The NYC Co-op and Condo Board Hub to Property Management

Serving on a co-op or condo board means making big decisions about your building's property management, often with little time and no playbook. We've gathered our most useful articles here, organized around the questions boards ask us most, so you can find a clear starting point for wherever your building is today. Take what's helpful, and reach out whenever you'd like to talk it through.

What does a property manager do for a NYC co-op or condo?

A property manager, often called a managing agent, runs the day-to-day business of the building on the board's behalf: finances and budgets, coordinating vendors and repairs the board approves, manages building staff, resident requests, and tracking inspections and filings. The board sets direction and makes the big decisions, and the manager carries them out. What's included varies from firm to firm, so it's worth confirming the scope of services in writing.

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How do NYC co-op and condo boards choose the right property management company?

Start by agreeing as a board on what your building actually needs, then ask a short list of firms the same questions and compare their answers in writing. Weigh each firm's track record with buildings like yours, not just the strength of its presentation. References help most when you know what to ask them.

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Should our board run its own property management search or get outside help?

Many boards run their own search, and it can work well with a clear process. The most common gaps are an unclear scope, firms compared on different terms, and limited time from volunteer board members. A structured RFP process, whether the board runs it or brings in an outside search consultant, helps you compare firms fairly.

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What should a board look for in a property management proposal or contract?

Look past the headline fee to what is included, what costs extra, who will be assigned to your building, and how the agreement renews or ends. Compare every proposal against the same checklist so the differences are easy to see. Before signing, boards typically ask the building's attorney to review the management agreement.

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How do we know if it's time to change our property manager?

Patterns tell you more than any single incident: slow responses, repeated follow-ups, surprises in the financials, or projects that keep drifting. A regular, structured review of your manager's performance helps the board tell a fixable issue from a poor fit. Sometimes a direct conversation resets the relationship, and sometimes it confirms it's time to look.

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How do we switch property management companies without disrupting the building?

A smooth switch comes down to planning: understand the notice terms in your current agreement, line up the new firm before giving notice, and map out the handover of bank accounts, records, vendor contracts and open items. Calm, clear communication with residents and building staff matters as much as the paperwork. It also helps to know what to expect if your current firm is sold or merged.

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How can our board reduce building costs without switching property managers?

Some of the biggest savings come from reviewing what the building already pays for, such as service contracts, insurance, energy and how work is bid. A structured review with your current manager can lower costs without the disruption of a change.

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Should our co-op or condo be self-managed or hire a property manager?

Self-management can work for some smaller buildings with experienced, available board members, but it shifts a lot of time and responsibility onto volunteers. Boards should weigh the workload, financial controls, compliance tracking, and what happens when board members change. If you do decide to self-manage, a step-by-step transition plan makes the move much safer.

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How can our board work well with the property manager and building staff?

Clear roles, a steady rhythm of communication, and focused board meetings make the biggest difference. Boards that set priorities and expectations, then let the manager and staff do their jobs, tend to get better results. Recognizing the people who keep the building running goes a long way too.

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What should new co-op and condo board members know about property management?

New board members are often surprised by how much of the role involves overseeing the managing agent, reading financials, and deciding on repairs and contracts. A simple onboarding process and some basic training help new members get up to speed quickly. It also helps to understand which tasks belong to the manager and which remain the board's job.

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Before You Interview Firms: Get the 100 Questions Guide

Our free guide, 100 Questions to Ask a Property Manager or Managing Agent Before You Hire Them, covers the team you'll actually get, financial controls, compliance, vendors and bidding, building staff, and the management agreement. You don't need to ask all 100. Pick the ones that matter most for your building and ask every firm the same ones.

Coming Soon

New guides we're working on for boards:

  • How Long Does a Property Management Search Take? A Week by Week Timeline for NYC Boards

  • The First 90 Days With a New Property Manager: A Checklist for NYC Boards

  • What Financial Reports Should Your Property Manager Send the Board Every Month?

  • Emergency Protocols: What Your Property Manager Should Do When a Building Crisis Hits

  • The Real Difference Between Property Managers and Resident Managers in NYC Co-ops or Condos

  • When a Self-Managed Co-op or Condo Should Hire a Property Manager

  • HDFC Co-op Property Management: What Boards Need to Know

Don't see your board's question? Ask us

Every building is different, and the question on your board's mind may not be on this page yet. Since 2014, we've helped NYC co-op and condo boards work through property management questions like these, and we're glad to talk yours through. There's no pressure and no obligation.

Or call us: (212) 472-0114

Last Updated: 10/20/2026

The Folson Group

Serving Manhattan, Brooklyn, Queens, the Bronx, and Westchester.


The Folson Group helps NYC co-op and condo boards improve efficiency, transparency, and governance.

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