, Co-Op Building, Co-Op Board Lawsuit

A Right Of First Refusal Explained by All Area Realty Services

Posted by All Area Realty Services Team on Nov 7, 2018 3:29:14 PM

In a condominium, unlike a co-op, the board doesn’t have a large amount of leeway when approving or rejecting a proposed sale. A Right of First Refusal is a way for the board to step into a proposed deal on a condominium on behalf of all unit owners, instead of allowing the deal to go through. 

When would a condo board use the Right of First Refusal?

The vast majority of the time the board will waive their Right of First Refusal and allow the sale/leasing of the property to progress. A couple of examples of when it would be in their interest to use their right are:

Example 1:

If there is a proposed sale between two family members at an extremely discounted price.

In this scenario, the building's board could buy the apartment to keep for staff, they could flip it at a higher price, or they could lease it out to a renter. The board would want to intervene in this scenario because if an apartment sells at a value much lower than the market value, it will affect the value of the whole building. 

iStock-637151846

Example 2:

If the proposed sale is with such an objectionable purchaser that allowing them into the building could disturb the overall peace in the building or if they have a proven record of financial misdeeds. 

In this scenario, the board could again use their Right of First Refusal to prevent the purchaser from entering the building as an owner. 

How to discover if a condominium has a Right of First Refusal.

To find out if a condo has a Right of First Refusal you should refer to that buildings Offering Plan. It is important to investigate and discover if the building holds the right because not all condominiums do. Even some of the condos that do, only have the Right of First Refusal on their commercial units, if it is a mixed-use building. 

The truth is that the vast majority of condominium sales do go through undisturbed. However, it is important to always arm yourself with all the information before a major purchase, like that of a condo. A condominium could or could not have a Right to First Refusal, so it is important to look at the buildings Offering Plan to ensure that your purchase goes through smoothly and with the outcome you’ve hoped for.

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 experience and loyal clients makes 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. 

Topics: Co-Op Board, Condo Board Association, Buying a Condo, Co-Op Building, Co-op Insurance, Co-Op Board Lawsuit

What It’s Really Like Serving on a Co-Op Board

Posted by All Area Realty Services Team on Nov 2, 2018 5:14:02 PM

As all co-op board members will tell you, serving on a building's board brings with it a responsibility to make decisions in the best interest of the entire building. The responsibilities of a board member can be demanding and time-consuming. Board members, more often than not, end up giving a substantial amount of their personal time to the demands of the position. That being said there are some alluring reasons to become a co-op board member, such as protecting one’s investment firsthand. Here are some more insights into being a board member.

How Much Time is Devoted to Duties?

If you’re on the board of a self-managed building the demands of the position can be great. Any problems that arise in the building must be handled by the board. This means that 30 to 40 percent of your personal time will most likely be devoted to waiting for contractors, interviewing contractors, or meeting with the other board members. 

iStock-669854210 (1)

Running a co-op building is a full-time job. Some board members even record devoting a minimum of 40 hours per week to their duties as a board member. The truth is the time devoted to duties is variable depending on how available you as a board member would like to be. The more available you are though the more you get out of the process. Board members are there because they enjoy the job and the process, even with the time demands. 

It should be noted that hiring a property manager can greatly cut back on the time you devote to your duties. A property manager would take the weight off your shoulders and allow you to enjoy the position as a board member. 

Common Challenges 

Ever board is unique, but there are three challenges that almost all boards face. 

1. Financial Issues

This is a leading concern for any co-op board. Some boards have an in-house financial professional. While others have to look outside the co-op or condo for financial guidance. Controlling spending can be difficult, but having a treasurer on the board that has a background understanding of finances will help greatly. 

2. Starting Committees and Keeping Residents Involved

The best way to combat this issue is to keep all board members involved and encourage other shareholders to start committees that can make small, effective changes. It is important to have a system that allows for collaboration between staff members, board members, and shareholders on all committees. 

3. Dealing With Demanding Residents 

It can be difficult when dealing with residents that want something that just isn’t within budget or the board's power, and they won't take no for an answer. A board needs to remember this demanding resident is their neighbor, and to keep the communication open and peaceful. It is hard but a board has to stay impartial and treat every shareholder the same. Even the more difficult ones. 

Building Relationships

Building relationships with fellow board members and residents are key to preventing any major issues. You can build a great relationship by:

  • Having a newsletter
  • Contact through regular emails
  • Having a regularly updated website
  • Knowing every resident and board member's name
  • Introducing yourself to residents 

Even building a relationship with boards members of another co-op can help prevent major issues down the road by mutually sharing feedback and advice. 

