When building up the community in a coop or condo, there are some common and very effective tools that a co-op board or condo board can use. But first, let’s talk about building a community in general.
Like all other aspects of my life, I spend a lot of time building relationships and my community.
Read MoreWhat’s up with everyone’s lack of time? Whether for running the business or being on the coop or condo board, it seems like everyone is short of time. As we know, there are only 24 hours in a day, so we can’t create more time. However, we can free up more hours in a day by properly delegating. Delegate tasks so that you have time to focus on your business; delegating will allow you to take a step back from the day-to-day and start thinking more strategically about your company's or building’s goals. I’ll share 6 tips for delegating efficiently so that you don’t needlessly get bogged down by the details of every project or task.
Read MoreYou’ve all spent a year and a half on Zoom, Teams, Meet or some alternative thereof. Whether for your regular work, for networking, for seeing family and friend, or for your various volunteer work, you’ve all spent many hours in virtual meetings. The question becomes, when do you go back to business as usual? Will all meetings go back to business as usual, or will some remain virtual?
Read MoreWe know that, in life, two things you can always count on are death and taxes. But did you know that the third thing you can always count on? Your co-op or condo building’s maintenance fees regularly increasing. With rising service costs and living expenses, the problem can seem inevitable, especially when the board and their property management firm insists these costs are fixed.
After helping many buildings throughout New York City, we have learned that these costs are not necessarily set in stone. Evaluate the following “fixed” expenses to leave no stone unturned:
Read MoreThe creation of amenity spaces is a key element to increasing the real estate value of your co-op or condo building and improving the marketability of available units. Amenity spaces also improve community spirit, giving residents a place to make connections with other residents. For older buildings in the city, there are few areas that are deemed “auxiliary,” but many spaces can be repurposed for the benefit of all owners or shareholders: poorly utilized storage areas, unused basement spaces and super’s offices, and old laundry rooms. Here are some ideas to consider:
Read MoreDon’t settle for surface-level solutions.
No one likes to get hit with a huge cost that puts a dent in your co-op or condo board’s budget. A large repair or construction project could dip into the board’s reserves or even impose a special assessment. It’s understandable, then, when board members hesitate to make such big changes and instead opt for “band-aid” quick fixes. However, pushing out major repairs in favor of cheap, temporary solutions only delays the inevitable and costs the board more long-term, not to mention the increased likelihood of the cheap repair spontaneously going bust. Consider if your board is putting band-aids on these issues:
Read MoreDid you know that...
New York City's real estate tax is the single largest expense for every Tax Class 2 apartment building in NYC?
Tax Class 2 buildings are residential buildings with 4 or more units and includes cooperatives, condominiums, cond-ops, and rental buildings.
Real Estate taxes account for approximately 50% of coops’ total expenses.
Read MoreSun’s out and school’s out -summer is officially here! Maybe you’re heading to the Hamptons every weekend or are planning to lounge on your building’s roof deck (aka concrete beach). If you’re a co-op or condo board member, you should also be planning for higher utilities costs. New York City had its hottest summer in 2020, and 2021 is looking no different. That’s why it’s vital to have quality HVAC systems that keep residents comfortable in common areas. Increased electricity costs can be painful, so we have some tips to help increase your A/C efficiency and decrease your costs:
Read More“The teacher doesn’t like me!” Unfortunately, when it comes to New York City energy efficiency grades, that excuse won’t apply. New York City’s Local Law 84 of 2009 (and its amended Local Law 133 of 2016) requires buildings to check their energy and water usage annually and submit the data to the Energy Star Portfolio Manager website, which calculates a score. Then, the Department of Buildings (or DOB, for short) assigns a grade to be posted outside the building:
Read MoreWe’ve all been there: You’re in the subway and become riveted in Candy Crush, only to realize you’ve missed your stop. If you’re one of the 45% of New Yorkers who drive, you know the feeling of the dreaded wrong turn or missed exit. These may be trivial examples, but they represent many common occurrences that frequently put us into “crisis mode,” seeking to quickly get back on the right track and minimize time-cost of becoming too late.
If you feel like you’re constantly putting out fires, you might be running your co-op or condo building in reactive mode.
Here’s how to crawl of out crisis mode and stay ahead of the game in the future:
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