Page 14 - New York Cooperator February 2019

14 THE COOPERATOR — FEBRUARY 2019 COOPERATOR.COM BOARD RELATIONSHIPS Making a Difference. Every Day. To learn how we can apply our proven solutions to your property, contact President Dan Wurtzel at (212) 324-9944. contactus.ny@fsresidential.com www.fsresidential.com Providing Superior Management Solutions to Residential Properties Across New York City for 30 Years Only FirstService Residential offers these exclusive value- added services and solutions: u Discounted rates on electricity & natural gas u Incentive funding and fi nancing for energy effi ciency projects u Reduced fees on Local Law 87 energy audit & retro- commissioning services u Discounted tax certiorari attorney fees u In-house energy and project management specialists u Lower costs and better terms on property and general liability insurance u Amenity management solutions u Sales and leasing expertise FirstService Residential provides full-service property management to over 500 New York City condos, co-ops and rental properties—25 percent of which we have proudly managed for a decade or longer. Our managers deliver the personalized, responsive service that boards, owners and residents deserve, backed by the resources and experience of North America’s leading property management company. TENANT STORAGE SOLUTIONS Serving The New York Area For Over 20 Years. WireCrafters.com | 800-808-1860 | info@WireCrafters.com CONTACT YOUR NEW YORK OFFICE 800-808-1860 Welded Wire Lockers The Bike Stackerhe Bike Stacker T ® The Wall Rider • Single or double tier • Industrial grade construction • Installation service available • Solid 16 GA sheet metal lockers also available • Staggered, formed bike trays hold any style bike upright • Tear drop tire slot (pat. pending) • Made of 1/8” steel angle and 14 GA steel formed channel • Heavy-duty 11 GA steel • Vinyl sleeve protects wheel rim • Installs easily...with two 1/2” round holes for wall mounting • Includes security cable The Wall Rider • Heavy-duty 11 GA steel ® O ne of the most important fac- tors in the decision to purchase would come to $20 per month and unit. a condominium or co-op is life- style. Many who live in residential com- munities, particularly those in single- family HOAs, choose community living charges or maintenance, and it’s not tax over a single-family home for the conve- nience of what they don’t have to do: no biggest contributing factor to the choice snow shoveling, no grass mowing, and no to self-manage. cleaning the gutters or falling off the lad- der while doing it. Like renters who can a particular property requires from a “call the super,” co-op and condo owners manager. A large multi-story, multifam- can do the same or call their managing ily building with many amenities is more agent. And like magic, things get done. But what happens when there’s no six-unit line of duplex units with no in- managing agent? What happens when the terior common areas and no amenities. property is self-managed, and the manag- ing agent becomes you? Why Self-Manage? With outside management a typical characteristic of co-op and condo life, why do some associations and corpo- rations choose to manage themselves? are continual management items as well Often, it’s a matter of size. Management as non-recurring needs. Building em- agents generally have a minimum month- ly charge per building or per unit, and sons and porters, have to be supervised that charge can be more than the indi- vidual owners can handle. For the sake of payroll services can be easily outsourced argument, consider a building or associa- tion for which the minimum charge for on-site supervision requires continuing management services is $500 per month. management. That’s $6,000 per year. In a 50-unit prop- erty, that would come to $10 per month is purchasing and bookkeeping. Own- and unit. In a 25-unit property, that In a five-unit property, the management fee turns into $100 per month and unit. That’s a big chunk of monthly common deductible. So property size is the single Another major consideration is what management intensive than, say, a small So what requires the expertise of profes- sional management. And what does the manager actually do? What Gets Managed Management services can be divided into several categories. First of all, there ployees, such as doorpersons, handyper- daily and require payroll services. While with or without a managing agent, actual Another recurring management item Self-Management Strategies Smart Business for Busy Boards BY A J SIDRANSKY ISTOCKPHOTO.COM