Friday May 01, 2026
As board members, you want to make the right decisions, especially when considering how to choose a property management company. Your fellow residents trust you to choose a company with the right experience and qualifications to enhance their property values and improve their lifestyles.That's a big responsibility! You have a lot of factors to consider when making that choice and you need to know what to ask a property management company before making it.
What does a property management company do?
A property management company handles the day-to-day operations of condos, co-ops, and multifamily rental properties.In New York City, this typically includes rent collection, maintenance coordination, financial reporting, regulatory compliance, vendor management, and communication with residents or tenants.
Questions to ask a property management company
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What experience do you have with properties like mine?
Property management companies with experience supporting a variety of multifamily rentals, co-ops, and condos are better equipped to understand the nuances of each building type. If you're a condo/co-op board member, you’ll want a company familiar with governing documents, shareholder communication, and managing capital improvements. If you're a multifamily rental building owner, look for experience with tenant turnover, rent stabilization rules, and marketing units.
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How transparent are they about their own finances?
Can you access financial reports about the management company and its owners? Working with a company that is publicly traded, or a subsidiary of a publicly traded company, comes with a level of transparency and insight about how they are run. It's required. Companies that are privately held are under no obligation to share any financial information or projections with your board. Understanding a management company’s financial health is an important part of risk mitigation for your building.
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How do you manage NYC local law compliance for my building?
In New York City, property owners and boards must comply with a long list of local laws that govern everything from facade safety to carbon emissions. Missing an inspection deadline or filing requirement can lead to costly violations and legal exposure, so it’s important to work with a management company that treats compliance as a core service, not an afterthought.
At FirstService Residential, we have a dedicated in-house Compliance Department that monitors changing regulations, helps resolve violations, and tracks deadlines.
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What are your building manager’s qualifications?
Look for companies that offer associate education programs and encourage their employees to participate in ongoing training and certification programs. For example, FirstService Residential associates have access to elevate, our learning and development platform with training across property management, compliance, operations, leadership, workplace safety, financial services, and career development. Since laws and regulations are constantly changing, your manager should be involved with professional organizations so that they will be up to date.
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How easily will I be able to reach my management team?
Communication is critical to effective management. The right management company will let you reach your management team when YOU need them. What to ask a property management company: Do they have a 24/7 Customer Care team? Email access? A mobile app?
At FirstService Residential, residents can also use HODA®, our Homeowner Digital Assistant, to get quick answers to building-specific questions by text, while our New York-based Resident Support Services team helps resolve day-to-day inquiries and escalates matters to the property manager when needed. Your problems and concerns aren't limited to normal business hours, so it's critical that your board and residents can reach your management team when needed. .
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What services are included in your fee?
Although an organization may bill itself as a full-service property management company, this may mean different things to different people. For instance, will the company assist with strategic planning, arrange and manage preventive maintenance, and provide accounting and financial management? Request a list of services to be included before signing on the dotted line. Is the quoted price all inclusive, or should you expect additional fees? Clearly understanding what you can expect to pay is important and can help you make the best, informed decision for your building.
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How are maintenance issues handled?
As we all know, maintenance issues happen when we least expect them. Any good residential management company will have procedures to respond to maintenance or any other emergency issues that may crop up. Find out if the management company has their own maintenance crew or if they work with preferred vendors. Will they solicit multiple quotes, negotiate to get the best price, and pay the bills on the board’s behalf? The property management company that is right for you will be proactive in saving your building money and provide cost-effective maintenance solutions.
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Can you provide references or case studies?
A reputable property management company should be able to connect you with current or former clients who can speak to their experience. Ask for references from comparable properties to get insight that’s relevant to your needs. You can also ask if they have case studies showing how they’ve handled major renovations, resolved compliance issues, improved collections, or strengthened building operations. See how FirstService Residential supports boards and building owners with our collection of client success stories.
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How will you help us manage rising insurance and energy costs?
Insurance premiums and energy expenses are two of the fastest-growing budget line items for NYC buildings. Your management company should work with professionals who focus exclusively on these areas. At FirstService Residential, our clients have access to our affiliated companies, FS Insurance Brokers and FirstService Energy, to unlock exclusive services and strategic cost savings programs.
FS Insurance Brokers helps negotiate favorable premiums and policy terms by leveraging the scale of our portfolio and loss data, while also managing claims and vendor certificate reviews. FirstService Energy can help clients significantly enhance their building’s energy efficiency and comply with NYC local laws through strategies that help reduce energy costs, consumption, and emissions.
About FirstService Residential
FirstService Residential is New York’s leading property management company, providing full-service management to condos, co-ops, and multifamily rental buildings across the five boroughs. We combine deep local expertise with national resources to help streamline operations, reduce costs, and enhance long-term property value.Contact FirstService Residential today to learn more.
This information is provided for general informational purposes only and is not intended to constitute, and should not be relied upon as, legal, regulatory, financial, or operational advice, or as a representation or guarantee of any specific services, capabilities, or outcomes. Property management needs, regulatory requirements, market conditions, and available services vary by jurisdiction, property type, and community. FirstService Residential provides services through locally based affiliates and associates, and services and results may vary by community, region, contractual terms, and applicable law.