Even though challenges and responsibilities are a part of every board, many board members feel it is a very rewarding position. They find the rewards may be intangible, but that doesn’t take away from the impact they have. On the other hand, some members find it too demanding and may only hold the position for one term. In the end, the most important fact is that every co-op and condo needs a helpful board that will protect everyone’s investment and keeps the building flourishing. 

Topics: Co-Op Board, Condo Board Association, Co-Op Building

A Co-Op Board President Speaks About Working With All Area Realty Services

Posted by All Area Realty Services Team on Oct 24, 2018 3:36:51 PM

I look back on my years as a president of my co-op board, before working with All Area Realty Services, with less than fond memories. Before hiring All Area as our property management firm, my job as a board president was a difficult and thankless job. All Area brought my board and I a sense of relief, and here are the 5 biggest ways they helped.

All Area Realty Services Helped Us Enter The Digital Age

All Area made my job easier by turning my board from a paperwork swamped office to a paperless uncluttered, efficient office. They took control of this transition alleviating me of stress or worry. By making us paperless All Area made it possible for shareholders and buyers to receive forms by email or from a website, fill them out on their computer, save a copy, and email the whole thin to All Area. Once All Area received all the paperwork they would forward the forms to each board member. This is not only great for the environment, but it also helped my board and I avoid major headaches that we once had to manage. 

They Helped Us Keep Our House Rules Updated

All Area helped not only the building staff stay on top of the house rules, but also reminded us when it was time to perhaps take an updated look at the rules. For example, one of our house rules was about how to properly dispose of household chemicals that we no longer used, and All Area helped by bringing this unnecessary rule to our eyes. It showed me that they take enforcing the rules seriously, and review our rules efficiently. They also helped guide us through updating the language used in our rules. They helped us simplify each rule so its intent was made obvious. 

iStock-507959212

All Area Realty Services Opened Up Lines Of Communication

In my years of experience as a president of a board, I have realized that to many of the shareholders the inner workings of the board are a big mystery. This can make the board's decisions seem arbitrary. Understanding that we cannot open up the meeting to everyone, All Area helped make things more transparent for better communication. All Area did this by creating a newsletter that was created quarterly that included pressing neighborhood issues and a summary of the board meetings. Our shareholder’s really appreciated this new open communication. 

All Area Realty Services  Helped Us Take Advantage Of The Internet

All Area created a password-protected page dedicated to our building. This opened a venue for ongoing discussions of building issues and complaints.  

By Being An Amazing Property Management Company

The unfortunate truth I have discovered as a board president is that not all property managers are good at their jobs. Some have difficulty managing building staff, they communicate poorly with residents, or they don't know their jobs as well as they should. 

When we hired All Area, they were a breath of fresh air in the search for professional property management. Not only did they help with the four points above, but they also properly carried out the decisions we made as a board. They were kind and communicated our decisions in a professional manner to our building. 

If you are a part of a board, exasperated and overwhelmed by the search for the proper management. Don’t feel you have no other choice but to stick with bad management and overwork yourselves. There is another choice and that is All Area Realty Services. 

All Area is New York City’s leading real estate management company specializing in full-service professional property management for cooperative and condominium boards in the Manhattan area.  

Topics: Co-Op Board, Condo Board Association, Co-Op Building

Are Co-Ops A Thing Of The Past?

Posted by All Area Realty Services Team on Oct 16, 2018 3:03:36 PM

Although co-ops represent some of the most desired addresses in New York they are also known for a harsh history where prospective owners had to pass notoriously difficult boards, meet rigorous income standards, and abide by inflexible “house rules” when it came to renovations and resale. Due to this infamous history co-op sales have been dropping and more prospective buyers have been looking to buy condos. So the question is does this mean co-ops are becoming a thing of the past? 

Co-Op Sales Are DroppingiStock-179285229

In the prior year co-op sales priced $5 million and up fell nearly 20%, and in co-ops priced $20 million and up sales declined 25%. This is all despite the fact that co-ops compose 70% of Manhattan’s owned housing units. 

Condos Are Rising in Popularity 

There are a few pros to condos in comparison to co-ops that it is enticing to prospective buyers. These are:

  • Condos have a more immediate buying process.
  • They are generally full-service buildings with gyms, high-tech amenities, and on-site daycare services.
  • Condos allow more freedom to sell or rent the space.

