Breaking the Budget Code

How To Run Your Building! For Co-ops and Condos

#MBA #Business #Habitat Magazine #Condominium #Property Management #Board Of Directors #Residential Real Estate #Business News #News #Coop #Apartment

32:48

America’s Sweethearts: Dallas Cowboys Cheerleaders is back for its second season! Kay Adams welcomes the women who assemble the squad, Kelli Finglass and Judy Trammell, to the Netflix Sports Club Podcast. They discuss the emotional rollercoaster of putting together the Dallas Cowboys Cheerleaders. Judy and Kelli open up about what it means to embrace flaws in the pursuit of perfection, how they identify that winning combo of stamina and wow factor, and what it’s like to see Thunderstruck go viral. Plus, the duo shares their hopes for the future of DCC beyond the field. Netflix Sports Club Podcast Correspondent Dani Klupenger also stops by to discuss the NBA Finals, basketball’s biggest moments with Michael Jordan and LeBron, and Kevin Durant’s international dominance. Dani and Kay detail the rise of Coco Gauff’s greatness and the most exciting storylines heading into Wimbledon. We want to hear from you! Leave us a voice message at www.speakpipe.com/NetflixSportsClub Find more from the Netflix Sports Club Podcast @NetflixSports on YouTube, TikTok, Instagram, Facebook, and X. You can catch Kay Adams @heykayadams and Dani Klupenger @daniklup on IG and X. Be sure to follow Kelli Finglass and Judy Trammel @kellifinglass and @dcc_judy on IG. Hosted by Kay Adams, the Netflix Sports Club Podcast is an all-access deep dive into the Netflix Sports universe! Each episode, Adams will speak with athletes, coaches, and a rotating cycle of familiar sports correspondents to talk about a recently released Netflix Sports series. The podcast will feature hot takes, deep analysis, games, and intimate conversations. Be sure to watch, listen, and subscribe to the Netflix Sports Club Podcast on YouTube, Spotify, Tudum, or wherever you get your podcasts. New episodes on Fridays every other week.…

about a year ago 22:27

MP3•Episode home

Budget shortfalls are a nightmare. But manipulating the numbers to create artificially low assessments or maintenance increases can have even worse consequences in the long run. Kyle Gregory, managing member and operating partner of New Way Management, explains how boards can successfully manage their building finances without falling into common traps. Gaming operating costs might be tempting, but ultimately it can damage potential sales and create distrust among buyers. Gregory offers sophisticated approaches to addressing budget deficits, and addresses the long-term consequences of short-term financial maneuvers. Habitat's Emily Myers conducts the interview.

How To Run Your Building: For Co-ops and Condos

56 episodes

Breaking the Budget Code

How To Run Your Building! For Co-ops and Condos

published about a year ago

MP3•Episode home

How To Run Your Building: For Co-ops and Condos

56 episodes

#MBA #Business #Habitat Magazine #Condominium #Property Management #Board Of Directors #Residential Real Estate #Business News #News #Coop #Apartment

All episodes

How To Run Your Building! For Co-ops and Condos

1
Why Your Next Construction Project Needs a Professional Quarterback 13:20

3 days ago13:20

13:20

It's a fact that construction projects tend to go over budget, behind schedule, and drive residents crazy. Matt Resnick, senior director of project management at AKAM , explains the hidden costs that can blow your budget before construction even begins, like attorney fees and special inspections that boards often overlook. Resnick reveals how the right project manager can actually save money through better contractor negotiations and smarter scheduling that reduces expensive delays. Plus, get insider tips on assembling the perfect team when your building faces complex challenges like neighbor access agreements or asbestos issues. Habitat's Carol Ott conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Your Commercial Unit Owner May Be Secretly Costing You Thousands Every Year 14:05

6 weeks ago14:05

14:05

Surprise! You might be subsidizing your commercial unit owner's expenses. This eye-opening conversation with property management expert Greg Poverelli, senior property manager at Harlem Property Management , reveals a costly mistake that's bleeding money from countless condo buildings across New York City. Many boards discover too late that their commercial units have been dramatically underpaying common charges for years — sometimes by tens of thousands of dollars The culprit? A dangerous mix-up between offering plans and actual governing documents that lets commercial owners off the hook for their fair share of building expenses. In this episode, Poverelli shares real examples, including one Harlem building that recovered $7,200 in a single special assessment and thousands more in ongoing monthly charges. He explains exactly how to investigate your own building using public records and discusses the possibility of recovering years of underpayments. Habitat’s Paula Chin conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Breaking the Two-Thirds Barrier and Successfully Updating Your Building's Governing Documents 15:23

