The 3 Most Important Things a Condo or Co-op Board Should Be Doing For The Owners | Harlem Property Management Expertise

The 3 Most Important Things a Condo or Co-op Board Should Be Doing For The Owners Harlem Property Management Expertise - article banner

Whether it’s a condo or a co-op, a residential building board in New York must juggle multiple tasks, big and small. You need to ensure your building is up to code and your residents are all happy. But, what should you prioritize? 

Harlem Property Management is the authority on co-op and condo building management in Upper Manhattan and a member of the Real Estate Board of New York. We specialize in managing condos, co-ops, and multi-family buildings up to 99 units. We know there are 3 things you must always do for your owners.

1. You must have clear communication with the property owners

Whether it’s the owner of a condo unit or a shareholder in the co-op, the board needs to prioritize communicating with them. Putting up a note on the lobby’s noticeboard won’t cut it. Everyone needs a personal conversation. After all, every decision you make affects their home and their investment. You need to make them feel like they are listened to and that their opinions matter. Otherwise, they’ll turn into people who are difficult to deal with or people who will start looking for a new home.

When we are hired to manage a board in Upper Manhattan, Harlem Property Management keeps everyone in the loop about the things that matter. We take the time to listen to your tenants, owners, and shareholders. If a decision needs to be made, we’ll provide the best options and our advice. Once a decision is made, we’ll act upon it. 

2. You must make it easy for the owners to meet their responsibilities

Expecting a check in the mail isn’t the most responsible thing to do in this day and age. After all, everyone leads a busy life and forgets things. Your owners need reminders of their responsibilities to pay their bills. However, you can’t just slip a letter under every door in the building. Not every resident living there is the property owner. And, not all property owners are in the state or even in the country. 

These days, most people rely on their phones or the internet to remind them of what they need to do. Harlem Property Management can bring the latest technology to even the most historic of residential buildings. We have a program that gets owners to pay their bills automatically, see what’s going on with their home, and contact management about any issues they have. If you need help with this technology, we’re more than happy to set it up for you and give you a step-by-step tutorial.

3. You must ensure that the building’s finances are in order

Perhaps the biggest responsibility that a co-op or condo board has is to ensure that its building’s finances are in tip-top shape. There’s a lot that goes into this, more than just balancing debits and credits. You should always have the cash flow for regular expenses such as staff salaries and cleaning supplies. At the same time, you should be able to foresee future expenses, repairs, renovations, and even capital planning.

Board meeting

To do so, you need specialists in residential board management of multi-family buildings We can help you plan for and act on financial decisions that will improve profits for your shareholders or owners. More importantly, we can manage your building so that all your residents and shareholders are happy. If you would like to learn more about Property Management services in Harlem and other Upper Manhattan neighborhoods, contact us.