Page 3 - CooperatorNews New Jersey Winter 2022

NJ.COOPERATORNEWS.COM COOPERATORNEWS NEW JERSEY —WINTER 2022 3 Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Managing Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Alan J. Sidransky Staff Writer Peter Chase Director of Sales Fred Marks 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 associations. POSTMASTER: Send address changes to CooperatorNews New Jersey, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Infomedia 2022. All rights reserved. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: NJ.COOPERATORNEWS.COM/subscribe TABLE OF CONTENTS Management Contracts 101......... 1 There are elements of board service that can vex even the most committed, most intrepid volunteer—and negotiating a building’s management contract is probably at the top of that list. Vexing or not, however, the extent and quality of services available to your building community hinges on what’s in that contract; managers and management companies are obligated to provide what’s agreed upon in it—nothing more, nothing less. “That’s why securing the appropriate terms for the appropriate price is an essential component of maintaining a sound, properly functioning building.” What Size Management Company Is Best? ................. . 1 Co-op and condo communities come in all shapes, sizes, and configurations. They range from three-unit, wood- frame houses to high-rise apartment buildings containing hundreds of units, to sprawling townhouse commu- nities in park-like settings. Like these communities, firms specializing in their management and operation can be large or small, generalist or boutique. The question for boards, shareholders, and owners is, what type of firm is right for you and your community? The Year in (P)Review................. . 1 Remember in 2020, when everyone was so excited for 2021, “when all of this instability and uncertainty will be over”? Right. Well, while there was some relief from pandemic pandemonium as Americans started to get vaccinated against COVID this past spring and summer, the virulent delta variant threatened to override the country’s hard-won progress and untold sacrifices. And while the overall economy seems to be on an upswing with businesses reopening and consumers more inclined to leave their bubbles to make purchases, the major economic shifts needed to make enduring investments in our infrastructure, institutions, and the future of our planet are just starting to emerge from a Congressional quagmire. ‘Pandemic Pets’ in Multifamily Communities ..............6 The coronavirus crisis has forced many unwelcome changes on households around the world—but it has also allowed or inspired some to make lifestyle choices that were impractical or otherwise out of reach before. One such choice has been to acquire a pet. With travel restricted, and working and schooling largely happening at home, households across the country decided that if there was ever a time to add a furry (or feathered, or scaly) friend to the family, this was it. Pulse ............. 4 Q&A .............. 5 Marketplace ............... 15 Power your business forward with our HOA Premium Reserve Solutions. Put our expertise to work for you with: • The ease of dealing with one bank for all your HOA banking needs • A competitive rate of return to grow excess reserve funds • The security of knowing your funds are protected and secured by a surety bond cit.com/CABReserves Let’s get started. Nicole Skaro, CMCA 908.524.8741 | nicole.skaro@cit.com Funds in excess of FDIC insurance coverage limits are covered by a third-party issued surety bond. Such excess funds are not subject to FDIC deposit insurance. The surety bond providing excess coverage over FDIC insurance may be cancelled at any time upon 30 days’ written notice. Should a notice of cancellation be given, CIT will contact the client to discuss alternatives to provide for the continued safety of funds. May not be available in every state. Premium reserve products are for new money only (money not currently held by CIT Bank, N.A.) ©2021 CIT Group Inc. All rights reserved. CIT and the CIT logo are registered trademarks of CIT Group Inc. Deposit and loan products are offered through CIT Bank, N.A., the FDIC-insured national bank subsidiary of CIT Group Inc. MM#9903