Most co-op and condo boards that hire property managers, rather than manage themselves with in-house staff, are reasonably satisfied with them. After all, the managers are presumably trained and experienced professionals.
But now and then, a building or development wants to change its management company, or else its individual manager. What happens then? It could be a sticky situation. Professionals asked by this publication for some typical reasons to change managers offer several possibilities.
One reason might be that new board members, who have had links to particular managers in the past, have been elected. Another might be poor service and cutting corners on the part of the current manager. Yet another could be the suspicion of wrongdoing—financial records missing, for example.
“Sometimes a new board comes in that would prefer to contract with someone else and change things. They may have been elected on a change platform, which would mean that they want to bring new professionals on board,” said Curt Macysyn, executive vice president of Community Associations Institute of New Jersey (CAI-NJ).
“Associations tend to change management companies,” says Mary Faith Radcliffe, a principal of RCP Management in Princeton, “if they feel diminishing services, if they’re looking to implement new technology and they don’t feel the current company provides that.”