Page 14 - New England Condominium February 2019
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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

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