When a smart co-op and condo board changes their property management firm

New York City Coop or condo boards rely heavily on their property manager regarding their building. The property manager has a wide breadth of knowledge of building operations, building codes, and typically has an extensive list of vendors for every product and service that the building needs.

When getting bids and recommendations for vendors, the coop or condo board typically relies on the property manager and their team. In addition, if the board wants to switch one of the building’s many service providers, their first call is often to their property manager.

This begs the question, who does the board call when they want to switch their property management firm?

You would not call the current exterminator when you plan on switching exterminator service providers. You would call the property manager and ask them to get some competitive bids from some exterminator service providers. It could even be that one of the board members have one in mind as is often the case, which the board would ask the property manager gets a bid from.

That is why we consult with NYC coop and condo boards on switching their property management firm, hiring one for those coop or condos that are self-managed, or firing one for those NYC coop or condo boards who want to self-manage.

The property management firms have an agreement with the coop board that should state the terms of the engagement and the termination length, which is typically 30 days. We have had many property management switches where the transition to the new property management firms took less than 30 days. We have also witnessed, from afar, some transitions that took many months because the coop board was not properly prepared and did not have a good strategy.

At The Folson Group, we are passionate about helping every NYC coop or condo board run their building like a business, proactively to take care of all risks before they turn into emergencies. Contact us today to find out more.