Going It Alone

While the majority of co-op and condo buildings and HOA communities choose to partner with professional management firms to provide guidance and counseling and oversee day-to-day operations, other boards take the reins themselves and choose self-management.

For smaller buildings, self-management can make economic sense, ensuring that the building’s residents are getting the most bang for their buck. Or, “They may not have the money” for a full time management firm, says Gary Mindlin, owner of Top Hat Home Services, a boutique management firm in Manhattan…

And in some cases, even if a smaller building wanted to hire a management company, Mindlin says, “a lot of firms will turn away smaller buildings of 40 units or less. It’s just not profitable for them.”

As much as self-management may appeal to a community and its residents, there are some inherent challenges that may arise by going without professional guidance. One of those challenges …“It takes a lot of time and knowledge,” says Mindin, “and almost always in the building someone says, ‘I have the time and knowledge,’ but almost always, they don’t.