Co-Ops are finding it hard to compete with these enticing pros condos have. 

The 5 Valuable Benefits Co-Ops Still Offer

  1. The bright side to the fall out in sales of co-ops is that there are great deals out there for qualifying patience buyers. 
  2. Co-ops, on average, are more affordable compared to their condo counterparts. 
  3. Co-ops still count for some of the most prized real estate in New York making them a better long-term investment. 
  4. There are never foreclosures in co-ops because everyone is in equal financial standing. 
  5. Co-ops have more tools to raise needed funds and to handle delinquent apartment owners. 

The truth is that real estate is cyclical. Even though sales have dropped recently for co-ops it does not mean it is the end. Co-ops still offer comparable benefits to condos, and they represent the most luxury housing in the city. Co-ops will never truly go out of fashion. 

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. Contact us today if you're looking for a professional property management company. 

 

Topics: Co-Op Board, Buying a Co-Op, Buying a Condo, Co-Op Building

Handling Lawsuits As A Co-Op or Condo Board

Posted by All Area Realty Services Team on Oct 2, 2018 4:14:43 PM

Lawsuits are expensive and time-consuming, and can quickly turn into a financial burden. And unfortunately in some cases it is the only option for resolution.

The Basics

The most common lawsuits include noise complaints between neighbors, construction defects in units, and attempts to collect delinquent payments from residents. If you are the defendant the lawsuit will begin with you being served with a complaint. You will have 20 days to answer the complaint with either an answer or to file a motion to dismiss. You can seek to dismiss the complaint on two grounds: you can say that suit is not strong enough for “a cause of action” or you can try to dismiss by virtue of an “affirmative matter.” 

Also, keep in mind most cases are settled before the going to trial, or the completion of a trial. 

iStock-660743394Don’t Go Through a Lawsuit Alone 

If you attempt to resolve the dispute yourself it could ultimately create more legal challenges. You could find yourself in the trap of selective enforcement. Inconsistent rule enforcement could not only get you in trouble, but empty threats can result in issues as well. In the first phase of a lawsuit, the involvement of your attorney is crucial in steering you to a successful path to resolution.

Although all lawsuits are public record if you have an attorney all of your discussions will be protected by the attorney/client privilege. If you discuss the lawsuit or seek advice to anyone else you will not have this confidentially protection and could have personal information about the lawsuit leaked. 

It is important to note that if you’re covered by general liability insurance or Directors & Officers coverage you could have your defense provided by your carrier.  

How Much Will a Lawsuit Cost 

Predicting the cost of a lawsuit is difficult. The more actions necessary to take place during a lawsuit and the longer it is all run up the price. If you come into the situation with reasonable expectations, a willingness to compromise and communicate you can really save yourself a lot of time and money. 

Alternatives 

You can try to meet with the other party and resolve the issue amongst yourselves. However, as mentioned above this is a gamble and could end up costing you even more money in the end. At the very least an attorney should be present as a mediator. 

The Consequences of Constant Litigation iStock-478524467

A long history of litigation may hurt your standing with prospective buyers and lenders. Prospective buyers may question the building’s financial stability, if the board is ruling effectively, or if the residents have hostile relations with the board. Also, lenders may take the constant litigation into consideration when underwriting their loans. 

Lawsuits can be expensive and time-consuming experiences. However, if you keep all the points above in mind it can help to cheapen and shorten the time span of your lawsuit. 

If you serve on a co-op board and need professional property management services, contact All Area Realty Services and find out why our over 30 years experience and loyal clients makes 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. 

Topics: Co-Op Board, Condo Board Association, Co-Op Building, Co-op Insurance, Co-Op Board Lawsuit

Can A Co-Op Charge Renovation Fees?

Posted by All Area Realty Services Team on Sep 27, 2018 4:08:46 PM

The short answer here is yes, and unfortunately as New Yorkers,  you already have to endure a ton of charges if you are going to renovate your apartment.

Why would you have to pay co-op renovation fees? 

These fees are meant to compensate for ancillary costs during renovations. The building may have to spend extra money or soothe complaints and concerns from your neighbors. Maybe the building will have to hire additional staff or pay over time due to the renovations. Neighbors, who have no choice in the matter, may have to tolerate dust, excessive noise, and the overall stress that living next to construction induces. The renovations could also cause traffic and back up on the service elevator from workers carrying materials up and down. These are just a few examples of potential reasons for ancillary costs.

iStock-871105006

How often will the fees be charged? 

