Media Coverage

"The new guidance from Fannie Mae and Freddie Mac issued in March applies to condo buildings only and has several significant changes. Banks are going to be looking for financial stability, budgeted reserves or reserve studies to ensure that the board is planning for the long-term maintenance of the property. The result will be a more onerous condo questionnaire and review process, with more “back and forth” as some responses will raise additional questions."

—Marc Kotler, President, FirstService Residential New York
  

"To be hospitable means not only to provide excellent service, but to deliver comfort in all aspects. Whether you’re looking at a hotel or a luxury condominium, in order to execute your deliverables, you always have to understand the “why” behind the vision and anticipate the needs of both the client and the residents."

—Jeff Poirot, Senior Vice President, New Development Group, FirstService Residential New York
  

"The cost of claims is very high in a high-rise environment in a city as dense as NYC and an overflow can cost from a few thousand to hundreds of thousands of dollars in damages. With the reduction in the number of carriers, there seems to be less competition."

—Marc Kotler, President, FirstService Residential New York
  

"Clear communication with residents is a key step. When residents understand when seasonal amenities will open or when maintenance work is scheduled, it helps manage expectations and keeps the transition running smoothly."

—Jaime Sanmiguel, Vice President, Multifamily Rental Division
  

"With roughly one in three homes in the U.S. now part of a residential community, the scope of property management has become increasingly complex. Residents expect responsiveness, clear communication, and reliable follow-through. These expectations are shaped by experiences in other industries where service standards have steadily improved."

—Calynne Oyolokor, Senior Vice President, Multifamily Rental Division
  

"Three standards that marketing depends on are predictable response times supported by clear communication, consistent unit turns and common-area conditions, and front-line teams who are trained and supported to deliver the same experience across leasing, maintenance and resident services. Consistency is what turns a strong first impression into a long-term resident."

—Calynne Oyolokor, Senior Vice President, Multifamily Rental Division
  

"We watch for red flags such as upfront rent or security payments, mismatched addresses across documents, unusual passport expiration dates or urgency paired with cash offers. While urgency alone doesn’t always indicate fraud, a disciplined and consistent leasing approach helps reduce long-term risk for owners."

—Jaime Sanmiguel, Vice President, Multifamily Rental Division
  

"For 2026, several factors will impact the operations of buildings, especially insurance. Insurance costs continue to rise in New York, particularly for property and excess liability. Proactive measures, such as installing leak detection systems in buildings prone to leaks, can help reduce premiums and deductibles."

—Marc Kotler, President, FirstService Residential New York
  

"The property management industry as a whole is ever changing. We’ve recently seen a bunch of consolidation. With the new local laws focusing on energy, technology, and sustainability—I think firms have to step up their game."

—Marc Kotler, President, FirstService Residential New York
  

"The appeal of sustainable and wellness-focused living remains strong, with residents gravitating toward properties that offer energy-efficient systems, fitness-friendly layouts and spaces that support well-being."

—Calynne Oyolokor, Senior Vice President, Multifamily Rental Division