7 weeks ago15:23

15:23

If you're struggling to get enough votes to update your building's outdated governing documents, Mark Levine, principal at EBMG Management , offers a roadmap for success. You'll discover why a West Village co-op needed multiple attempts to ban smoking, and how they finally achieved the crucial two-thirds majority needed for amendment approval. Levine offers practical strategies for overcoming common obstacles like poor meeting attendance, and shows how effective communication campaigns can turn indifferent residents into engaged voters. Learn why understanding your building's demographics is essential before proposing changes to policies covering everything from current issues like e-bike fire hazards to polarizing topics like flip taxes. You'll also hear about leveraging technology and hybrid meetings to boost participation, plus how to tap into your management company's experience with similar buildings. Whether you're dealing with quality-of-life complaints or bylaws from the 1980s, this episode provides the tactical insights needed to successfully modernize your building's governing documents. Habitat's Emily Myers conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Inside a Co-op's Insurance Nightmare and Remarkable Recovery 11:58

8 weeks ago11:58

11:58

If your building was suddenly hit with a 400% insurance premium hike, who do you turn to? That was the question facing a Queens co-op after a devastating fire. Vik Shingwani, a property manager at First Management Corporation , reveals how strategic management helped reduce their renewal from $750,000 to $510,000 — still high, but a significant improvement. Shingwani offers practical insights on navigating catastrophic claims, managing affected residents, and implementing preventive measures that insurance companies actually respond to. Habitat’s Paula Chin conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Building a Better Future with Smart Reserve Planning 13:34

9 weeks ago13:34

13:34

Do you know why an effective capital reserve plan is crucial for your building's financial health? Learn how one Chelsea condo transformed their approach to multi-million dollar projects in this eye-opening conversation with Sara Gierloff, CFO of MD Squared Property Group . Here she reveals practical steps to track expenses, align investments with project timelines, and properly communicate with unit-owners. You'll gain insights on the pitfalls of relying solely on financing, why the standard "10% rule" for reserves is often inadequate, and how to avoid surprise assessments that frustrate residents. Most importantly, you'll understand how to develop a flexible capital plan that adapts to changing costs — without breaking the bank. Whether facing Local Law 11 repairs or elevator modernization, this episode helps you prepare for your building's future and avoid the dreaded cycle of emergency assessments. Habitat's Emily Myers conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Facing NYC's "Perfect Storm" of Compliance Deadlines 13:04

11 weeks ago13:04

13:04

It's coming: the convergence of multiple critical compliance deadlines that could devastate your building's finances. Hear how one 63-unit co-op is tackling the triple threat of Local Law 11, garage inspections, and Local Law 97 carbon emissions requirements — and how your building can learn from their mistakes. Peter Lehr, director of property management at Kaled , offers practical insights on bundling projects, working with the right consultants, and making the right decisions for your building, based on your potential fines. With 80% of NYC buildings expected to miss Local Law 97 compliance by 2030, knowing how to "buy time" with a realistic compliance schedule could save your building significant money and headaches. Habitat's Carol Ott conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
What Happens When Nobody Shows Up to Approve Your Building Loan? 8:18

13 weeks ago8:18

8:18

Who will show up for your co-op or condo’s annual meeting and will you have enough shareholders or unit-owners to conduct the necessary business at hand? That’s the pressing question as thousands of New York’s co-op and condo boards begin the annual meeting season this spring. Greg Finger, vice president and director of property management at Finger Management , recounts the tale of one condo his firm manages that didn’t achieve a quorum — the first time — and in this episode he explains the simple strategy that worked the second time. Whether you're dealing with apathetic residents or critical financial decisions, you'll learn exactly how to craft notices that motivate attendance and protect your building's financial future. Habitat's Carol Ott conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Why Contractor Insurance Policies Matter More Than Ever 18:09

14 weeks ago18:09

18:09

Labor law insurance claims continue to threaten insurance coverage for buildings, but there are some actionable items co-op and condo boards can take to reduce this exposure. Sean Kent, senior vice president at FirstService Insurance Brokers , explains what they are, and how a 250-unit Bronx co-op overcame an insurance crisis when labor law claims threatened their coverage. Habitat’s Emily Myers conducts the interview, and in it Kent explains the difference between admitted and excess/surplus carriers (with premium differences of 100-300%), why timing is everything during insurance renewals, and what the “new normal” costs are for insurance and umbrella liability coverage. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Breaking the Budget Code 22:27

