First Ave Manhattan
Boards & Buildings > Property Management

How do you know when it’s time to change property managers?

October 10, 2023 - 12:30AM
Written by
First Ave Manhattan
In a nutshell
Complaints from residents about your property manager's behavior or responsiveness, delayed bill payments, inadequate invoicing for collections, and frequent building violations may each be signs that it's time for a change of property management firms or the individual managing agent assigned to your building.

Your coop or condo board has a fiduciary responsibility to the community that it serves that includes ensuring that your building is being properly managed. Here are some signs that it’s time to re-evaluate your property management firm:

Residents are complaining

When your co-op or condo board gets complaints from residents that your individual property manager is rude or won’t return phone calls, they need to act. This doesn’t mean that it’s necessary to switch firms; the solution could be as easy as replacing the building’s representative.

Bills aren't being paid on time

Is your board getting late fees for not paying vendors on time, or getting calls from vendors who haven’t been paid? Buildings need their service providers to run the building and its systems to provide a safe environment for their residents. Jeopardizing the relationship with the building’s service providers due to non-payment is not an option for boards, which may be a sign that it’s time to reevaluate the property management firm.

Collections aren't being invoiced properly

Collections can be anything from commercial leases or rents, charges for all auxiliary services like parking spots, storage bins, bike storage, to gym membership for those who have a fitness center in their building. If your property manager fails to invoice the lessees for those amenities, this is a sign that it is time to reevaluate the situation as your building depends on that income and everyone should be treated equally. 

Your building is racking up constant violations

This can be a sign of either poor oversight or miscommunication. Missing deadlines for sending out the annual fire safety notices or filing the annual benchmarking report are signs of poor oversight. Residents calling 311 to report problems in the building is a sign of poor communication. Preventing a shareholder from reporting that their apartment is too cold by letting residents know that this should be reported to the resident manager or superintendent can save the board and property manager both time and money trying to resolve the violation.

Tina Larsson Headshot
Tina Larsson is the co-founder of The Folson Group, New York City's leading co-op and condo consultancy. A prominent speaker on proactive co-op/condo leadership and ESG matters, Tina is the author of Living the High Life: How Smart Co-op and Condo Owners Protect Themselves and Their Investment. In... [read more]