Part 4- WHO MANAGES THE BUILDING?
One of the most common questions we receive is who manages the building? What kind of track record do they have? What happens if my sink backs up, dry cleaning is delivered, do they return phone calls quickly? As a part of being a first time home owner in a co-op or condominium building in New York City you will be a part of your experience will be influenced by the management company that runs your building. Typically the size of your building will dictate the type of management company that runs it.
Doing research about the management company, ask your broker about their experiences with the company's reputation, and if you know people who have lived in a building managed by a particular company will be extremely useful information.
There are certain management companies that specialize in running large buildings with hundreds of units. These companies have the experience, infrastrcuture, and are specifically positioned to run buildings with dozens of support staff, maintenance workers, and resident requests. The big management companies typically manage multiple buildings and they have websites where they can be researched. Run a google search on them to see what the residents are saying, how quickly do they resolve issues? Keep in mind its always the disgruntled person who speaks the loudest!
In our experience, big management definitely has its pros and cons, as both a resident and as a real estate agent. Big management firms have the resources, training, and experience to solve almost any issue that comes up. Although in our working experience, big management can take a few days to find the right person to answer a question or concern. There are also times big property management is more reliable in terms of having all of the documents I might need to obtain information for financing or to submit an application.
If it is a smaller management company that runs the building find out if the super lives in the building? The super will be your knight in shining armor when you have any issues, definitely make sure you get to know them. Small management in our working experiences, have always been very organized and prompt in answering phone calls. Although the management may only manage one building or two, they are usually very sufficient and friendly to the residents of the building.
You will sometimes find that the building is self-managed, if this is the case, make sure you do your due diligence and find out how the mangement is structured and who is responsible for your requests.
Each experience is will be different, whether you live in a 500 unit building or a 20 unit building, everybody wants prompt and friendly service. You can get it in many ways from a helpful super to a large management company with staff at your disposal. If you have a question regarding a specific building feel free to contact us below and we will answer all of your questions.
For more information, please contact Morgan Evans or call 917-...
This is part four in a series centered on first time buyers in New York City, our next post will focus on the next step in your process, BUYING WITH YOUR HEAD AND YOUR HEART!
New York City First Time Home Buyer Series:
- NEW YORK CITY FIRST TIME HOME BUYER: BUYING WITH YOUR HEAD AND YOUR HEART - PART 5 OF 5
Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.