Condo Associations Can Save Money in a Down Economy

by Chris Lim

Amenities – Many amenities are only during part of the year such as the pool and tennis court. Also evaluate the hours of operation. If people are not using the service they will understand pairing it back.

Sell Memberships – If you amenities are nice enough you can sell memberships to the pool tennis courts and fitness center, you can also allow guests to use them for a small fee.

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.

Landscaping – Many developers only look at the initial landscaping cost and not the cost of maintenance. When replacing landscaping be sure to look at the recurring costs.

Collect Monies Owed. Due fees can hamper a association. You can often hire an attorney to handle collections for a percentage of what is collected. Attorneys may even be able to recover attorney fees. Attorneys may even be able to recover attorney fees.

Insurance Claims – If in the last 5 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 attorney many not be enough. Contact an attorney who focuses on insurance claims. Many insurance companies deny underpay insurance claims. Many times the law states that the insurance company has to pay the legal fees. Moreover, many Lawyers will handle insurance claims in a way that no funds will be out of pocket.

Rehabilitate instead of Replace. instead of copper pipe repair restored 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 can offers sewer pipe lining and manholes to increase their life and save on costs.

Property Manager – Hire 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.

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