Page 3 - Nevada Cooperator Winter 2020

NEVADACOOPERATOR.COM THE NEVADA COOPERATOR — WINTER 2020 3 TABLE OF CONTENTS Yale Robbins Publisher Henry Robbins Executive Vice President Joanna DiPaola Associate Publisher Hannah Fons Senior Editor Darcey Gerstein Associate Editor Pat Gale Associate Editor Shirly Korchak Art Director Anne Anastasi Production Manager Victor Marcos Traffic Coordinator Alan J. Sidransky Staff Writer Peter Chase Director of Sales The Nevada Cooperator is published quarterly by Yale Robbins Publications, LLC, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board members and homeowner associations. POSTMASTER: Send address changes to The Nevada Cooperator, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publications, LLC 2020. All rights reserved. Application to mail Periodicals postage rates is pending at New York NY. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: Nevadacooperator.com/subscribe T C he hallenges of M anaging a isTresseD roPerTy D P . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Despite the best intentions of board members, residents, and even managers, condominium properties and HOAs don’t always run like well-tuned machines. Sometimes they hit a bump in the road...and sometimes they break down completely. The reasons behind such a breakdown can come from many directions, including financial missteps, physical plant problems, and interpersonal disputes. T e he voluTion of roPerTy P M anageMenT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Like so many other sectors of the economy, residential real estate management has changed and evolved since the turn of the millennium—and like those other sectors, much of that evolution is directly linked to the development and adoption of technology. Yet the essence of the manager’s mission remains the same: one of close interpersonal interaction. Technological advances may have sped up response times and analytics in many situations, but good, old-fashioned personal contact still remains the keystone to effective management. n -r on esiDenT oarD B M eMBers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 An individual’s interest in their community association is rarely just financial; in most cases, a building or HOA is also that individual’s home—and as such they’re motivated to contribute to its quality of life, neighborhood congeniality, and aesthetics, just to name a few of the things that make a place somewhere people love to live. For that reason, most of the people who volunteer to serve on their association board are full-time residents of that association. M anaging onfliCT C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 One of the unique aspects of life in a condo community is that a building or HOA is in many ways a microcosm of the larger world outside. It can suffer from the same factionalism and partisan bickering as any political entity, only on a much smaller, more intimate—and therefore potentially more damaging—scale. Conflict and divisions in condo communities can and often do bleed into the community’s administration: the manager and board of directors. i nDusTry ulse P . . . . . . . . . . . . . . . . . . . . 4 Q uesTions & a nswers . . . . . . . . . . . . . . . . 5