Page 14 - New England Condominium February 2019

14 NEW ENGLAND CONDOMINIUM - FEBRUARY 2019 NEWENGLANDCONDO.COM O ne of the most important fac- tors in the decision to purchase do some associations and corporations unit property, that would come to $20 many amenities is more management in- a condominium or co-op is life- style. Many who live in residential com- munities, particularly those in single- family HOAs, choose community living minimum monthly over a single-family home for the conve- nience of what they don’t have to do: no or per unit, and that snow shoveling, no grass mowing, and no charge can be more cleaning the gutters or falling off the lad- der while doing it. Like renters who can owners can handle. “call the super,” co-op and condo owners For the sake of ar- can do the same or call their managing gument, consider a agent. And like magic, things get done. But what happens when there’s no tion for which the managing agent? What happens when the minimum property is self-managed, and the manag- ing agent becomes you? Why Self-Manage? With outside management a typical per year. In a 50-unit property, that would property requires from a manager. A large agement. characteristic of co-op and condo life, why come to $10 per month and unit. In a 25- choose to manage themselves? Often, per month and unit. In a five-unit prop- it’s a matter of size. Management agents erty, the management fee turns into $100 duplex units with no interior common generally have a charge per building than the individual building or associa- charge for management services is $500 per month. That’s $6,000 per month and areas and no amenities. So what requires unit. That’s a big the expertise of professional manage- chunk of monthly ment. And what does the manager actu- common charges ally do? or maintenance, and it’s not tax deductible. So property size is are continual management items as well the single biggest as non-recurring needs. Building employ- contributing fac- tor to the choice and porters have to be supervised daily to self-manage. Another major roll services can be easily outsourced with consideration is or without a managing agent, actual on- what a particular site supervision requires continuing man- multi-story, multifamily building with tensive than, say, a small, six-unit line of What Gets Managed Management services can be divided into several categories. First of all, there ees such as doorpersons, handypersons and require payroll services. While pay- Self-Management Strategies Smart Business for Busy Boards BY A J SIDRANSKY BOARD RELATIONSHIPS “In a small building there are times when I would like more help, but everyone is so collegial that it makes me feel good about doing things.” — Keith Emmers