Choosing the right coop or condo managing agent for your building can bring stability; lessen the board’s workload and decrease the financial risks. Proper choice of managing company is crucial as it impacts the daily lives of residents as well as the building’s financial health.
Daisy based in New York City brings smart automation to condo and coop management. The board members gain control and visibility, while the residents also stay connected with building management staff. Daisy aims to enhance your living experience!
There are some things to consider before you choose a managing agent. The effort is worth it because you want to build a successful, long, and productive relationship.
Assess building needs
Identify the gaps that your current managing agent is unable or incompetent to fill. Draft an outline defining what kind of services and documents you want and then prepare a questionnaire to ask during the interview. Educate yourself on the technology tools used in building management and how the current system will be enhanced.
References & experience
The potential managing company needs to have enough skills and experience related to condos and coop buildings. It includes the building –
- Infrastructure complexity
- Number of apartments
- Capabilities & resources
- Laws & regulations associated with your area [energy efficiency, public health & landlord-tenant relationship]
- Capable to draft cost-effective and efficient policies and solutions
- Experience in maintenance & repair management
If the potential managing agent is managing a lot of apartments then they will be unable to provide prompt or adequate services. Check the number of staff they hire to manage every building, how do they handle several complaints calls daily, etc.
Back office capabilities
The managing agent has to maintain records and books of the condo or coop. They are involved in paying expenses, collecting maintenance, and maintaining critical records. The agent has to be skilled in handling the accounts.
Their back-office procedures need to be accurate, robust, and auditable. They need to have a system, where bills get electronically forwarded to the board for approval, thus can be paid on time. The managing agent’s and the board’s technology must be compatible. Good technology is crucial!
Communication & response
The communication between the managing agent and the board members, residents, building staff, contractors, vendors, accountants, and lawyer has to be clear and effective. Besides, clear communication there is a need for compatible technology to deliver content accurately and promptly.
Another priority the managing agent needs to show is accurately following the board’s request. They also need to be aware of the changes in building laws, health, accounting, and environment. The board members need to be notified about the crucial changes and issues.
Response to resident complaints has to be instant and in writing. Present daily issues in person or via technology and resolve emergencies efficiently. The managing agent is responsible to prepare management reports, issues, and projections that need to be considered by the board every month. Presence at every board meeting is essential.
After choosing a suitable condo managing agent, the board’s attorney will prepare a written contract that includes details about the responsibilities.