FirstService Residential, New York’s leading property management company, has produced a comprehensive financial guide for New York City condominiums and cooperatives in anticipation of annual budget season. Created by the company’s in-house financial experts, “Budgets, Reserve Funds and Financial Planning 101: A Guide to Building a Powerful Financial Future for Your New York City Cooperative or Condominium” serves as a springboard for the financial success of multifamily properties.
“Well-managed, financially healthy properties can consistently delivery essential services while strategically pursuing long-term capital improvements that allow them to compete in a changing landscape,” said Dan Wurtzel, president, FirstService Residential New York. “We created this guide to help boards meet their fiduciary responsibility to minimize unexpected expenses, control operating costs, and safeguard investments to preserve not just the value of the property, but the lifestyle that owners and shareholders expect.”
“Budgets, Reserve Funds and Financial Planning 101” offers valuable tools to assist boards in increasing the value of their properties, and the satisfaction of owners, as it relates to financial strength and stability. This includes the fundamentals for developing annual budgets for their properties, as well as tips for smart, long-term financial planning.