If you happen to be a member of a New York City condo board, there’s a good chance you could benefit from a helping hand of an experienced condo management company.
Top 10 condo management companies in New York
Date Published: August 24, 2020
People who live and work in New York already know how incredible the city is. Everyone is busy all of the time, but there’s just so much to see, do, and enjoy, that no one wants to waste a single minute. If you happen to be a member of a condo board, there’s a good chance you could benefit from a helping hand of an experienced condo management company.
1. Citadel Property Management Corp
Citadel Property Management Corp is a leading property management company servicing the New York metropolitan area, including Manhattan, Brooklyn, Queens, Bronx, Westchester, and Connecticut.
Citadel anchors its business on the principles of hard work, integrity, responsibility, accountability and transparency. They ensure that they understand what the association’s goals are, and then create a viable plan to achieve those goals. The team at Citadel is thorough, attentive, and amicable, making for a very pleasant partnership.
2. Building Equity Management
Building Equity Management is a boutique property management firm. It cares for both rental and mixed-use real estate throughout Manhattan. A significant portion of the company’s portfolio consists of regulated units, and BEM knows exactly how to add value to these types of units. They are very good at managing and maximizing profits of rent-regulated buildings.
BEM handles financial management, maintenance, and is vigilant about ensuring their clients are following current NY regulatory requirements. They also have a deep appreciation for technology, and use it to make life better for their clients. BEM developed a highly efficient workflow using Evernote software to scan and catalog every piece of paper that comes into their office. This allows them to easily find any document at any time. When clients ask to see a vendor contract, a bill, a lease, or anything else, it’s never a problem. Owners and board members also have access to real-time financial information about their building.
Clients have given BEM 4.9/5 stars on Google, so they are definitely doing something right.
3. Halstead Management
Halstead Management specializes in managing New York luxury condos. They know that their clients expect the best, but they are also sensitive to the fact that the people who live in condo communities are dealing with complex and emotional issues all of the time. As such, they’ve developed strategies for balancing the condo board members’ objectives with those of the individual residents and owners.
If you’re working with a company that isn’t living up to your expectations, the Halstead staff make every effort to ensure a smooth, seamless transition from the previous management company. Many condos hate this transition, and Halstead works hard to make this a painless process. Their experienced specialists address staffing, financial, insurance, maintenance, purchasing, and other important issues. Furthermore, regular meetings are held with the board to arrange for the transfer of important data such as contracts, financial statements and personnel records. As one of the larger managers of luxury condominiums, Halstead’s experience allows them to complete the transition and assume responsibility quickly and efficiently.
4. Leiter Property Management
When you mix a culture of caring with expert knowledge and advice, you get Leiter Property Management. They aim to deliver 5-star service to their clients each and every day.
The success of the company has largely to do with the expert knowledge LPM’s team possesses, along with a true appreciation of what it means to be an owner. Constant improvement, accountability, and valuable services make LPM stand out from other New York property management companies.
Clients can’t say enough good things about the company. Problems are addressed immediately and the company pays just as much attention to small associations as they do large buildings.
5. Pomegranate Property Management
Pomegranate Property Management believes that any management company can collect fees and send out statements, but it takes a special company to expertly manage an association.
Pomegranate strives to deliver complete client satisfaction, no matter what. They treat their clients with care, respect, and compassion, the same way they would treat their family and friends. Pomegranate is family-owned and operated, with decades of property management experience.
Pricing is listed right on their website so clients know exactly what the company charges. That’s something all boards can appreciate.
6. Douglas Elliman Property Management
Founded in 1911, Douglas Elliman Property Management claims to be the oldest (and one of the most experienced) property management companies in NYC. Even though they’ve been around for a while, DEPM takes full advantage of new technologies, and promotes continued education and training for their team.
With over 380 properties and over 56,000 units under their care, DEPM can handle just about any issue your condo may be facing. They can assist with everything from budgeting and finance to introducing your community to online communications and payments. DEPM manages pre-war, post-war, and new properties of all sizes. It is worth noting that they specialize in helping associations reduce carbon emissions while saving money. It’s a win-win situation.
7. ARC Property Management Group
ARC Property Management Group is a versatile company that has extensive experience working with low-income properties. ARC provides back-office services to the landlords who want to be “hands-on”, but dread administrative duties.
The ARC team focuses on delivering transparent service to ensure everyone is on the same page. They don’t make any false promises, but they do work very hard to make noticeable improvements for condo communities.
8. Precision Management Group
With more than 35 years of experience, Precision Management Group is a trusted member in the property management scene. Precision makes a bold promise; save at least 20% on one or more of your property expenses within the first year, or don’t pay for their management fee.
Precision goes above and beyond because they believe success is in the details. For example, they will conduct multiple weekly sight inspections, schedule “meet the manager” meetings for residents, and make sure that there’s always a human available to answer the phones.
Being a mid-sized management company, Precision is small enough to give condo communities the personalized attention they need, and large enough to provide the resources and experience that every condo seeks.
9. R.E.M. Residential
R.E.M. Residential is proactive in condo property management – meaning they don’t wait for the board to ask them to do their job. The R.E.M. team is thorough, detail-oriented, and helps the entire building become better organized. They provide comprehensive, accurate budgeting for both the long and short-term.
R.E.M. employees do their best to think and operate like owners. They are very careful to keep expenses down without cutting corners or diminishing the quality of living for residents. R.E.M. makes you feel special; their agents care for only a few buildings at one time so that they have enough time to visit your property frequently. Building real relationships is not a lost art at R.E.M.
10. AKAM Living Services
AKAM Living Services aspires to increase investment value and improve the quality of life for all owners and residents. Their customized management plans include detailed financial oversight, top-level operations management, compliance administration, and staff supervision.
AKAM has nearly 40 years of experience in the property management business, and they currently care for approximately 52,000 units. The company is widely recognized for providing the highest level of service in the management industry. AKAM may be the only management company to have a Director of Service Excellence on staff, ensuring clients receive the responsiveness and assistance that they deserve.
Let’s not forget about self-managed condos
Condos that successfully self-manage are organized, proactive and excellent communicators. Often, they will use condo management software to ensure the entire community is on the same page. Software like Condo Control Central allows boards to upload and store documents, track and manage service requests, and create detailed Unit Files. Emergency contracts, vehicle details, and even pet information can be logged for every resident. It’s a simple solution that helps communities streamline tasks and save money.