Page 10 - CooperatorNews New Jersey Winter 2022

10 COOPERATORNEWS NEW JERSEY —WINTER 2022 NJ.COOPERATORNEWS.COM attorneys lawgapc.com @ www.lawgapc.com NORTHERN NEW JERSEY 973-366-1188 CENTRAL NEW JERSEY 732-514-6601 SOUTHERN SO NEW JERSEY 856-533-2379 NEW YORK 212-374-9790 PENNSYLVANIA 973-366-1188 ATTORNEYS AT LAW ▶ Wills, Trusts and Estate Law ▶ Municipal Law ▶ General Litigation ▶ Commercial Law ▶ Business Startups ▶ Community Association Law ▶ Landlord Tenant Law ▶ Land Use and Zoning Law ▶ Disability Law ▶ Real Estate Law and Closings Experienced attorneys providing the right moves towards achieving your endgame STRONG ADVOCATES LISTEN ATTENTIVELY WORK RELENTLESSLY RESOLVE CONFLICT Now providing Non-Stop service daily — from TWO locations: North Jersey Central Jersey Succasunna, NJ 07876 North Brunswick, NJ 08902 please contact: Chip Hoever CMCA, AMS, PCAM Vice President—Operations 732-228-8200 ext.1001 VISIT OUR WEBSITE www.matrixpmgroup.com Matrix provides full service property Management — yes, we do it all • Maintaining homeowner accounts • Full service bookkeeping incl. posting fees—bank reconciliations • Answering homeowner calls—issuing work order if necessary • Supervising maintenance projects • Watching over contractors working on the site • Periodic site inspections, including nights and weekends that not really matter? It’s about what or be uncertain about what to look for you like. You need a good fit.” Goldoff points out that one important central concern for self-managed co-ops issue is whether a property employs a and condos, which don’t have the edu- staff that needs to be managed. If there cational element offered by any manage- are doormen, concierges, handymen, ment company relationship. etc., a larger management firm may be more likely to have the ability to handle at least part of this challenge. Parapet, the human resources component, in- cluding personnel and payroll manage- ment. Smaller corporations and associations nancial data, and suggests ways for the face different needs. They rarely have a co-owners to save money and improve building staff to speak of, and with fewer the building. The platform is slated to owners/members, they may have a shal- lower pool of experience among board targeting self-managed condos and co- members and trustees, and therefore ops in NYC. “We have talked to many need more support from management condo and co-op owners across New in terms of understanding and oversee- ing the financial health of the commu- nity. In this case, the more tailored, indi- vidualized approach of a boutique firm specializing in small co-ops and condos might be in order. Marks observes that “many clients complain of the same pain points over and over: they suffer from a lack of at- tentiveness, respon- siveness, and com- munications from their managing agent. condo-co-op tax abatement that can They can’t rely on their management save buildings thousands \\\\\\\[of dollars\\\\\\\] company to do the basics, and too much each year. Parapet’s solution will eventu- falls on the shoulders of board members. ally be offered to buildings that employ This is actually an issue for both clients management companies as well, as a tool we’ve interviewed that have one of our to keep the board and residents in tune larger competitors as their managing with the building’s financial trajectory.” agent, as well as \\\\\\\[those that use\\\\\\\] some of the smaller agents. I was president of maintenance—physical, financial, and my board in my 210-unit co-op for five even relational—going virtual, it may be years, and while we did have a larger that the size and scope of management corporate entity as our managing agent, firms will level out as more services can until we demanded more accountability be handled remotely or online. For now, and attention, we experienced quite a bit the choice of a managing agent rests of frustration with lack of communica- tion and attentiveness, as well as a lack rather than what the public image of the of innovation. \\\\\\\[They weren’t\\\\\\\] as nimble potential managing agent is. Size doesn’t with things like technology, communica- tions, and other necessary innovations.” Board Confidence & Management Support One area of particular concern to very carefully at what company can fill board members and trustees is their abil- ity to understand and adequately moni- tor the financial health of their com- munity—and this in turn may influence what management model feels best for their co-op or HOA. In the case of larg- er management firms, getting a prompt response from a manager on questions about financial issues can sometimes be a problem; in the case of smaller firms, sometimes there is a lack (real or per- ceived) of individual specialization with- in the firm about those issues. Boards may question their current management in new management. This issue is also a Technology may offer a solution to a Brooklyn-based startup, is developing software that integrates with a building’s bank account, analyzes the building’s fi- launch in the coming months, initially York, and it’s clear many are struggling to understand their building’s finan- cial situation and take concrete steps to improve it,” says Nate Krinsky, Para- pet’s co-founder and CEO. “The software provides transparen- cy into the building’s finances for treasur- ers, board members, and co-owners alike and makes it easy to complete money- saving tasks such as filing the NYC With so much of management and more on what your community needs matter; approach does. When seeking a managing agent, give thought to what makes your community unique, and what its unique needs are. Then look those needs and work as your partner. n A J Sidransky is a staff writer/reporter for CooperatorNews, and a published au- thor. He can be reached at alan@yrinc.com. WHAT SIZE... continued from page 9 “We experienced quite a bit of frustration with lack of communication and attentiveness, as well as a lack of innova- tion.” —Andrew Marks