Cooperative Services

Management services for shareholders and cooperative properties

Timely financial reports, reliable communication, and personalized services are just the basics. Your cooperative deserves a management partner that understands the subtle nuances of life as a shareholder and the drive to exceed your expectations.

We call this 360 degrees of support.

While a property manager’s capabilities are important, the best managers don’t do their job alone. Our management teams can rely on our in-house teams of experts to offer clients real solutions that resonate with their unique challenges. The goal is to help our boards curb costs, mitigate risk, improve operations, and invest smarter.

• Multifamily housing law
• Insurance and risk mitigation
• Building inspections and routine maintenance
• Strategic banking and lending solutions
• Energy management and advisory services
• Capital improvements and construction management
• Hospitality training for property staff

Our property managers work to simplify your role as a board member.

There’s no secret – just a commitment to enhance the value of your home and the lives of your shareholders. Our localized team structure supports our managers and helps them deliver on our commitment to board members. Our portfolio of long-term clients and stellar testimonials are proof that our process works for shareholders like you.
 

"I’ve lived for several years in my co-op which is managed by FirstService Residential. From my initial interaction in filling out my board package several years ago, I found the experience to be surprisingly simple and intuitive with timely feedback from their team. Even now while working on a refinance application, I’ve received exceptional service from the applications team, who kept me informed every step of the way. Thank You!"

— Carolyn F., Shareholder

Your life as a board member doesn’t have to be complicated. If your current management company isn’t checking the boxes, let’s have a conversation.
 

Click here to connect with a FirstService team in your community.

Frequently asked questions about cooperative buildings and ownership

How is apartment ownership structured in a cooperative?

The key difference between a co-op and a condo apartment is the ownership structure. You can think of a co-op building like investing in a public company, where the purchase of stock equates to a specific number of ownership shares. When you purchase a co-op, you are actually buying shares of the private corporation that owns the building. As a shareholder, you then receive a proprietary lease which entitles you to occupy the unit.

Each co-op corporation apportions shares differently. The number of shares represented by a co-op unit can be determined by a range of factors, including square footage, frontage, number of rooms in the apartment, outdoor space, as well as the floor on which the unit resides.
 

What is the board approval process like in a cooperative building?

Prospective buyers are subject to the approval process laid out by the co-op board, the building’s governing body. The process generally requires potential buyers to submit a “board application package” with bank statements, financial assets, tax returns, and reference letters. The board’s final decision on approving or rejecting a buyer is generally communicated after an in-person interview.
The process evaluates a buyer’s net worth, debt-to-income ratio, financial liquidity, and willingness to abide by the community rules.
 

What do the monthly charges issued to shareholders cover?

Shareholders pay a monthly maintenance fee to cover building expenses, including heat, hot water, insurance, staff salaries, real estate taxes, and the co-op’s underlying mortgage. When the building incurs a significant expense, shareholders can be subject to paying a special assessment or a fee to cover the costs. This may include a lobby renovation, a roof replacement, repairs following a flood, or an HVAC upgrade.
 

What are the general sublet policies in co-ops?

Most co-ops enforce strict rules for subletting a unit. There is often an initial occupancy period of up to three years before subletting is permitted. Some buildings allow subletting for a designated period, only every several years, or even a limited number of times for each shareholder.