Good property management

There aren't a lot of property managers that are willing to take on a small building. I am the President of a small condo in West Harlem. We have had a positive experience with Merlot Management based on the UWS.

Thank you semerun. I'm glad your experiences have been positive. I did some checking online on Merlot and the reviews I found were uniformly bad, which gives me pause. I'm hoping maybe there will be some other
recommendations and/or commentary about Merlot.

You piqued my curiosity when you said the reviews were uniformly bad- so I took a look for myself. While I think there is some validity to at least some parts of the comments- I also suspect the reviews were poorly informed. That said, yes, it is true the owner tends to give 1 line responses which I have found often to be insufficient. No one is perfect, and I did have an issue with a contractor they recommended, but overall I couldn’t have turned our building around without their dedication and knowledge.
A bit of context- We are also a small building, a new construction building that sold out immediately. Not surprisingly, the developer cut corners. Since the building was sold out, the developer took the money and ran- leaving us (many of us 1st time homeowners) to self-manage the building. I ran the building myself for a brief period- but with the serious construction problems in the building, not only did I not have the time to deal with it, but I knew I didn’t have the expertise to solve our problems. We hired a managing agent from the East Village that was so lazy they couldn’t even be bothered to deposit our checks or pay the bills. We fired them once their contract was up. That said, I had stepped down from the board to reclaim my life once we hired a managing agent. The board members that replaced me did next to nothing despite the amount of attention that was required to address our problems.
When we hired Merlot to replace the previous managing agent- we didn’t have the right board members willing to make the difficult decisions. We also knew we were hiring Merlot for their expertise and not for a warm and fuzzy feeling (which at least a couple of the reviewers sort of touched on). Much of the board didn’t really understand what needed to be done. The management issues were getting worse as the problems were piling up from the board not willing to make decisions. They asked me to re-join, and I reluctantly took over.
We had nearly every problem imaginable to deal with. The one big project that the prior board did address with Merlot was the roof and façade leaks- which was a tough project. I wasn’t a part of it so I can’t comment much other than to say, the leaks have all been fixed. Once I took over, I have dealt with everything from Mold removal, apartment rebuilds, building wide plumbing repairs, a foreclosure from non-payment of common charges, creating an appropriate budget for the building (since the developer’s budget was crap) and so very much more. Once I was resigned to remaining on the board until the bulk of the legacy problems were fixed- we got to work. In 2 years, Merlot has helped me complete nearly 3 dozen projects of varying size and scope (though mostly mid/large projects) with only a few projects outstanding. While it required me to roll up my sleeves and get my hands dirty- there is no way I could have done it all without Merlot’s assistance.
I have heard the complaints of some owners, board members, and renters in the building, I would say the valid complaints have largely been insignificant. Most of the other complaints have been because the person logging the complaint doesn’t understand or care to understand the larger issues.
No matter which managing agent you ultimately chose, make sure you understand what your building needs/wants and how much work the board needs to do vs. what you expect from a managing agent.

Thanks for elaborating. I will pass along this thread to the other members of the board.

Hi,

We are a small property management company and would love to meet you and show you our portfolio.

Please contact me on jpaksai@fractal-management.com

Thank you,

Jusztina Paksai

http://www.fractal-management.com/

I used to own a company with multi-family housing in its portfolio. I've hired a few property managers and fired more.

Property management is a very, very tough job. The job itself tends to chip away at integrity and conscientiousness, because the demands of the job are unreasonable given the compensation, among other things. Burn out is high. I've hardly ever met a property manager who didn't eventually feel like, and act like, they owned your building--and not in a good way. They are usually annoying.

Legally they are general agents, which many assume means they can do whatever they want without checking with their principals (the building owners or the Board of co-ops and condos). That is not true, however, but I've had property managers make major decisions without consulting me. In one case, the property manager allowed a tenant to move in without paying the first month's rent. She of course defaulted, and then we ended up in court. We won but it cost a lot of money. To let a tenant move in without paying the first month's rent is crazy, but that's what they did. And they are a "good" property manager.

It's not uncommon for property managers to fuss over the needs of board members, and ignore other residents. When residents complain, the board doesn't understand, because of course they have enjoyed white glove service.

I think what Semerun says should be taken as a nuanced endorsement of that company. I'd also ask the company for another couple of references, and then call them up. You could talk to people who have had a property management company for at least 2 years, because there is always a honeymoon period.

But you are not going to love your property manager. That's just the way it is. Look for conscientiousness and as much honesty as you can find. ALSO--they need good bookkeeping, be sure to find out how they keep books (e.g. they had better be using good property management software).

You should check with ABS partners.They have good reviews and good reputation.
Good luck!

Hi, thanks to all again for these helpful comments. We shall perhaps interview Merlot and the other company
in the note. In my searching, a company called Harlem Property Management
was recommended to me. They will handle small condos and seem reasonably priced. I am wondering if anyone
on Streeteasy has experience with this firm and could share their experiences.
Thanks,
MS1

Stay away from Harlem Property Management. They are Harlem Lofts. They will charge you astronomical prices for repairs they say they are doing to your property that they never actually do. The supers they employ are negligent. The property manager Ana is lazy and stupid. The COO Craig is being indicted for securities fraud (he used to work in finance). The owner Rob is extremely rude and extremely unscrupulous. Stay as far away from them as you can. Their brokerage side is also awful, if you are a landlord, they will get you the worst tenants, as long as they make their fees off them. Overall, they will take all your money and give you nothing in return.

Finger Management does our similarly sized coop on the UWS. They are in Yonkers.

Thanks, scared nycgal! Do you have a firm that you like? Thanks as well, miker430.

Thanks to all again. After doing some homework, we will follow up on one of the recommendations. In the meantime,
does anyone on this thread or on Streeteasy more generally have any other recommendations, as we would like
to interview at least two potential managers. I would also appreciate hearing from anyone who has experience,
positive or negative, with Taube Management. Thanks, MS1

Hi, XL Real Property Management is great.