In the world of co-ops, condos, and HOAs, management plays a slightly different role than it does in the rest of the real estate world. For example, in many rental buildings, the landlord or property owner often acts as de facto manager as well; in others, the manager may be an employee or an associate of the owner—in any case, it’s a person or entity knowledgeable about multifamily residential real estate and how it operates.
In co-ops, condos, and HOAs, on the other hand, this essential relationship is different. In this context, the role of management is to support the board of directors—a body generally composed of volunteers who may have little or no formal training in or knowledge of governance or real estate. Here, the board-management relationship is collaborative to a far greater extent than in other multifamily residential scenarios.
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