DIY building management helps ease burden of monthly building fees

As monthly charges for co-op and condominiums continue to increase, many residents are exploring a cheaper alternative called self-management, in place of a super, according to the New York Times. A small percentage of buildings in New York City, most of them with only a handful of units, operate on this system, where residents are responsible for everything from taking out the trash to balancing the books and filing required forms with the Department of Buildings. The amount of money saved through this method can be as much as $750 a month, as is the case in a self-managed 12-unit prewar co-op in Park Slope, where two-bedroom apartments have sold recently for $589,000 and $575,000. As the economy struggles to recover, industry experts have noticed a growing interest in this “do-it-yourself” route. According to Rebecca Poole, the president of Real Estate Management Group, the three-part workshop that she teaches on self-management has started to attract representatives from buildings that are larger than the typical self-managed property. [NYT]