Self-managed building
A self-managed building is a condo, co-op, or HOA that operates without a third-party managing agent — the board itself, often with a bookkeeper and occasional contractor support, handles financials, vendor coordination, and compliance. Common in small buildings (under 30 units) but increasingly viable mid-size with software.
Frequently asked questions
Is self-management legal in NYC?
Yes. There is no statutory requirement to hire a third-party managing agent. Boards have full authority to operate the building themselves under the bylaws and Business Corporation Law (co-ops) or Condo Act.
What are the biggest risks?
Key-person dependence (the one board member who knows everything moves), missed compliance filings (FISP, LL97, DHCR registrations, insurance renewals), and slow response to building-system emergencies after hours. All three are solvable with the right software and a documented runbook, but they're real.
Can self-managed buildings still hire individual professionals?
Routinely. Most self-managed buildings retain an outside bookkeeper, an accountant for the annual audit, a building counsel on retainer, and project managers for capital work — they just don't pay a single firm to wrap all of it together.
When should a self-managed building hire an agent?
When the board has been unable to fill an open seat for two cycles, when a multi-year capital project (façade, elevator modernization, conversion) is starting, or when staffing exceeds 3–4 employees and labor compliance becomes a meaningful risk. None of those alone forces the change; together they usually do.