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can you please advise what your co-op pays annually for their management company. we pay $84,000 which in my opinion is absurd.

also - pl advise what company you use as I am going to urge a switch. our agent is horrible anyway.

thx

you need to provide more information with the $$ figure. how many units, how many staff members, what level of service you expect.

since you'll be changing companies anyway, get bids from numerous managing agents. i would strongly advise to avoid Cooper Square. they will give a good price and then with rip the building off in other ways. they behave like the thieves of the 90's who were jailed.

can you pls advise exactly what the management fees cover?

we have approx 100 units - 11 staff including super

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agree on avoiding cooper square. thieves.

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for my old coop with 130 units and 7/8 staff members the cost was closer to $50K. that was back in 2008 when i sold. the coop is in brooklyn, so there may be some markup for Manhattan.

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Our coop is managed by Douglas Elliman. We recently re-bid with several companies and decided to stay with them. 420 apartments, staff of 18 including Super, onsite Property Manager plus assistant.
You get what you pay for. Strong corporate support.

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84k sounds cheap to me.

Things to consider,
* management expense as it relates to the total budget
* cost of service provided+(including the expertise and relationships that come with the management company
* profit the managing agent is realizing(this is not a particularly profitable business model)but companies go into it
for other reasons.

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Any idea how much it would be for a small (10 unit) coop? Also, do any of these management companies offer superintendent services for small coops? Any idea how much that would run to?

My building, a condo, is similiar in size to yours. We are paying somewherhe around $750/month for a management company. We were quoted between $700-1,000/month from various management companies. I don't know if the charges would vary much for a co-op than a condo. Our first Managing agent found us a porter which is about $800/month (he is a contractor, not an employee). A porter is far less skilled than a super- but we can hire a super on an as needed basis from the managing agent. Your board will need to decide whether you really need a super rather than a porter.

Thank you for the detail. Do you find that the management company offers good value for money? if they do, would you be prepared to share the name of the company? Do you ever hire the super from the management company? Are they skilled tradesmen and what kind of cost does that run to? Apologies, we are a self maintained building and I am wondering how much it would cost to get some of the things we do covered by an outside company for a variety of reasons

It depends what you need from a management company to determine whether they are a good value for the money. In our case, we were a new construction condo- but there were problems from Day 1 that the developer refused to fix properly (and the NY AG's office has no interest in defending small buildings). For awhile it made sense to stay self-managed- but when it came to managing the fixes to the construction issues we decided we wanted the expertise of a managing agent. As to generic day to day bookkeeping issues- it would have been more trouble than it was worth to hire a managing agent. The board has to ask itself whether the issues are generic bookeeping or whether you have signficant issues to deal with to determine if a managing agent is worth the money. If generic boookeeping- then no, it's not worth the money. If you have a major fight and construction issues to deal with- it might be worthwhile to hire a manager. As to the super- we have very little common areas in a new building- so aside from major issues we needed engineers and had to have a huge project for- a super wasn't really included in our thought process. If we need one, unit owners can hire one for an hourly fee and we don't have a signficant need for a super. Your needs may be very different. I would not recommend either managing agent we have used. Our current manager is signficantly better than the first one, but they aren't worth the fee for basic services.

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we pay about 120k for ~220 apts . . . about 15-20 staff . . . thoughts on that? If we wanted to change who should we call?

And why does everyone hate cooper square . . .

Yes... Please post the issues about Cooper Square. I am thinking of purchasing an apartment in a building which they manage and also still have some sponser units

cooper square is made of thieves that enrich the board members. that's how they get into buildings. once the shareholders see what is going on, they revolt. if the board does not fire them, most of the time a new board is elected. i've seen that in a few times in past 4 years where cooper square came in to manage coops and condos.

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by overcharging on Local Law 11 work and kicking back to board members. same thing happened in the 90's with a few management companies that spent some time behind bars. i've seen brick work being done on areas of the building where the bricks were perfect. they took the project and double it's size to ensure that there was enough to go around. in some buildings, the board members got enough money to move on up into another building as the gravy train was over and the maintenance/assessment was extremely high.

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leelaura My opionion may be slightly biased since I myself work in the property management field but there are many key factors consider btu yes you may be slightly overcharged . i would advise since you are urging for a change in management that you seek out 5 companies and do a compare and contrast for services, rates and quality.

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Cooper Square manages my condo building and they're awful - unresponsive and absolutely too much "in bed" with the board. How exactly would money and kickbacks transact?

jim,
what specifically is cooper square doing wrong?

My building uses Cooper Square, and I am a board member, would never tolerate even the approach of kickbacks, etc (as I'm sure my fellow board members would as well), and am relatively happy with their overall quality of work. You make pretty strong accusations backed up by absolutely no facts. When you say bricks being replaced that did not need replacing - says who, you? You an engineer who actually surveyed the property? And if you are and did nothing about it, you should lose your license.

Agree with kehoeba
Accusations are easy. Street easy anonymity makes it all to easy to make baseless accusations. Everyone always assumes there's a kickback when most of the time there is not.

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Interesting comments about Cooper Square. I'm not making any accusations, but our building has Cooper Square and our local law work went way over budget/schedule. The initial 6 month assessment for it has turned into almost 2 years. The project was horribly managed and the work really sloppy. (Steer clear of DNA for Local Law 11 work--awful!!) If only they nickel and dimed the shareholders. To fill out the building questionaiire for refinancing (a document that should be readily available), they charge $150.

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