Manhattan Buyers Must Know – Who manages the building

Why who manages the building is also important thing to know when you purchase an apartment in Manhattan? So let’s see what dose a building manager usually job is.

Building manager can maintaining the property’s value and residents’ quality of life. And a good manager could establish a successful partnership between the manager, residents and owners. The building manager must maintain close communication with the owners.

A manager performs an important function in the building. The manager has to pay all the bills, respond complains and manage repairs. The manager has to provide fully information including what happen in the building and its financial statement with owners by regular meeting. The manager has to show income and expenses from previous months and annual budget. Prepare or advise owners upon the following year’s annual budget based upon the annual financial report that they have. The manager may need to keep copies of receipts, bank statement and canceled check if there is any question arising.

You also have to find out what happen if you need a repair service inside your apartment, and how fast you would get the service? Who is going to repair or maintain the building, by maintenance workers or hiring outside contractors? Dose the manager must have the owners’ approval before hiring the contractor?  

Depend on what we know; the manager plays the very important rule of the building. Some small company, or with super live-in the building may more organized than big company. They are usually very sufficient and friendly to the residents of the building. However the big manage company have the resources, training, and experience to solve all the problems. Therefore, when you are going to purchase a apartment, walk around the building to see how the building is maintained. Ask your broker or someone live in the building about their experiences with the company’s reputation will be excellent helpful information.  

Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com, I work for The Voda Group, the  AWARD-WINNER group from Prudential Douglas Elliman.

To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

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