Making the Match Choosing the Right Management Firm

One of the most difficult decisions boards of co-ops and condos have to make is who should

manage their buildings. While boards are obviously looking for management that has both the qualifications and experience to handle a building such as their own, they should also be looking for a firm that will reflect the personality of their building community. Active research into the firm being considered and knowledge of what your building requires to keep it fiscally and physically fit can help the board make the best possible choice.

According to Howard Schechter, a principal with the law firm of Schechter Brucker, PC, which represents 85 local properties, A board has to decide what kind of company is going to be the closest match to the service the property requires.

Look for a company whose managing agents have had a successful record of managing buildings comparable in size, age and condition to yours, advises Jim Sileneck, past president and current board member of a co-op at 61 Jane Street.

Asher Bernstein, president of Lawrence Properties, a real estate management firm, advises, You want a company that will ask why you're leaving your current company. That way, both the board and the new management company understand the property's particular requirements and what the board considers significant issues.


Related Articles

Board Style & Management

Hands-on vs. Hands-off

Common Board Blunders

Professionals Weigh In

COVID-19 Cases Plateauing in Some Areas

Not the Time to Relax, Say Experts