2009 Jan
2009 January Vol. 7, No. 1
Focus on...Board/Management Relations
Making the Grade
No matter what the job—be it flipping burgers at a chain restaurant or running a multinational
investment firm—employees should be given periodic reviews of their performance to assess how
they’re doing and identify both their strengths and areas where they could use
improvement.
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What Size Management Company Fits You Best?
As anybody who’s ever been to an “all you can eat” sushi buffet can tell you, bigger isn’t always better, and if “more” is mediocre, sometimes you’d rather have less. The same applies when it comes to property management
companies. Management firms come in all shapes and sizes, and offer different
items on their service menus. When negotiating (or renegotiating) your building’s management contract, determining the type of company that is the best fit for
your particular community is an important decision, and one that deserves a
great deal of careful consideration and critical thinking.
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The Management and Board Team
Building boards and their managing agents function best when they work together
as a team. Ideally, the two parties collaborate to implement policy, carry out
administrative duties, and make decisions about the efficient operation of the
building or association. Management contracts usually spell out the duties of
the manager, but confusion sometimes arises among board members regarding the
extent of their manager’s duties versus the limits of the board’s duties. Read More
Staying Competitive in Tough Economic Times
In a competitive industry, management companies must continuously find ways to
retain current clients while honing an edge that makes them appealing to new
customers. This is especially true in these tough economic times, as many
individuals and communities face financial hardship and must make tough choices
about the services they purchase. While economic turmoil and the housing slump
have affected many areas of the real estate industry, management has not been
hit as hard as some other areas—at least not yet. Companies are rolling with the punches and offering their new
and existing clients the same high level of service, plus a few extras as well. Read More
Next Generation Property Management
Remember Stanley Roper from the 1970’s sitcom Three’s Company? To some, he might still be their idea of a property manager—the upstairs landlord or the guy you’d call when your plumbing’s on the fritz. And indeed, when the plumbing in your co-op or condo does spring
a leak onto your hardwood floors and oriental carpet, or when it’s a freezing February morning and your heat is not working, the property manager
suddenly becomes the most important person in the world. Today however,
property managers do much more than fix plumbing.
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Q&A: Board Secretary Delinquent?
Last year, a board member discovered other directors have allowed our association secretary to be 10 months delinquent in his assessments. No action was taken. Other unit owners have been in the collection process for the same violation. After this problem was disclosed, the incumbent board members decided not to run in the next election. Read More
Q&A: Failure to Distribute Minutes
I was newly elected to the board of a small (32-unit), self-managed cooperative, where traditionally there has been little transparency between the board and shareholders. The board has been stingy with information and oftentimes, focused on making decisions from a social point of view rather than a business point of view. I have asked the board president several times over the past three months, publicly and privately, (as well as the corporation secretary) to provide me with minutes of the last three years—so that I can better acquaint myself with board decisions, the history of repairs, capital improvements, etc. I would have thought that my interest in being informed would be regarded as positive, but instead I have been given the run-around. As a board member, don’t I have a legal right to inspect all corporate documents? What more should I do to access these minutes? Read More
