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I am curious when you state the managing agent and sponsor are the same. How many units are there in your apartment block. We are looking for new managing agent and our sponsor has a managing company. We at this present time turned them down due to the fear of a conflict of interest.
Thank you so much for your response, it was exactly what I was thinking would happen.Sponsors always do everything on the cheap. It is the rents that is their only concern. Get as much as possible and give nothing back. Thank yo.
MAS, can you e-mail me? mblevine@ebmg.com.
Thanks.
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There are 61 units in our building, the sponsor that converted the co-op back in 1982 also set its self up as our managing agent. They don’t charge much; in fact the rate has not changed since 1982 which does not make much sense to me, but ahh the service leaves a lot to be desired.
I agree there is a conflict of interest (and the co-op suffers, lack of policies, lack of contacts for repairs, lack of active involvment) the board since my joining has taken on many of these functions, or so many accomplishments would never have occurred. Despite purchasing shareholders controlling the board, there is no appetite to remove them as managing agent (or having a major battle with the sponsor over it) – even though most agree it’s not in the co-ops best interest. It makes my life much harder because the sponsor still controls 51% of the shares, and has ties to several other resident owners giving them approx 65% voting power (via proxy) these people are all original purchasers and are close friends of the sponsor. I give them credit that they pay on time, never late, but still frustrated. The good news – they are renovating apartments for sale… Let’s see what happens.
This leads to the conflict of interest and reason for my posting: As a new owner in this building and board member, I recognize that major work is required. The building has never had an assessment, but the time has come to move forward, and one suggested way is to assess a similar amount to the abatement, while shareholders would not pay out of pocket the sponsor would. So we don’t miss the boat, I requested in writing when the managing agent had the information, they should provide it to the board, but was greeted with silence. My thinking was if common practice was to have the letter sent during a certain month I would follow up.
Sorry for the long winded email, my apartment is wonderful, the building location and apartments are really great, and it could be so much. I hope as new shareholders purchase in, the will of all becomes stronger and allows us to drive forward.
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