The fees could be a flat rate, monthly rate, weekly rate, or charged on a sliding scale that increases over time. The manner in which the fees will be charged to you is decided by the building.

Other Potential Charges During Renovations: 

  • Cleaning fees from the co-op
  • Late fees from the co-op
  • A security deposit
  • A bill if the building’s architect or engineer reviews the plans
  • A bill from the managing agent
  • Charges from an inspector
  • City permits, if they are required

To protect yourself make sure that all co-op charges are detailed in every resident’s alteration agreement. If you’re planning renovations have a lawyer overlook this agreement before signing it.

If you serve on a co-op board and need professional property management services, contact All Area Realty Services and find out why our over 30 years experience and loyal clients makes 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. 

 

Topics: Co-Op Board, Renovations

11 Mistakes to Avoid When Buying a New York City Co-op

Posted by All Area Realty Services Team on Sep 13, 2018 4:39:37 PM

Deciding to buy your first co-op in New York City can be overwhelming and scary. Seeking advice from other wannabe co-op buyers may induce even more anxiety when discussing their own bad experiences and frustrations. More often than not it isn’t you causing the complications it’s the real estate system itself. Below are 11 common key mistakes you should avoid in order to have a more successful co-op purchasing experience. 

Mistake #1: Apartment hunting without the help of a broker.

As a buyer, you pay your broker nothing to represent your interest. Yes, nothing! When apartments in Manhattan are sold the seller pays the broker for a job well done in finding a willing and able buyer. The seller pays a 5 to 6 percent commission, half of which goes to your broker.

Not having your own broker would require you to work directly with the seller’s broker. The seller’s broker has a responsibility to do everything they legally can to twist the deal in favor of the seller and against you.

A buyer’s broker will help you navigate through the complicated process of buying a co-op while protecting you from the other mistakes listed below. 

The only time your broker may be at a cost to you is if the co-op is For Sale By Owner or listings where the brokerage doesn’t take buyer’s commissions. It is better to be without a broker in these cases.

iStock-498714252

Mistake #2: Failure to notify the seller’s broker that you have your own broker. 

Okay, now you have your broker to assist and protect you. The next step to keep in mind is to have your broker schedule all of your viewing appointments. At open houses clearly indicate that you have a broker on sign-in sheets. Failure to do this could easily lead to you losing professional representation.

Mistake #3: Inadequate mortgage pre-approval letter. 

To be taken seriously by any prospective seller you need a mortgage pre-approval letter. The mistake to avoid here is getting a pre-approval letter based on your budget. Make sure your letter is based on the maximum amount the bank will lend you.

Mistake #4: Believing it’s possible to lose a bidding war.

Believing it is possible to lose a bidding war is a false assumption. You will never lose a bidding war if you offer the maximum price that you are comfortable paying. This way if you’re outbid, then the apartment was too expensive for you; if your bid wins, you’ve paid a price you feel was appropriate for the apartment.

Low-balling never works in the most competitive real estate market in the world, New York City.

Mistake #5: Overestimating your financial strength.iStock-658242920

Co-op boards don’t only want to see that you are pre-approved for a mortgage. They need more assurance that you can still pay monthly maintenance even if you lose your job. You need to have enough liquid assets post-closing for 24 months of mortgage and maintenance expenses. If this isn’t possible you may have to be more realistic about your maximum purchase price. 

Mistake #6: You’re told your offer is accepted. You believe it.

Your offer isn’t officially accepted until the sales contract is executed. Without this contract executed the seller’s broker could still show the apartment searching for a better offer. Make sure you and your broker do everything you can to accelerate the execution of the sales contract.

Mistake #7: Choosing a friend or relative to be your real estate attorney.

The only time this is appropriate is if your friend or relative specializes in New York City real estate. No exceptions.

Mistake #8: Failing to ensure that the co-op is on your mortgage provider’s approved list.

Once the sales contract is executed you will have 30 days to obtain a mortgage commitment letter. If the co-op isn’t on the mortgage institution’s approval list you may not receive the mortgage.

In the case that you for some reason sign a contract that is non-mortgage contingent, you will be in breach of contract if you can’t find a willing mortgage lender. You could lose your deposit under these circumstances. 

Mistake #9: Assuming the co-op board will accept your perfect board application.

You could have perfect credit, solid financials, and impressive letters of support and still be rejected without a board interview. Reasons for this could be: 

  • They may not be investor friendly and believe that you’re trying to rent out the apartment.
  • They may be concerned that your purchase price is low enough to reduce property value.
  • They may not allow pied-à-terre, gifting, or co-purchases financed by family members.

