The Meter is Running
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Transitioning between management companies can be a fraught process.
AUTHORArlene Waye, Awaye Realty Management
PAGE #p. 10
Transparency is everything – a new management company needs access to everything to help your board make the best decisions possible.
Awaye Realty Management recently took over the management of a midsize condominium building in a prestigious Brooklyn neighborhood. The building was grossly neglected by the previous management company, which left behind a host of outstanding maintenance issues and a building on the brink of financial ruin. Some building service providers were threatening legal action for nonpayment of bills, while the condo was owed thousands of dollars in arrears. To make matters worse, the outgoing management company refused to meet and conduct an orderly transition. It failed to provide building financials, service contracts, and other pertinent records.
After significant time and effort, and with great cooperation from the board of directors, our transition team was able to piece together and procure the necessary documents. From there, we were able to negotiate settlements and payment plans with service vendors to address open maintenance issues. We aggressively pursued residents in arrears and took legal action where necessary, ultimately restoring thousands of delinquent funds to the building’s operating account. Furthermore, we diligently digitized all building records and documents, and established online payment systems ensuring easy tracking of building processes and residents’ payments.
Transparency is everything; in hiring a property management company, the board must be confident that it is selecting a qualified firm that utilizes the most up-to-date building management software and practices. This assures the board easy access to building files and documents. An informed board is one that is empowered to make the best decisions for its property’s health and future.