FIND THE RIGHT PROPERTY MANAGER FOR YOUR COOP OR CONDO BUILDING

Co-op and Condo Boards

rely heavily on their property manager to keep their buildings running smoothly. But when it comes time to change property management firms, you're on your own. You can't rely on your property manager for guidance.

That's where The Folson Group comes in. We help boards find the right property management firm to meet your building's unique needs and goals. We'll help you navigate the process of hiring a new property manager and oversee the transition to make sure it's as seamless and easy as possible.

What Our Clients say

“On behalf of the entire Board, thank you for your fine work on this assignment. You made the task far more comprehensive and efficient than we could have on our own. We appreciate the service and professionalism. Bravo!”
— Rick W., Board President, 140-unit Manhattan coop
 
“I am here to tell you from experience that the best decision any coop or condo board can ever make is to contract with Folson… if you would like to exhale and get your life back and go in the right direction, definitely call The Folson Group.”
— Erin R., Board Member, Westchester Co-op

Service includes

  • Discovery Call: Problems with the current property manager and a wish list for the new firm

  • RFP: We will create the RFP based on the discovery meeting with the board members

  • Bid: We request bids only from suitable property management firms

  • Interviews: We schedule and moderate the interviews over Zoom

  • Selection: We provide a comparison to help the board make an informed decision

  • Timing: The entire process takes approximately two months

FAQs

  • As a coop or condo board member, you have a fiduciary duty to represent your residents. If the coop shareholders or condo owners have problems with the property manager or their firm, it is the boards responsibility to address this.

  • If the board and or residents are unhappy with the personality or the customer service of the property manager, but are pleased with the overall performance of the firm, the board can ask the property management firm if they can assign another agent to their building. It is quite common that the property management firm switches your building’s managing agent every now and then. For instance, if the property manager takes on several buildings on the Upper West Side of Manhattan, and your building is in Queens, they may switch out to someone physically closer.

  • Like any other hire that you do in your personal or professional life, annual reviews are highly recommended. Having a standardized set of questions for all your building’s vendors, service providers, and staff is never a bad idea, and can actually be more helpful for everyone to know what to expect and what is expected of them on both ends of the equation.

  • This is entirely up to the coop or condo board. It is our opinion that it depends on the property management’s flaws and the severity of the difficulties that your coop or condo board or the residents have with the agent or the firm.

  • This depends on many variables like the size of your building, the location (you don’t want to be the only building in Brooklyn that your Manhattan-based managing agent serves), your budget, your building’s and residents’ needs or wishes in the new property management firm.