Traditional management companies only focus on maintaining your building’s physical infrastructure and daily operations. That’s half the job.
The most successful boards rely on a professional property management company to help them make the best decisions for their building –from long-term financial planning to energy efficiency projects and compliance. Take a look at some of the resources we offer to New York City board members.2023 Insurance Market Trends: General Liability and Umbrella Policy Limits
FS Insurance Brokers, our affiliated insurance brokerage, leverages the size of our property portfolio, historical claims and loss data, and our property managers’ certification in risk management to negotiate policies that result in lower annual premiums with better terms and coverage limits.For many boards, the rise in annual insurance costs has been dramatic. Coupled with more restrictive policies, it leaves many board members desperate to find affordable solutions to protect their building. Sean Kent, our Vice President of Insurance, explains why the insurance market is so complex and what boards can do to find adequate coverage.
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Local Law 97: Updates from the New York City Department of Buildings
New York City enforces some of the country’s strictest laws on carbon emissions and energy use in multifamily buildings. Beginning May 2025, multifamily buildings above 25,000-square-feet will need to submit a report that documents their carbon emissions. For the worst emitters, violations could add up to million-dollar fines.Learn more about Local Law 97 from Kelly Dougherty, president of FirstService Energy.
Budget Preparation: A Simplified Approach for Condos and Co-ops
Your building’s budget is dependent on two things: accuracy and timely review. Our financial analysts work with our boards and property managers to accomplish both.Click here to download our budget preparation guide for New York City board members. You can also watch a replay of our budget planning webinar below.
Reserve Funds and Stategic Banking for Condos and Co-ops
When emergencies happen, you’ll need enough capital to close the gap and avoid an assessment on your owners. FirstService Financial helps boards maximize interest income on deposits and invest in products that make sense for their building. We also negotiate favorable interest rates averaging well-below what boards can typically obtain on their own.Learn more about reserve funds and strategic banking services for board members.
Workers’ Compensation Safety Group
As an extension of our services, our clients have access to a Workers’ Compensation Safety Group. The resulting dividends and savings are partially a result of OSHA training we provide our property managers.Buildings that participated in the Workers’ Compensation Safety Group saw a 55% savings on their annual premiums – up to $65,000.