Case Study: 160 Wooster

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February 10, 2022
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Case Study: 160 Wooster
Daisy is the only company that does what a property management company should do - they manage! -Olivier Sarfati, 160 Wooster Board President

Prior to switching to Daisy

Along with the rest of the board, Olivier was frustrated with the level of service offered by the previous management company: email response time was slow; projects remained at a standstill; and the information supplied by the property management company didn’t give him the confidence needed to make important decisions.

Traditional Management companies simply don t care. They have no incentive to save money on vendors or raise the value of the building, as they measure their success purely on the number of buildings signed rather than on improvements within each building.

Although unsatisfied with the management, 160 Wooster wasn’t actively looking for a new company - mainly because the board felt that all property management companies are the same so it would be easier to stick to the current management company, as Olivier put it.

Among the issues faced by 160 Wooster:

After getting 3 high bids from our property management company with no clarification, I decided to do my own research and discovered that I could get vendors to lower their prices by 30%.

Poor project management

Projects lagged and the property management company was reactive rather than proactively seeking opportunities to improve the building.

Lack of efficient tools

The onsite manager lacked the tools needed to work effectively - resulting in tasks falling between the cracks. There was no efficient software or tracking system in place, while the accounting software couldn’t do simple tasks like show if any of the expenses were out of line.

Non-transparent vendor bidding process

The management company showed a lack of transparency regarding financial planning - especially when it came to vendor bidding and negotiation.

Transition to Daisy

Once I came across Daisy, it was clear that it was time for a change. The transition was seamless, with constant progress updates.

Daisy took over 160 Wooster’s management on November 1st, 2020. 30 days before the official transition, an end-to-end analysis was performed:

The Daisy neighbor app
Building system documentation
Building task list

Daisy’s immediate impact

Our security camera project cost 50% less than the previous quote we received, the water tank repair was 30% cheaper, and our insurance carrier was replaced at a much better price.

During the transition process the Daisy team identified several issues that needed to be resolved in order to get 160 Wooster to a healthy status. These issues included - a leaking water tank, security concerns, an inefficient water pump and more. Within the first 4 months Daisy had fixed the water tank, installed security cameras, removed a defunct rooftop antenna, replaced the water pump and cleaned out a decommissioned battery room.

What the future holds for 160 Wooster

The initial months with Daisy were about setting a new standard for the building’s operations, and improving the building’s health . We then focuse don the building’s finances and creating a smart budget to allow for strategic improvement of the building for the coming years. We began a facade restoration project in order to be compliant with Local law 11 (FISP), which will continue into this year. This year, 2022, we are focused on decreasing energy costs, finding additional savings for the building, and offering more services that further elevate resident satisfaction.

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