Residential property managers are essential to the efficient and proper operation of co-op and condominium buildings. Co-ops and condominiums elect a board of unpaid volunteers with the expectation that the board will successfully manage the property. Critical to that success is retaining a managing agent who will provide the technical knowledge and professional expertise required to make the building function as it should. Once hired, a managing agent assumes a number of duties, some imposed by law and others arising from the management agreement between the parties. To foster a successful relationship between the managing agent and the board, it is important that the parties clearly understand their mutual obligations, duties and liabilities.
This column updates a prior one dealing with the managing agent,1 discusses how the law of agency impacts the relationship between the agent and the board, and explains how the agent’s duties and the manner in which the agent is expected to fulfill them should be detailed in a well-crafted management agreement.
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