Currently, co-op and condo board clients are facing challenges due to the hard insurance market, with insurance premiums increasing by 5% to 15%. To keep premiums down, boards can review and consider raising the deductible to avoid smaller claims.
Currently, co-op and condo board clients are facing challenges due to the hard insurance market, with insurance premiums increasing by 5% to 15%. To keep premiums down, boards can review and consider raising the deductible to avoid smaller claims.
The co-op in question installed a $1.5 million electric HVAC system without consulting a mechanical engineer, relying solely on the manufacturer's plan and installation. It was later discovered that the system lacked proper air circulation due to the absence of return lines, leading to its inefficiency. The board should have sought expert advice from engineers or architects and considered a maintenance contract for the system to avoid such issues.
To address the rat population, the city has reduced the time garbage can remain at curbside, affecting co-op and condo buildings that must now take it out later. Many maintenance companies providing temporary workers to buildings have experienced turnover, impacting their payroll costs.
Being well-prepared with master spreadsheets and organized voting processes is crucial for successful online annual meetings. Virtual meetings offer convenience and efficiency for property managers, accountants, and attendees.
Insurance premiums for co-ops and condos have dramatically increased, with some umbrella policy costs tripling or quadrupling. Smaller properties suffer more as the burden is spread among fewer people. Cutting insurance coverage can be risky, as claims often arise when coverage is reduced
A 26-unit condo faced structural issues requiring emergency evacuation. Timely communication, empathy, and preparation were crucial during the process.
There is a shortage of workers for porter, doorman, and handyman positions despite higher wages due to prevailing wage regulations. Buildings paying prevailing wages find it hard to revert to lower wages and need to consider the long-term commitment. Unionization can be a strategic choice for attracting and retaining employees.
Boards often make the mistake of assuming their managing agent can handle project management on capital projects, leading to costly delays. Hiring a dedicated project manager is crucial for cost-effectiveness and efficient execution.
Co-op and condo boards are concerned about reducing energy consumption to comply with Local Law 97 by 2024 to avoid fines. Switching to electric boilers and LED lighting are common strategies, but the costs can be significant. Many boards are considering whether it is more cost-effective to pay fines or invest in energy-efficient upgrades.