Importance of A Managing Agent
A managing agent’s job includes(but is not limited to):
When Do You Need A Managing Agent?
- You need something done that the super is not capable or authorized to do but is still the building’s responsibility
- You want to appeal, inform, or complain to the co-op or condominium board (and you can’t do it directly)
- You are doing something that will impact common areas or other unitholders in the building
Tips On How Co-op/Condo Boards Should Deal With A Managing Agent
- Ensure transparency from the beginning. Both you and the agent should be clear on the scope of their responsibilities.
- Frequently meet with the managing agent and monitor their performance. Their knowledge of building issues (and their resolution), record keeping, and financial details of collections and expenses can give you a good idea of how “on top of things” they are.
- Don’t give too much decision-power away (at least from the beginning) and stay involved to see how they operate and which vendors they choose for different tasks.
- For a healthy relationship with your managing agent, maintain healthy expectations and don’t expect them to work miracles with limited maintenance income.
Hiring the right managing agent can minimize the time and effort you spend “dealing” with them, making sure that they are doing their job right, and that the building is well-maintained, well-run and that the residents are happy.