Page 3 - New York Cooperator January 2020

COOPERATOR.COM THE COOPERATOR — JANUARY 2020 3 F A S T AT YOUR PROPERTY www.veritasmanagement.com 1995 Broadway, NY, NY 10023 Tel: 212.799.2365 At Veritas, we’re always just a hop, skip or subway ride away, making responsive service a priority. In a digital age, we’re on top of technology. But we also handle things the old-fashioned way; we’re at your property in person, when you need us. Co-op, Condo and Rental Management • Online Services Project Management • Sales and Leasing • Compliance and Filings • Emergency Services • Staff Supervision Connect your property to Veritas Call us to learn more The Challenges of Managing a Distressed Property Despite the best intentions of board members, residents, and even managers, co-op and condominium properties don’t always run like well-tuned machines. Sometimes they hit a bump in the road...and sometimes they break down completely. The reasons behind such a breakdown can come from many directions, including financial missteps, physi- cal plant problems, and interpersonal disputes. PAGE 1 The Evolution of Property Management Like so many other sectors of the economy, residential real estate management has changed and evolved since the turn of the millennium—and like those other sectors, much of that evolution is directly linked to the development and adoption of technolo- gy. Yet the essence of the manager’s mission remains the same: one of close interperson- al interaction. Technological advances may have sped up response times and analytics in many situations, but good, old-fashioned personal contact still remains the keystone to effective management. PAGE 1 Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Senior Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Victor Marcos Traffic Coordinator Alan J. Sidransky Staff Writer Rick Levin Director of Sales The Cooperator is published monthly by Yale Robbins Publications, LLC, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations. POSTMASTER: Send address changes to The Cooperator, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publications, LLC 2019. All rights reserved. Application to mail Periodicals postage rates is pending at New York NY. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: cooperator.com/subscribe Updating Your Documents The governing documents of a housing development—be it a cooperative, condo- minium, or homeowners association—spell out the rules, regulations, and policies that all unit owners or shareholders are obligated to follow as a condition of their residence. There are three main documents in this category: the bylaws, which contain provisions for directorship, voting, transfers, fees, and so forth; the proprietary lease (or declara- tion, in the case of a condo or HOA), which describes the rights and responsibilities of unit owners or shareholders as well as of the corporation or association; and the house rules, which are usually a component of the proprietary lease and spell out the day-to- day rules and regulations for safe and harmonious multifamily habitation. PAGE 1 Industry Pulse/Calendar PAGE 4 Q&A PAGE 5 Service Directory PAGE 14 On the Web... Solutions for Small and Mid-Sized Communities PAGE 6 ‘Bargain’ Condos Selling Well, High End Slows PAGE 6 Sellers Get a ‘Realty’ Check PAGE 6 Hovering Homeowners PAGE 6 TABLE OF CONTENTS