15 weeks ago22:27

22:27

Budget shortfalls are a nightmare. But manipulating the numbers to create artificially low assessments or maintenance increases can have even worse consequences in the long run. Kyle Gregory, managing member and operating partner of New Way Management , explains how boards can successfully manage their building finances without falling into common traps. Gaming operating costs might be tempting, but ultimately it can damage potential sales and create distrust among buyers. Gregory offers sophisticated approaches to addressing budget deficits, and addresses the long-term consequences of short-term financial maneuvers. Habitat's Emily Myers conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Quorum Without the Commute 7:13

16 weeks ago7:13

7:13

Struggling to get quorum for your board meetings? Even after the pandemic, virtual meetings are transforming co-op and condo board operations. Buildings across New York have embraced digital meetings, resulting in better attendance, more flexible scheduling options, and significant time savings for everyone involved. In this episode, Mark Hoffman, principal at Hoffman Management , offers practical strategies for running smooth virtual meetings and how this shift is attracting previously untapped talent to board positions. Whether your building has residents scattered across different locations or board members with demanding schedules, virtual meetings offer a solution that maintains community while improving efficiency. Habitat’s Emily Myers conducts the interview. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Collecting Late Fees: A 3-Step Strategy for Co-ops and Condos 13:10

17 weeks ago13:10

13:10

Discover how proper management of maintenance payments and common charges directly impacts your building's financial stability. Payments are typically considered late after the 10th of each month, with property management companies using software platforms like AppFolio to track payment patterns and identify potential issues. For board members navigating the tension between neighborly relationships and financial responsibility, remember that timely payments are fundamental to operational success. Trust your managing agent's recommendations on collections, as that ensures utilities stay on and vendors get paid promptly. Carol Ott of Habitat Magazine conducts the interview with Adam Reisman, President of Client Operations at MD Squared Property Group . How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Rising Insurance Costs and Budget Solutions for NYC Co-ops and Condos 11:04

20 weeks ago11:04

11:04

Carol Ott of Habitat Magazine interviews Carl Borenstein, president of Veritas Management , about managing rising costs in co-op and condo buildings. Borenstein shares strategies for handling double-digit maintenance increases, particularly focusing on creative uses of co-op abatement programs to generate additional income. He discusses the dramatic rise in insurance costs, especially umbrella policies, and advises boards on choosing appropriate coverage levels. Borenstein recommends implementing small annual maintenance increases to avoid larger hikes later, noting that 80% of building budgets are fixed costs. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Beyond the Emergency: How to Lead Your Building Through Long-term Displacement 13:31

22 weeks ago13:31

13:31

In conversation with Habitat's Paula Chin, Robert Ferrara, president of the Ferrara Management Group , shares invaluable insights from managing a devastating fire emergency at a Peekskill condominium that displaced 16 unit owners for over two years. Through his firsthand account of the crisis and recovery process, board directors will learn crucial strategies for emergency response, insurance coordination, and resident communication during catastrophic building events. Ferrara emphasizes the importance of fostering a team-oriented approach between management, board, staff, and residents during a crisis. His experience demonstrates how proper preparation, clear communication, and collaborative problem-solving can help a community navigate even the most challenging circumstances. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
Stop the Revolving Door: How to Choose a Management Company That Will Last 23:32

23 weeks ago23:32

23:32

In this insightful conversation with Melissa Cafiero, director of management at Halstead Management, board directors get a behind-the-scenes look at how management companies approach new client relationships and handle transitions. Cafiero shares valuable perspectives on the evolving nature of property management, comparing it to a marriage that requires careful matchmaking and ongoing nurturing. Habitat's Carol Ott conducts the interview. For board directors considering a management change or working to strengthen their current management relationship, this episode offers practical insights into how to communicate their needs effectively and what to expect from a modern management partnership. Cafiero's emphasis on chemistry and transparency provides a valuable framework for boards to approach these crucial relationships. How To Run Your Building: For Co-ops and Condos…

How To Run Your Building! For Co-ops and Condos

1
From Annual Shock to Monthly Payments: A New Approach to Insurance Premiums 16:07

24 weeks ago16:07