It’s that time of the year again. Soon, you will need to inform your coop shareholders or condo owners that their monthly fees are increasing, again. This is in spite of a close to zero inflation economy and owners’ salaries barely increasing. Despite this, every contract and vendor that the board hires, on owners’ behalf, automatically increases their fees every year.
Read MoreThe management team in a coop or condo is composed of three distinct entities: the board, the property manager, and the staff. When their strengths are combined, goals can be achieved that could not have been done by just one of these entities.
Read MoreAs the decision-maker, the board is in charge and needs to set the overall tone. Only when there are clear goals, systems and plans, will all of the involved parties in the organization thrive.
It is not uncommon that boards and residents tell us that their staff is lazy or is in “cahoots” with the managing agent. It is also not uncommon to hear that boards are unhappy with their managing agent. We could give you a very long list of all the reasons they think so, but in reality, the culprit is more often than not the board.
Read MoreHave a Long-term Plan
Ask yourself, what is your ultimate desired outcome? Is it a more cost-efficient building, a greener building, more amenities to better compete with the new luxury condos or something else? Or, are you perfectly happy with the current state of your building and the yearly rate increase that you pass on to your residents and neighbors?
Read MoreIt’s that time of the year again. Soon, you will need to inform your owners that their monthly fees are increasing, again. This is in spite of a close to zero inflation economy and owners’ salaries barely (or not) increasing. Despite this, every contract and vendor that the board hires, on owners’ behalf, automatically increases their fees every year.
Read MoreNew York, NY, June 26, 2015 (Newswire) -The FolSon Group, a leading financial consulting firm to residential building management teams, is excited to announce a strategic partnership with Spire Group, Inc. Spire is an industry-leading full-service NYC real estate brokerage and consulting firm.
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