Some boards use Requests for Proposals to separate the wheat from the chaff. Hiring a new management company is a delicate dance for any co-op or condo board, and there’s no textbook that lays out the best moves. But a growing number of co-op boards are taking their cues from the corporate world. Three and a half years ago, when Kimberly Danzi Overs became president at her Manhattan co-op, the board was in the market for a new managing agent. Overs, a general commercial lawyer, knew exactly how to do it – send out requests for proposals, or RFPs, to a list of firms so they could all jockey for the job. “In my work I support clients in running RFP processes and regularly see vendors vie and bid for the opportunity to provide services,” Overs says. “Why shouldn’t our co-op do the same and enjoy the best vendors for the best price, as large corporations do?” Read the article…………
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