Condo building management is neck-and-neck with bed bugs for popularity. Special assessments, higher dues, silence from management, insurance lapses, long delays in maintenance... condo owners don’t have to look far to find issues with management.
The driving factor is the out-dated management model. When trustees evaluate managers they prioritize the measurable cost: the monthly fee. This opens the door to hidden costs and misaligned interests. To compensate, managers profit from professional service fees and internal contractors. Management companies drive further profit by juggling a high volume of buildings. Not to mention the bloat from office space and employees. The result is minimal attention and expensive management. It’s a low margin business that gets by on tricks. But it doesn’t have to be this way.
Wursten & Co. created a new model to push back on this broken industry. We have substantially lower overhead by using technology to streamline operations while maintaining zero employees and only flex office space. Ask your building manager why they aren’t able to offer the following:
24 hour response times, including weekends for emergencies
Annual vendor re-assessments on price and performance
Easy-to-read annual budgets including income statement, balance sheet, and game plan from the building manager
Transparent pricing: All professional and internal services are used only if more competitive than other contractors. Trustee approval required
100% timely unit owner dues and assessment payments
Selective client engagements to maintain high standards
This model works. Let’s look at our performance over the nine months (and counting) that we managed 7 Central Square. This is a twenty four unit mixed-use building.
Reduced operating costs by 13% | $12,588
Reduced cleaning service bill by $3,000
Reduced management fee by $2,700
Reduced insurance loan interest by $2,110
Reduced accounts payable interest by $2,498
Reduced professional services by $1,500
Reduced alarm service bill by $780
Reduced accounts receivable by 56% | $23,427
Reduced accounts receivable from $53,509 to $30,082
100% of units are current on payment plans and monthly dues
Complete payoff expected by 5/1/2026
Improved building maintenance
Reduced building leaks from four (4) to zero (0)
Returned the building to fire safety code and insurability standards
Fixed the buildings roof, sprinkler, and intercom systems
Caught over 30 rats and substantially reduced the trash area rodent issue
Negotiated free cleaning service for the trash area and common area walls
Secured access to all common doors
Effective building management is possible. Let’s discuss a plan for your building: caleb@wursten.co.