Page 3 - NJ Cooperator Spring 2020

NJCOOPERATOR.COM THE NEW JERSEY COOPERATOR — SPRING 2020 3 Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Senior Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Victor Marcos Traffi c Coordinator Alan J. Sidransky Staff Writer Fred Marks Director of Sales The New Jersey Cooperator is published quarterly by Yale Robbins Publications, LLC, 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 The New Jersey Cooperator, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publications, LLC 2020. All rights reserved. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: njcooperator.com/subscribe TABLE OF CONTENTS M ANAGING HROUGH THE ORONAVIRUS RISIS T C C . . . . . . . . . . . . . . . . 1 On March 11, 2020, the World Health Organization (WHO) declared the coronavirus outbreak a global pandemic. Here in the US, the Centers for Disease Control (CDC) has detailed recommenda- tions for individual preparation and response to the outbreak of COVID-19, the disease caused by the novel coronavirus. T E HE VOLUTION OF ROPERTY P M ANAGEMENT . . . . . . . . . . . . . . . . . . . 1 Like so many other sectors of the economy, residential real estate management has changed and evolved since the turn of the millennium—and like those other sectors, much of that evolution is directly linked to the development and adoption of technology. S TAFF AFETY S 101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 With few exceptions, most multifamily buildings or communities have at least one or two sta members (and sometimes many more) who maintain the safety, security, cleanliness, mechanical operations, and day-to-day functions that residents and visitors rely on. But who ensures the safety and security of the sta themselves? P ARSING THE NSURANCE I M ARKET . . . . . . . . . . . . . . . . . . . . . . . . . 6 Insurance is cyclical; there are hard markets and soft markets, and insurance companies typically make money in two ways: underwriting profi t, and investment income. When the market is soft, insurance companies are looking for market share, so they lower their premiums and relax their underwriting guidelines, which allows them to write more business. L ’ G W ET S O ORK UT O !. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 By far the most popular amenity in apartment communities, whether co-op, condo, or rental, is a gym. Even in small buildings where space for extras is at a premium, boards look for ways to add a fi tness room somewhere, anywhere, they can wedge it in. U PDATING OUR OCUMENTS Y D . . . . . . . . . . . . . . . . . . . . . . . . . . 10 The governing documents of a housing development—be it a cooperative, condominium, or homeowners association—spell out the rules, regulations, and policies that all unit owners or shareholders are obligated to follow as a condition of their residence. B IDDING ASICS B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Co-op, condo, and HOA boards across the country are made up of volunteers who are committed to the governance of their community. Among their most important duties is selecting vendors to provide goods or services—everything from lawn care to roof repair; surveillance to extermination. COVID-19 Q&A FOR ONDOS C , C - O OPS , & HOA . . . . . . . . . . . . . . . 4 S The COVID-19 pandemic has brought unique and challenging situations to each of us. Our cooperative and condominium clients, and their managing agents, have been working diligently to keep pace as this crisis unfolds. First and foremost, we hope that you and all of your families are safe and well. Q UESTIONS & A NSWERS . . . . . . . . . 5 M ARKETPLACE . . . . . . . . . . . . . . 19 A Message From Our Publisher.... Dear Readers, As the world navigates the new reality of the rapidly shift ing COVID-19 pandemic, we are resolved to continue bringing you useful, relevant news and information for yourselves and your communities. For now, this means shift ing our editorial focus to how the crisis is aff ecting our readership—whether that be safety and legal considerations for property managers and boards, alternative products and services for buildings, chang- ing legislation and developments in government, or advice and ideas for residents and owners in co-ops, condos, and HOAs across the country. As localities increasingly recommend or require people to remain in their homes as much as possible for the duration of the pandemic, the implications for multifamily communities are constantly evolving. Th e adjustments that buildings and communities make will have a profound impact on slowing the spread of the virus and keeping populations safe and healthy. Yale Robbins Publications will endeavor to be a part of that process, delivering timely and proactive guidance on our website and in our newspapers, and eventually bringing industry players back together at our future Expos. We all wish you, your families, and your communities safety, health, and cooperation as we face this disconcerting time together. Sincerely, Yale Robbins Publisher