I am on the board in a condo conversion building that is approaching its 5 year maturity in about 12 months. We have had fairly negative experiences with our current pre-sale management. Just basically unsatisfactory maintenance, repair, and service based on what you'd expect owning a condo, as well as some obvious overcharging for repairs and recent Local Law 11 work. Although not entirely... [more]
I am on the board in a condo conversion building that is approaching its 5 year maturity in about 12 months. We have had fairly negative experiences with our current pre-sale management. Just basically unsatisfactory maintenance, repair, and service based on what you'd expect owning a condo, as well as some obvious overcharging for repairs and recent Local Law 11 work.
Although not entirely shocking given the nature of a building converting from renters to owners, we are starting to research a new management company and would like to be thorough. We are preparing to eventually restaff the building after finding a new management. Has anyone on this board been through such an experience and would anyone have advice on searching for said new management group? FYI, we are a 60 unit condo in manhattan. Just looking for advice on where to start.
Thanks!
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Response by kmbroker
almost 13 years ago
Posts: 116
Member since: Jan 2008
I am on the Board of my condo and we recently changed managing agents. We formed a committee and interviewed 3 or 4 companies. The committee visited with all the companies at their offices. Then made recommendations to the board. The Board then met the finalist qnd went over their proposal. The most important thing was who our actual agent would be and how many buildings he (she) would be handling. While the back office is very importnt, the actual person who handles the building and the staff is key. We have switched from a very large company to a more midsized one and so far we are very happy with the changes.
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Response by aptdude09
almost 13 years ago
Posts: 61
Member since: Nov 2009
Thanks for the advice - which companies did you consider and which one did you ultimately choose? Was there any cost associated with making the switch? Also, does your building (or is it common for buildings in NYC) have a lawyer/CPA looking over financials of the building. We are suspecting that our current management is overcharging, clouding the financials, and possibly giving/receiving kickbacks to shady contractors they've used for maintenance. Not a good situation currently...but trying to handle it properly and make a sound decision going forward.
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Response by Riversider
almost 13 years ago
Posts: 13572
Member since: Apr 2009
The most important thing was who our actual agent would be and how many buildings he (she) would be handling.
--Echo this
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Response by BigPapi
almost 13 years ago
Posts: 95
Member since: Nov 2012
I'm surprised that this doesn't happen more often
Some management companies are way better than others
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Response by kmbroker
almost 13 years ago
Posts: 116
Member since: Jan 2008
I would rather not talk about which companies we interviewed and which we picked on the message board. Send me your email and I would be happy to discuss. mine is klaramadlin@yahoo.com It sounds like you have a pretty serious situation and if there are kickbacks etc you probably also need to discuss with an attorney.
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Response by crescent22
almost 13 years ago
Posts: 953
Member since: Apr 2008
> We are suspecting that our current management is overcharging
Just ran through a bunch of financials I had collected over the years - most mgmt fees were around 50k with the range 20k-70k. All are doormen buildings 50-150 apartments in size.
> possibly giving/receiving kickbacks to shady contractors they've used for maintenance
Can't stop it- just try to limit it.
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Response by jim123
almost 13 years ago
Posts: 121
Member since: May 2008
Our building uses Cooper Square. And the only thing that's saving them is that we love our building staff. The broader management, advice we get and communication from the management firm is awful.
I am on the Board of my condo and we recently changed managing agents. We formed a committee and interviewed 3 or 4 companies. The committee visited with all the companies at their offices. Then made recommendations to the board. The Board then met the finalist qnd went over their proposal. The most important thing was who our actual agent would be and how many buildings he (she) would be handling. While the back office is very importnt, the actual person who handles the building and the staff is key. We have switched from a very large company to a more midsized one and so far we are very happy with the changes.
Thanks for the advice - which companies did you consider and which one did you ultimately choose? Was there any cost associated with making the switch? Also, does your building (or is it common for buildings in NYC) have a lawyer/CPA looking over financials of the building. We are suspecting that our current management is overcharging, clouding the financials, and possibly giving/receiving kickbacks to shady contractors they've used for maintenance. Not a good situation currently...but trying to handle it properly and make a sound decision going forward.
The most important thing was who our actual agent would be and how many buildings he (she) would be handling.
--Echo this
I'm surprised that this doesn't happen more often
Some management companies are way better than others
I would rather not talk about which companies we interviewed and which we picked on the message board. Send me your email and I would be happy to discuss. mine is klaramadlin@yahoo.com It sounds like you have a pretty serious situation and if there are kickbacks etc you probably also need to discuss with an attorney.
> We are suspecting that our current management is overcharging
Just ran through a bunch of financials I had collected over the years - most mgmt fees were around 50k with the range 20k-70k. All are doormen buildings 50-150 apartments in size.
> possibly giving/receiving kickbacks to shady contractors they've used for maintenance
Can't stop it- just try to limit it.
Our building uses Cooper Square. And the only thing that's saving them is that we love our building staff. The broader management, advice we get and communication from the management firm is awful.