New England Condominium October 2019

October 2019 NEWENGLANDCONDO.COM To describe the life of a property man- ager as ‘busy’ is an understatement. From visiting client properties to answering board member and resident queries to fielding bids from contractors, a manager’s work is never completely done. That’s why time management is so important for man- agement pros. By following some tried- and-true methods and using the latest tech tools, managers can save time and increase productivity, benefiting both themselves and the residents they serve. New England Condominium recently spoke with several property managers to find out how they handle their workflow. Planning is Key A common refrain among property managers is the importance of planning ahead and prioritizing tasks. “Time man- agement is critical,” says Mary Faith Nu- giel, President of RCP Management in Cranbury, New Jersey. “Everybody has their own way of managing their work- load, but you have to have a way of manag- ing it. An example would be after a board meeting with a client, get all the easy stuff out of the way \[the next day\]. If you need to go out to bid, get it done right then. You want to make sure to not let things sit.” For Michael Crespo, President of New York City-based Citadel Property Manage- ment, a little bit of multitasking is involved when he plans his day. “For me personally, I hit the gym first thing in the morning,” he says. “While I’m on a bike for an hour, I’m going through my emails, seeing what ap- pointments I have...responding to inqui- ries and requests. There’s a lot of different things you do to try to fit a lot of things at once.” “You have to be organized,” adds Steve continued on page 6 Over the past few years, millennials (generally regarded as those born between 1981 and 1996) have become the largest and most important demographic group for marketing products and services – including homes. What separates millennials from older buyers – even those not much older than themselves – is their comfort with using technology and online resources to a much greater extent, and their pri- oritizing of more ‘experiential’ living. Changing How Things Get Done “The biggest challenge of working with younger buyers,” says Meri Galstian, a bro- ker with My Boston Condo, “is often that they will do their own research before they come to a realtor. They have so much technology and information at their disposal that working with a realtor is something many don’t realize has added value. They show up with more knowledge generally than older buyers, but once they come in to meet with us, that often changes. They’ve done their homework, \[and\] the upside of that is they have a handle on what’s out there – but at the same time, there is a lot of inaccurate and unreliable information on the Internet.” Nicole Hay, an agent with New York brokerage firm Halstead, concurs. “Most of the time, millennials are very aware of what’s on the market,” she says, “because they are always on the web. Sometimes my clients will see something and send it to me From news to politics to finding that ultimate barbecue recipe or just staying connected to family and friends, social me- dia has become entwined in the fabric of our lives. In fact, it’s so ubiquitous that it may come as a surprise to learn that when it comes to the world of co-op and condo communities, social media – whether it be a Facebook group, an Instagram account, or even a Twitter feed – has yet to really reach critical mass. In fact, social media is glaringly absent from communication channels in residential communities. That’s not to say co-op corporations and condo- minium associations don’t use web-based technologies to communicate; they defi- nitely do – just not the big-name platforms most people take for granted in their indi- vidual lives. Why Not? Stuart Halper, Vice President of Impact Real Estate Management in New York, at- tributes the lack of social media in residen- tial community life to its tendency to be- come a platform for grievances. “It can be harmful to a co-op or condo,” he says. “You don’t want residents airing ‘dirty laundry’ in a forum that anyone can see. There’s al- ways the possibility of a disgruntled owner or shareholder misusing it. And frankly, board members could misuse it as well.” Michele Schlossberg, a property man- ager with Gumley Haft, another New York- based management firm, and president of her co-op in Brooklyn, agrees. “In co-op communities, people talk to each other,” but social media is another thing altogeth- er. “Shareholders ruminating on Facebook or Twitter can get pretty ugly pretty quick- ly,” she says, “\[and\] misinformation gets disseminated.” The management pros consulted for this article were generally of the view that the temptation to unload on social media is too great – especially in the rarefied, insular world of a co-op or condo building – to be worth the effort of establishing, maintain- ing, and moderating official profiles for and ask me what I think of it. It’s a different kind of client re- lationship. There’s a lot more back-and-forth conversation go- ing on, usually through text.” Communications are now all day, not just from 9:00 a.m. to 6:00 p.m. She usually makes herself available 24/7. “I get texts at 11:30 p.m. from younger clients; the older generation doesn’t do that. The days of communicat- ing by phone are behind us.” Younger Buyers, New Approaches A New Generation Moves In BY A J SIDRANSKY How Property Managers Save Time Planning for Efficiency and Effectiveness BY DAVID CHIU Multifamily Communities and Social Media Why Some Go Online While Others Opt Out BY A J SIDRANSKY 205 Lexington Avenue, NY, NY 10016 • CHANGE SERVICE REQUESTED continued on page 6 continued on page 8 THE CONDO, HOA & CO-OP RESOURCE CONDOMINIUM NEW ENGLAND