Budget Season... Again
It’s that time of the year again. Soon, you will need to inform your coop shareholders or condo owners that their monthly fees are increasing, again. This is in spite of a close to zero inflation economy and owners’ salaries barely increasing. Despite this, every contract and vendor that the board hires, on owners’ behalf, automatically increases their fees every year.
Trapped in Elevator (Service)
Who services the elevators in your building? This is done by a specific elevator service company, which the coop or condo has a service contract with. Our research shows that some buildings pay 100% more than others for these contracts. Don’t feel trapped by your elevator contract; find out if we can help you reduce the cost of your service contract by calling us today!
A New Regulation Looms Ahead
Elevator regulations are a big part of what dictates the safety and cost of elevators. In New York City, the Department of Buildings (DOB) is the regulator of elevators. As the result of increase in elevator accidents, in part due to aging elevators, the DOB has added four new regulations.
Two are already in place, while one is due in 2020 and another one in 2027.
The Ups & Downs of Elevators
When Gladys pressed the “9” button on the elevator panel, she heard a noise that could most generously be described as sounding like a train slamming into a wall. For most New Yorkers, this is a subconscious everyday fear, as each day involves multiple elevator rides.
Although there’s nothing as annoying as being stuck in traffic or a delayed subway, an elevator “out of service” sign for a 15-flight stair climb is not far behind.
Has your building installed a door lock monitor system? They are required by January 1, 2020.
Effective Habit #7 Create an Upward Spiral
Habit #7: “Sharpen the Saw”
In “The 7 Habits of Highly Effective People”, Stephen R. Covey talks about the “upward spiral” model that results from growth, change and constant improvement. The Upward Spiral model consists of three parts:
Learn
Commit
Do
Effective Habit #6 Synergize
The management team in a coop or condo is composed of three distinct entities: the board, the property manager, and the staff. When their strengths are combined, goals can be achieved that could not have been done by just one of these entities.
Effective Habit #5 “Seek First to Understand, Then to be Understood”
You Have Two Ears and One Mouth- Use Them in That Proportion
Understanding the limitations of the staff, managing agent and fellow board-members is important. Although the staff reports to the managing agent, the managing agent reports to their firm first and ultimately to the board. The board then reports to the residents. The managing agent has, in most cases, multiple buildings with multiple emergencies such as leaks, fires, floods; and of course loose cats.
Effective Habit #2 - Begin with the End in Mind
Have a Long-term Plan
Ask yourself, what is your ultimate desired outcome? Is it a more cost-efficient building, a greener building, more amenities to better compete with the new luxury condos or something else? Or, are you perfectly happy with the current state of your building and the yearly rate increase that you pass on to your residents and neighbors?
Want to Run a Better Condo?
Running a Condo Association is no simple task. You must manage a budget, keep a building in good repair, fix issues for Owners, deal with unexpected disasters, manage crazy Board members, and more. Although this can be daunting, there are certain Condo Association management basics which will help guide you towards success.
Everything Is Negotiable
If you’re a board member of a coop or condo building, you and your board undoubtedly work hard to represent your fellow owners. While owners want you to maintain your shared home at the lowest cost possible, the primary board and management responsibilities are the management of day-to-day operations, as well as special requests and emergencies. This leaves very little extra time to devote to serious cost cutting.