Page 13 - CooperatorNews New York January 2022

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Large enough to help you. ® Patrick Akosah 718.512.2798 NMLS #674966 Jeff Cui 718.512.2816 NMLS #1689598 Patrick Dolan 718.512.2817 NMLS #1016524 Daniel Lee 718.593.8067 NMLS #64756 Christopher O’Hara 718.512.2809 NMLS #673112 Michael Pollis 718.512.2911 NMLS #1703994 220 RXR Plaza, Uniondale, NY 11556 • FlushingBank.com/lending Flushing Bank is a registered trademark FB 1147 (RMU) Mixed-use Real Estate AD Update (The Cooperator) v3.indd 1 FB 1147 (RMU) Mixed-use Real Estate AD Update (The Cooperator) v3.indd 1 3/10/21 1:50 PM 3/10/21 1:50 PM tant to keep things cordial: “One of our condominiums terminated its managing agent,” he says. “Th e old com- pany refused to assist in the turnover/trans- fer process, and didn’t deliver the books and records of the condominium to the new agent. So for an extended period, the association was unable to access its bank accounts. Imagine a condominium unable to pay its bills? Or not having access to its own books and records? We worked with the board and new management, and the bank, and we were ultimately able to assist in facilitating the transfer of the accounts, and the books and records—but obviously, it took the threat of legal action to do so.” To minimize the chance of such headaches, Hakim says, “Especially in this day and age of digitized records, we recommend that a board have real-time access to its fi les, and also that a current board member always be a signatory to any account.” Management contracts are a critical cog in the co-op/condo machine. Even if your board includes members with contract ne- gotiation experience, it’s always wise to seek the advice of legal counsel—and to always read the small print. Most importantly, identify your wants and expectations and make sure they all get into the document in clear, concise language to avoid troubles later. n A J Sidransky is a staff writer/reporter for CooperatorNews, and a published novelist. He can be reached at alan@yrinc.com. Michael Refat, CMCA, MBA, is regional patient.” Residents tend to forget that theirs director for FirstService Residential in New is not the only issue in a building or commu- England. He says, “One of the biggest impacts nity, she says, and they assume that an ‘open gating remote work were adopted will have \\\[of these past two years\\\] is managers not being 24 hours’ communication platform like email broader impacts on the property management able to go to buildings. As property managers, implies a 24-hours-a-day response. we’re supposed to go meet the trustees, inspect the buildings, meet the on-site staff , meet the brought some welcome balance into the lives retired,” he says. “So as everything shift s elec- vendors. So now everybody is meeting virtu- ally, \\\[and\\\] the downside to this is that you don’t have spent hours on long commutes running all the computer soft ware systems, and to have have that personal touch, that connection; you between properties every day, then into the that strong system in your home, or at least to don’t get to establish a relationship that way. evening to attend board meetings, which are be able to buy it. I upgraded everything—my So property management has been negatively usually held aft er 6 p.m. to accommodate the computer, my workstation, my printer; I got impacted by the lack of ability to go to the sites schedules of volunteer directors/trustees. Now, a scanner—all so I can do things quickly, and and the lack of ability to establish relationships rather than remaining on-site aft er a full day am able to interact with the service providers, with vendors, trustees, service providers, and of work or traveling there just for the meeting, the engineers, the vendors, the work orders, on-site staff . And of course, when I don’t go to property managers can participate from any- inspect the property as frequently as I used to, where—and so can their board members. or I’m more restricted in my ability to visit the units, then my work is negatively impacted.” On the fl ip side of the equation, but with came out of the past two years,” says Alison some early retirements or company consolida- equal impact on property managers, is the Phillips, CMCA, AMS, CAM, vice president tions, it may also open the door for a younger, fact that the residents in many multifam- ily properties are themselves now part of this Residential based in Massachusetts. “I think who might not have entered the fi eld due to new remote workforce. Now they’re home it’s more conducive to everybody’s schedule time constraints, such as young parents or throughout the day, noticing that the hall- way carpeting is getting worn, or that they’re having to do it in person. Obviously, there are a larger technology skill set and more com- disturbed by their neighbor’s aft ernoon tuba some associations that are still doing in-per- lesson, and they expect their managers to re- spond to these grievances right away, no mat- ter the day or time. Claudine Gruen, vice pres- ident, director of operations for Garthchester virtual \\\[meetings are\\\] easy for all of them to Realty based in Queens, says that the volume be able to attend, because we all have diff erent of emails her staff receives is “overwhelming” schedules.” and that “people have lost their ability to be All that being said, working remotely has dustry who could not keep up and eventually of some managers who pre-pandemic might tronically, you have to be really up to speed on “Going virtual with everything is some- thing that I think is actually a positive that of multifamily and commercial at FirstService more diverse cohort of property managers to be able to do a virtual meeting rather than someone earning an advanced degree. With son meetings or have just recently restarted property managers might think nothing of them, but \\\[at\\\] my associations, the boards are the shift s to remote work brought about by made up of various demographics—I have the pandemic. Refat contends that it might some working; I have some retired folks—and The Digital Divide Refat feels that as time goes on, the speed with which technologies for successfully navi- industry. “I’ve seen many people in the in- the insurance claims. Everything is happening virtually now, so if you’re not up to speed, you may struggle.” While the fast pivot to virtual may lead to fort navigating virtually, a new generation of THE STATE OF... continued from page 1 continued on page 14