2011 October
2011 October Vol. 9, No.10
Focus on...Association Operations
Evaluating Management Performance
The relationship between boards and management is by its nature complex. The two
sides rely upon one another to ensure the smooth oversight of their co-op and
condo communities. Both are dedicated to doing everything possible to create a
stable and welcoming environment for residents while at the same time, handling
the day-to-day and big picture aspects of management, from dealing with vendors
to ensuring a solid financial bottom line.
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NJ Confidential
This in an anxious time in which to sit on the board of directors. With defaults
and foreclosures accounting for some 20 percent or more of the units at some
condominiums, frustration among board and association members is off the
charts.
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Vendor Negotiations 101
You can’t operate a condominium or co-op without a myriad of services, which is why a
well-run home association or building requires that it has strong vendor
relationships. That means getting supplies and services smoothly and at the
best price, which is why a board of directors or management company needs to
stay on top of its vendors and the contracts it holds with them.
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Annual Meetings Can Build Community
A co-op or condo community’s annual meeting is just business, though these gatherings can sometimes be the
site of personal acrimony, or feuding between residents. But annual meetings
needn’t be a source of friction, and can serve as a place where neighbors find
consensus. These gatherings also are mandated by law—co-ops, condominiums and homeowners’ associations are required to hold at least one unit owner or shareholder
meeting each year.
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Snowbirds in Flight
Birds in flight may be beautiful, but their departure sometimes leaves the nest
unprotected. And when that nest is in a condominium community, property
managers and boards must do their best to compensate.
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Creative Financing for Your Co-op or Condo
The main source of any condo or co-op’s revenue comes from monthly maintenance fees. That seems self-evident.
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Childproofing Your Home
When you’re decorating your home, there are two things you want to bear in mind if you
have children. You want to keep the design functional, but safe. After all,
anyone who’s ever had, or just looked after, a baby or toddler, can tell you that little
kids have an uncanny knack for finding things and getting into places they
shouldn’t. It’s a parent’s and caretaker’s responsibility to keep an eye on your child, but it helps to have your home as
safe as possible in each and every room.
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Rumson, New Jersey
The Borough of Rumson is an upscale and historic community that caught the eyes
of English settlers as far back as 1663. During the Victorian Age, it was the
summer playground of New York's elite due to its proximity to New York City.
Today Rumson is an upscale suburb, home to New York City commuters and
celebrities alike.
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Q&A: Who's to Blame For Water Leak?
Who is responsible for a faulty faucet spindle inside the wall which caused a water leak inside the wall and which was unbeknownst to the shareholder but damaged the apartment below? My superintendent had to chip into the wall to remove the spindle in order to repair it. Read More
