Page 5 - CooperatorNews New Jersey Summer 2021

NJ.COOPERATORNEWS.COM
COOPERATORNEWS NEW JERSEY
—SUMMER 2021
5
Yale Robbins
Publisher
Henry Robbins
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Joanna DiPaola
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Pat Gale
Associate Editor
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Anne Anastasi
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Alan J. Sidransky
Staff Writer
Peter Chase
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Director of Sales
CooperatorNews New Jersey is published quarterly by Yale Robbins Infomedia. 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner
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TABLE OF CONTENTS
L L R ..........
As the nation starts to regain a semblance of normalcy with COVID-19 vaccinations on the rise and restric-
tions beginning to ease, legislative dockets have lled with bills and proposals that have rami cations for
the co-op, condo, and HOA sector. Here are some of the biggies that boards, managers, and residents should hired management agent, who conducts the day-to-day a airs of the property. Of course, some communities go
be aware of, no matter where your particular community is located.
COVID-R L .................. .
Even as businesses, schools, and even entire economies shut down at the start of the coronavirus pandemic last e vast majority of co-op and condominium boards are well intentioned and work diligently with their
year, the task of running residential buildings and communities never ceased. In fact, it could even be argued
that as people were more or less con ned to their homes for weeks and months, the decisions made by co-op,
condo, and HOA boards and managers had even more impact on their communities than in the Before Times.
S -M S T .................. .
While many condominium associations and co-op corporations hire professional property managers or
management rms to handle the routine (and not-so-routine) tasks involved in running a multifamily build-
ing or HOA, a signi cant number take the opposite route, eschewing formal management and running their
properties themselves. While most of these self-managed communities tend to be on the smaller side, self-
management can be successful at any size, from a handful of units to hundreds.
B S M ....................
Condos and co-ops are unique in their management structure, of which there are two levels: the board of the
association or corporation, which governs the community on behalf of the unit owners or shareholders, and a
their own way and choose to self-manage, but they are the exception to the rule—particularly in communities
larger than 20 units.
W D I G ................
management and accountants to draft and monitor their annual budgets—and recalibrate them as necessary.
Despite their best e orts to keep costs under control, however, many communities nd that expenses often
exceed their projections. Even in the absence of an unforeseen crisis or major repair project, it often seems like
money is just leaking out of the system.
P .............
Q A ..............
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