Don’t raise condo fees lower spending first.
Close Unused Amenities – Close the pool in the winter if no one is using it. Cut hours for the fitness center if there are times when no one is there. If there are amenities no one is using or times when people truly are not using them no one will really mind when they are cut.
Memberships – If the Gym is nice enough you can sell memberships to the local community. at $40 a month 100 memberships would bring in an extra $4000 per month. Set it up as atomatic payments and many people will keep the membership long after they quit using it. You can also charge quest fees.
Advertising – Sell advertising to local business. They may be willing to pay for advertising in the newsletter or common areas. You can also allow Google to place ads on your website through adsense. You can find out more about adsense by going to Google and clicking on advertising programs.
Lower Maintenance Landscaping. Many developers only think of initial costs when landscaping. Many times there is little thought put into long term landscaping costs. Roses and Hydrogena take much more care than bulbs and ornamental grasses.
Collect Past Due Fees. Monies owed to a condo association can drag it down. Also you want to make sure fees are collected before they get so high the property goes into foreclosure. Lawyers many be willing to work on contingency.
Insurance Claims – If in the last five years your association had to get a loan (like those from SBA or FEMA) for repairs (Storm, Hurricane, Natural Disaster, Tornado or any accident) your regular condo lawyer many not be enough. Contact an attorney at law who focuses on insurance claims. Many insurance companies deny underpay insurance claims. The law may state that the insurance company has to pay the legal fees. Also many attorneys will handle insurance claims in a way that no funds will be out of pocket.
Rehabilitate instead of Replace. instead of copper pipe repair can be rehabilitate to better than new condition with epoxy pipe lining from CuraFlo. It is generally 30% cheaper than re piping and is much less obtrusive. RLS Solutions offers sewer lining and manholes to increase their life and save on costs.
Property Manager – Get a property manager who is experienced in lowering costs. A property manger with experience will also know which contractors come in on budget and which ones have a history of not competing jobs on time.
