Condo & Co-op Managing Agent Responsibilities in NYC: https://www.hauseit.com/condo-co-op-managing-agent-responsibilities-nyc/ <br /> <br />Save up to 6% in Broker Commission: https://www.hauseit.com/fsbo-nyc// <br /> <br />Hiring a managing agent is a time-consuming task for small, medium and large condo and co-op buildings in New York City. <br /> <br />The challenge with hiring a building manager is three-fold: <br /> <br />1) Finding suitable candidates for managing agent <br />2) Asking the right questions <br />3) Galvanizing the board to actually fire its current managing agent and make a new hire <br /> <br />There are a number of ways to find managing agent candidates in NYC. These strategies include: <br /> <br />- Asking the listing agent who sold your apartment or your buyer’s broker. <br />- Reaching out to friends who live in comparable buildings. <br />- Asking your real estate lawyer. <br /> <br />Once you’ve identified a few candidates, it’s a good idea to meet with each candidate at your building and conduct a walkthrough of the common areas, roof and basement. <br /> <br />Questions to ask the candidates you interview include: <br /> <br />- What current maintenance deficiencies do you observe with our building? <br />- What are the top 3 priorities for our building based on what you observed? <br />- What experience do you have in managing comparably sized buildings? <br />- How often do you physically inspect the buildings you manage? <br />- What’s your strategy for dealing with after-hours emergencies? <br />- How do you approach quote procurement for large capital improvement projects? <br />- Can you share the financials and budget for other buildings you manage? <br /> <br />What Are the Signs of a Bad Building Manager in NYC? <br /> <br />Fortunately, it’s very easy to spot a bad building manager. Immediate managing agent red-flags include: <br /> <br />- Being slow to respond or totally unresponsive to emails <br />- Selectively responding to owner emails and complaints based on the subject matter <br />- Failing to adapt to direct requests and feedback from owners <br />- Writing aggressive, petty or negative emails in response to owners who complain <br />- Hiring the same repair companies all the time without fielding multiple quotes <br />- Never actually coming to physically inspect the property <br />- Failing to reign-in unusually high insurance, water or other bills <br />- Tolerating sub-par work from the super or elevator servicing company <br /> <br />Is Self-Management a Good Idea in NYC? <br /> <br />Looking to buy or sell a home in New York City? Learn how you can save on commission and closing costs at https://www.hauseit.com <br /> <br />Calculate Your Co-op Flip Tax: https://www.hauseit.com/co-op-flip-tax-calculator/ <br /> <br />#hauseit #hauseitnyc <br />https://www.hauseit.com
