January 2023

PROTECT... from page 42.

that takes association money and then disappears. It is also important for communities to hire vendors with the degree of infrastructure, experience, and exper tise commensurate with that particular type of community. For instance, a 500-unit luxury high-rise community may not be best served by hiring a brand new, small “mom and pop” vendor with only a handful of employ

“Part of a board’s fiduciary duty involves the careful and appropriate selection of service vendors.”

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ees for key services. Likewise, a 2-unit condo may not need an expensive, national vendor that typically services massive communities with a deep bench and “all hands-on deck at all times” approach. Part of a board’s fiduciary duty involves the careful and appropriate selection of service vendors. Boards take a giant step in the direction of complying with this duty by looking beyond mere pricing and focusing on the experience and expertise of each vendor and whether a particular company’s size and structure would be a good fit. It is true that “you get what you pay for.” Hiring well-respect ed, well-known, and well-experienced vendors – ideally who are active in CAI-NJ – will likely get you a lot for what you pay for. ◼

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