Question 1

How much money can you possibly save our building?

Accepted Answer

Every building is unique. One building saved over $1 million. Once you engage us, we can estimate what savings we can find for your building. Many costs can be reduced by 25%+ (and some even more).

Question 2

Our fixed costs account for over 80% of our budget. How could you possibly help us?

Accepted Answer

Even fixed costs can often be reduced. For example, you can reduce electricity usage and cost, and in some cases reduce electricity costs by up to 50%.

Question 3

My maintenance has been increasing every year. How do I introduce your team to my board?

Accepted Answer

You can share that we are a low-risk way to reduce building costs with no upfront fees. We can also schedule an introduction with your board to walk through how we help.

Question 4

We already have a managing agent who does everything that you do. Why would we need your services?

Accepted Answer

We are not a replacement for your managing agent. We focus on analyzing your building’s financials like a business and implementing multiple cost-saving and improvement projects each month.

Question 5

Our board is working on a very big project right now and we don’t have time to hire you. Can I follow up later?

Accepted Answer

We can often help you save money that can fund major projects. The time commitment is minimal—typically about 10 minutes during your monthly meeting and about 15 minutes between meetings.

Question 6

Why would we want to share our savings with you?

Accepted Answer

We only get paid if we find savings, so there are no upfront costs. You keep the savings even after our engagement ends.

Question 7

How long will it take for our building to realize savings?

Accepted Answer

Some savings can be immediate. Most savings typically appear on your next billing cycle, depending on how frequently the expense is billed.

Question 8

Our board already has a full agenda. How much extra time would we need?

Accepted Answer

Typically under 10 minutes during your monthly meeting and under 15 minutes between meetings.

Question 9

How much does it cost to hire you?

Accepted Answer

There are no upfront costs. Our fees are a percentage of the savings we find, for a limited time.

Question 10

How do we get started?

Accepted Answer

Once engaged, we begin an immediate comprehensive review to identify opportunities for savings and improvements.

Question 11

What if you can’t find any savings for us?

Accepted Answer

If we can’t find savings, it costs you nothing. We can also put that in writing if requested.

Question 12

What makes your team experts? What experience do you have?

Accepted Answer

Our team has deep experience analyzing financials and operations, with an average of about 20 years of experience as Wall Street analysts and co-op board experience.

Question 13

What is a property management search service?

Accepted Answer

A property management search service is an independent process that helps co-op and condo boards evaluate and hire a new management company. It typically includes an RFP, interviews, contract negotiation, and a structured transition plan, and usually takes about 2–3 months.

Question 14

When should a co-op or condo board change property management companies?

Accepted Answer

Boards typically consider changing property management companies when there are persistent performance, communication, or financial issues, ongoing resident complaints, or when management problems are taking too much board time. In some cases, the issue may be the individual manager rather than the company.

Question 15

What’s the difference between changing property managers vs changing property management companies?

Accepted Answer

Changing a property manager means switching to a different manager within the same management company. Changing a property management company means terminating the current firm and hiring a new one. The right choice depends on whether the issues are tied to the individual or the overall company structure and service.

Question 16

How long does it take to change property management companies in NYC?

Accepted Answer

Most NYC co-op and condo property management transitions take about 2–3 months, including selecting a new firm, contract negotiation, and the handoff period.

Question 17

What should NYC co-op and condo boards look for in a property management company?

Accepted Answer

Boards should evaluate building-type expertise, service model and responsiveness, geographic coverage, technology and systems, staffing and backup support, the full financial structure, and references with a strong track record.

Question 18

Can boards run their own property management search without a consultant?

Accepted Answer

Yes, boards can run their own search. However, it can be challenging to compare proposals, evaluate service levels accurately, and manage the time and expertise required to run a structured process.

Question 19

Is it better to hire a large or small property management company in NYC?

Accepted Answer

It depends on your building’s needs. Larger firms may offer deeper staffing and systems, while smaller firms may offer more personalized service. The best choice is the one that fits your building’s size, complexity, and expectations.

Question 20

What happens during the property management transition period?

Accepted Answer

The transition period typically lasts 30–90 days and includes transferring documents and access, reconciling finances, communicating with stakeholders, coordinating vendor continuity, and ensuring a smooth operational handoff.

Question 21

Do we need a project manager for our building repairs?

Accepted Answer

Major building repairs often require many hours of coordination over months. A project manager helps reduce the burden on the board and keeps the project organized while the board focuses on ongoing building responsibilities.

Question 22

When renovating the building, where do I begin?

Accepted Answer

Start by assembling the right professionals. It’s best practice to involve a project manager early to help structure the process, manage risk, and support the board’s responsibility to keep residents safe.

Question 23

Is my property manager responsible for major building repairs?

Accepted Answer

It depends on your management agreement. Some agreements include a cost threshold where larger projects require additional fees. Major projects can also pull time away from day-to-day building management responsibilities.

Question 24

How much does construction project management cost in NYC?

Accepted Answer

Construction project management fees are commonly structured either as an hourly rate or as a percentage of the total project cost. One common approach is a fee of about 15% of the project cost.

Operating Buildings More Efficiently with The FolSon Group's Tina Larsson

The FolSon Group Partners with Spire Group, Inc., Providing FolSon's Cost Cutting Services to NYC Co-ops and Condos

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