5 Reasons to Enlist an Outside Consultant for Your Building
“He who wants to do everything will never do anything”
Residents of co-op and condo buildings know that maintenance fees only move one way - up. From laundry rooms to elevators to electrical systems, there is always something that seems to be in need of repair. That’s why their boards are constantly looking for ways to cut costs, or, at the very least, prevent existing expenses from increasing.
But what’s a board to do when it seems that rising costs are inevitable? Many co-op and condo boards have found it helpful to consult an outside expert for help. Here’s what a building consultant can do for your board:
Full Audit: Depending on when the building was established, it’s unlikely that the current board members are familiar with every expense and procedure. Perhaps there are some expenses on the balance sheet simply because “we’ve always done it that way.” Are those fixed costs really fixed? Are there more affordable options that just haven’t been explored? An experienced consultant will conduct a deep dive into the building’s expenses and perform a comprehensive analysis.
New Ideas: A good co-op and condo consultant will have experience with a variety of boards and buildings. They can bring fresh ideas to your building after seeing them work in other buildings. They will also know what has not worked for other buildings and prevent your board from making those same mistakes.
Existing Relationships: A construction project in one unit is stressful, let alone an entire building! Handling multiple bids - each with its own scope of work, timeline, and cost breakdown - is stressful and confusing. An experienced consultant will know how to evaluate multiple bids and negotiate with construction and trades companies. They will also have existing relationships with reputable vendors, who will be more willing to accommodate a client they know. Online reviews are great, but when it comes to important and expensive work, having an expert vouch for your vendor is priceless.
Up-to-Date Knowledge: Nothing hurts a building’s finances more than a legal fine or not passing an inspection. An outside consultant will know the latest rules and regulations for buildings and will ensure that the co-op or condo is fully compliant.
No Up-Front Cost: We at the Folson Group work on a contingency basis, meaning that there is no cost to hire us. Instead, we share any savings that we create for the building. In other words, no savings = no cost. However, that rarely occurs! We cut significant costs for co-op and condo buildings and prevent maintenance increases for all residents.
Email us at info@thefolsongroup.com or call us at (917) 648-8154 to see how we can help your co-op or condo board today.