Tips To Find the Right Coop and Condo Management Company
Hiring a new condo or co-op Management Company is hard but not impossible. A housing board needs to consider the relationship between the management company and the co-op or condo residents. The common complaints that a board registers against their management company include failure to give detailed financial statements, never returning phone calls, unauthorized expenditures, incompatible personalities, and being uninterested in building issues.
Daisy is a condo and coop management company based in New York. It uses technology for offering exceptional services. Your building is transformed into a flourishing community. Daisy app allows the building residents to know their neighbors and stay updated about every happening in the building, as well as communicate with the Daisy team.
Finding the right managing agent is time-consuming, but with the following tips, you can do it with ease.
Low rates are not equivalent to better services
Never base decisions on the price factor. Ensure that the potential condo management company offers an extensive range of services. Determine all the kinds of fees the property manager will charge. Compare with other coop managing agents before signing a contract. Read all the kinds of charges and negotiate to gain the best deal. Fees can be charged for rental or closing fees from tenant and seller, credit report fees, application & financing fees, etc.
Ask for references
Call the landlords that are currently in a contract with the potential property management company. Discuss the kind of services the managing agent offers and see if there were any issues and how they were handled. It is better to know as much as you can about the property management company you are planning to hire.
Check their license
The co-op and condo management company have to adhere to certain requirements, which differ from one state to another. Check their license as they will be representing the building resident in managing and leasing the property.
List of questions to ask
During the face-to-face interview, here is a list of questions to ask the potential managing agent.
- What are your principles associated with daily building tasks and communication with the residents?
- Who will actually handle the accounts and how many building does the account manager currently handle?
- Do you offer options to pay the common and maintenance charges?
- How often will you attend the board meetings?
- How often do they submit their reports to the board?
- How will the files be stored?
- What steps will you take to cut costs?
- How often will you visit the site for inspection?
- Whom to contact during emergencies?
- Will you conduct a building walk to determine if there is a need for repairs every month?
- How do you deal with the vendors?
Discuss building issues if any
Never hide condo or co-op issues like problematic tenants, water infiltration, bed bugs or rodents’ infestation, etc.
Make sure that the property agent you hire has good communication skills and prioritizes your needs.
Lately, managing duties have increased a lot. Apartments are not homes but are perceived as an investment. Therefore, managing agents experience new concerns like developer filing bankruptcy, owner unable to pay maintenance, attending board meetings more than once in a month; inbuilt construction defects, and properly coordinating with interior service providers like plumbers, painters, electricians, etc.
Be choosy and patient because thorough research helps in hiring the right management company!