To avoid this do your best to find out the board’s limitations before making an offer. Once rejected there isn’t much you can do but collect your deposit and move on.

Mistake #10: Failure to check if there is a lien against the unit.

A lien is a right someone may have to keep possession of the property belonging to the seller until he/she pays a debt owed to the them. In this situation, the lien holder has to be notified of the closing. This can lead to delays. These delays can lead to higher mortgage rates if the mortgage lock expires in that time frame.

Mistake #11: Buying an apartment to generate rental income. 

This works great in California and Arizona, but not in New York City with co-ops. Once you pay your mortgage and maintenance you’ll be lucky to make 4% a year on your investment. Professional renovators may do better. But passive investors will just gain stress at best, a money pit at worst. 

It may be shocking and overwhelming to discover how complicated and difficult it is to buy an apartment in New York. Keeping these 11 mistakes in mind should help make the process a lot smoother.

All Area Realty Services is New York City’s leading real estate management company specializing in full-service professional property management for cooperative and condominium boards in the Manhattan area

 

 

Topics: Buying a Co-Op, Selling a Co-Op

When and How to Hire a New Property Manager

Posted by All Area Realty Services Team on Aug 30, 2018 11:02:00 AM

As a co-op board it can be intimidating to know when and how to find a new property manager. Hiring new co-op building management is a serious commitment like that of a marriage. You need to learn as much as possible about this new partner before you take the big leap. This is one of the biggest decisions you will have to make as a co-op board.

The most common complaints about property management are to-do lists grow instead of shrinking, phone calls go unreturned, and that the cop-op board’s relationship with the property manager is conflictive.

However Here Are The Real Issues To Look Out For:

  1. The manager provides vague financial statements, without original invoices.

This is a major red flag! Without detailed invoices there’s no true record of where the money went to. The property management could be using your money to fix things in their unit or for any number of personal things.

2. The manager makes surprise and unauthorized expenditures.

There was an incident with The Normandy, a 250-unit co-op on Manhattan’s West Side, and their management. The co-op board discovered that their property manager was spending money on personal attorney fees, a caterer for his wedding, his car repairs, and a whomping $85,280 “petty cash fund.”

Even if you notice small inconsistent unauthorized expenses it could be a sign of a major hidden issue.

3. The manager loses interest.

Even managers that have been in place and given great service in the past may need to be replaced. Over time managers can get bored and their performance can go on a decline.

Once You’ve Parted Ways, How Do You Find a New Manager

The best way is to compile a list of possible property management companies. Make this list through word of mouth, talking to the co-op board lawyer and accountant, reading industry publications, and seeing who manages nearby buildings.

If you have had any of these incidents occur with your property management it’s probably time to move on to find a better match for such a serious partnership. It’s intimidating but not impossible to find your perfect match, especially by using the tactics given above.

All Area Realty Services is New York City’s leading real estate management company specializing in full-service professional property management for cooperative and condominium boards in the Manhattan area

Topics: Co-Op Board, Property Management, Co-Op Building

Property Management and Board Relations

Posted by All Area Realty Services Team on Jul 17, 2018 6:13:03 PM

A harmonious and collaborative relationship between you a property management company and building's co-op board is a necessity. This harmony can only take place with a clear understanding of roles and responsibilities.

That being said, it can be easy for the duties to get blurred and overlap, but you and the board each have their own distinct set of duties. Building boards are responsible for making decisions regarding capital expenditures, which prospective. As management you are responsible for providing unbiased information to the board and carrying out the boards goals and objectives.

iStock-127544823

Overlap usually arises when the board is too closely involved in overlooking management duties, or giving the property manager responsibilities that aren’t in the contract, therefore unanticipated. These extra responsibilities could take away a manager's ability to fulfill the actual contracted expectations. The only instance overstep is acceptable is normally under emergency circumstances. 

To sum it up, for a co-op board and property manager to have the most efficient and happy relationship there has to be clear communication about your roles and theirs. Along with that communication there has to be effort to stick to those clear distinct guidelines of duty by making sure the board and residents understand roles and responsibilities of each party. 

All Area Realty Services is New York City’s leading real estate management company specializing in full-service professional property management for cooperative and condominium boards in the Manhattan area. 

 

 

 

 

Topics: Co-Op Board, Property Management, Condo Board Association, Co-Op Building