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A Roadmap to Self-Management




Thinking of going self-managed? The Folson Group shares signs that it may be time take back control of your building and shift from property management to self-management.


This post was authored by Tina Larsson, CEO of The Folson Group, which helps NYC co-op and condo boards become self-managed by putting in place the right tools and processes.

 

In the bustling realm of New York City co-ops and condos, property management plays a pivotal role in ensuring success. Traditionally, boards have entrusted property management companies to handle multifaceted tasks such as operations, finances, and vendor coordination. Yet, there emerges a moment when the allure of self-management beckons. The shift towards self-management is not merely a change; it is a strategic leap towards autonomy and empowerment. To embark on this journey, discerning the signs that herald the transition from reliance on a property manager to self-management is paramount.


Budget Boundaries A telltale sign of self-management readiness is the creeping rise of property management fees. Should these burgeoning costs strain your building’s budget and undermine fiscal stability, self-management emerges as a potent solution. By assuming direct control, you can nimbly allocate funds, gain financial transparency, and steer your building’s fiscal course effectively. Domos’ friends at The Folson Group recommend that buildings with less than 40 apartments consider self-management, especially if the board is proactive.


Lack of Communication and Transparency The harmonious flow of communication between your board and property manager is the lifeblood of seamless operations. Should you encounter unresponsiveness, delayed issue resolution, or a fog of opacity in communications, it’s a clear signal for a transformation. Self-management unveils a realm where direct communication reigns, ensuring swift responses and prompt issue redressal.


Empowering Board Engagement As your board accumulates expertise, a natural yearning for hands-on engagement may surface. With new proptech services emerging, such as the Domos board communication portal, self-management has become more attainable. If your board aspires to play a more pivotal role in decision-making and daily operations, the time for self-management has arrived. This route empowers you to tailor strategies, align policies with your building’s nuances, and amplify your impact.


Vexation with Vendor Services A property manager’s hallmark is their network of dependable vendors. In the new co-op and condo board world, you now have access to Domos vetted network of vendors. If you do want additional support, either project management or finding more value for your buck, reach out to The Folson Group, as consulting boards is their specialty. Direct control enables you to curate vendor partnerships that match your building’s unique requirements.


Nurturing Vibrant Community Bonds Self-management isn’t merely about operations; it’s about building connections. It ignites community engagement by enabling direct interactions between board members and residents. This personal touch fosters empathy, tuning your strategies to harmonize with resident aspirations.


Liberating Your Co-op or Condo’s Potential The journey from property manager reliance to self-management is a voyage towards liberation. Recognizing these signs and heeding the call for self-management crystallizes the path to a prosperous future. Through introspective evaluation of your building’s needs, communication patterns, financial prudence, and vendor relations, you craft a future that resonates with your board’s vision.


The journey towards self-management not only offers autonomy but aligns your management strategies with your building’s essence, promising a brighter, more empowered future for your NYC co-op or condo community.



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