The Key Responsibilities of a NYC Property Manager

1. Operations & Maintenance

Your property manager ensures the building actually runs. That includes:

• Supervising the superintendent and staff

• Overseeing cleaning, repairs, and day-to-day maintenance

• Scheduling inspections and coordinating vendors

• Monitoring building systems like boilers, elevators, HVAC, life safety systems

• Addressing issues before they turn into emergencies

A great manager is proactive — not reactive.

2. Financial Management

Strong financial oversight protects both your building and your board. Your manager should:

• Collect maintenance or common charges

• Process invoices and manage vendor payments

• Assist with draft budgets and financial forecasting

• Provide variance reports and track spending vs. budget

• Help identify cost-saving opportunities

If the numbers are unclear, late, or incomplete, the board can’t govern well.

3. Regulatory Compliance

NYC is a maze of Local Laws and administrative requirements — and staying compliant is non-negotiable. Property managers should:

• Track and meet deadlines for NYC requirements, safety filings, and inspections

• Oversee compliance with Local Laws relating to energy, façade, fire safety, signage, DOB requirements, and more

• Ensure the building follows its own governing documents

Boards are ultimately responsible for compliance — but the manager is the one who makes sure things get done.

4. Vendor Coordination & Oversight

From plumbers to elevator companies to security providers, a property manager should:

• Source and evaluate contractors

• Present competitive pricing and clear options to the board

• Oversee quality of work and hold vendors accountable

• Ensure contracts are followed and renewed appropriately

Price matters — but so does performance.

5. Communication With Residents & the Board

This is one of the most important parts of their role. A manager should:

• Respond to resident concerns

• Process requests and building communications

• Keep the board updated with reports, issues, and follow-ups

• Attend board meetings prepared, informed, and ready with suggestions and solutions

Poor communication is one of the biggest reasons boards replace their managing agent.

6. Emergency Planning & Response

When a crisis hits — burst pipe, boiler failure, storm impact — you need someone who knows what to do. That includes:

• Developing emergency procedures

• Coordinating first responders and vendors

• Keeping the board updated

• Managing remediation and recovery

Emergencies are inevitable, but chaos is optional.

7. Accurate Record-Keeping & Reporting

Transparency and documentation matter — especially for boards fulfilling fiduciary duties. Managers should maintain:

• Maintenance logs

• Financial records

• Vendor contracts

• Annual filings

• Resident correspondence

• Meeting records and operational reports

Good records protect the board and the building.

Why Understanding This Matters for Your Board

A strong property manager frees your board to govern instead of firefight.

When your manager is proactive, communicative, organized, and aligned with your expectations, the board can focus on:

• Long-term planning

• Project oversight

• Big decisions

• Financial health

• Resident experience

• Governance and compliance

But when a manager underperforms, the board ends up doing the manager’s job — and resentment builds quickly.

How to Work With Your Property Manager Effectively

Here’s how you keep everything running smoothly:

• Clarify responsibilities in the management agreement

• Request regular reports so nothing slips through the crack

• Set goals for communication, compliance, and operations

• Meet consistently to stay aligned

• Review performance at least annually

Clear expectations lead to better outcomes — for everyone.

If you're questioning whether your current property manager is fulfilling their role — or you're considering a change — let’s talk. We can help you evaluate the relationship, strengthen expectations, or guide your board through choosing a better-fit managing agent.