Managing agent
A managing agent is the third-party property management company a board hires to handle day-to-day operations: financials, vendor coordination, staff supervision, compliance filings, and resident services. The board retains all governance authority; the agent executes.
Frequently asked questions
What does a managing agent typically charge?
In NYC, $15–$40 per unit per month for standard condo/co-op management, with smaller buildings (under 50 units) often paying a flat monthly fee of $2,500–$6,000. HOA management fees vary more widely. Fees usually exclude project management, insurance claim handling, and special projects, which bill separately.
Who supervises the building staff — the agent or the board?
The agent, day-to-day. Hiring, firing, performance reviews, and union/32BJ relations are handled by the agent under board oversight. Boards that try to directly supervise staff usually create labor law and 32BJ grievance exposure.
Can a board fire the managing agent?
Yes, per the termination clause in the management agreement — typically 30 to 90 days notice. Boards should overlap onboarding the next agent with the wind-down of the outgoing one; cold transitions in late December are the most common source of missed filings and lost AP records.
What's the difference between a managing agent and a property manager?
The managing agent is the company under contract; the property manager is the individual person at that company assigned to your building as the day-to-day point of contact. Boards should know — and approve — the specific property manager assignment, not just the firm.