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The Difference Between Operating Costs and Condo Reserve Fund Expenditures
Sometimes confusion exists over what expenses the operating budget covers and those that are reserve fund responsibilities. If board members understand the difference between the two, it's much easier for them to make the correct decisions when managing the affairs of the condominium corporation. -
7 Financial Must-Do’s for Condo Corporation Success
There are so many things to enjoy about living in a condominium community. Among them are the sense of community, the great amenities and the high standards. However, if your condo corporation’s finances aren’t stable, none of it is possible. -
Seven Key Services for Condominium and HOA Boards
Recent research has revealed seven service standards that are important to condominium and HOA Board members when they evaluate property managers. How does your manager stack up? -
Seven Tips for Preparing an Effective Annual Budget
Proper condominium management depends upon the annual budget for both short- and long-term financial planning. It’s important to follow some guidelines to ensure the success of the community and protect the investment of the owners. -
The Sharing Economy Part 2: Reducing the Risks to Condo Associations and Residents
Short term vacation rentals are popular with both travelers and the homeowners that rent to them. Perhaps you have stayed in a home that was advertised on Airbnb or VRBO. Maybe you have rented your home this way. For the most part people love this alternative to staying in a hotel or a B & B. But what are the implications when the home is part of a multi-family community? What about the common areas and amenities for which all the owners pay upkeep? There can be insurance implications as well. This article discusses some ways the risks to the condominium and its residents can be reduced. -
Six Simple Steps to Develop Your Condo Budget
A good budget provides the framework for the successful operation of a condominium corporation. Sometimes condo board members are daunted by this important undertaking. We have broken the task down into manageable steps to help you create a financial plan that will accomplish your goals. -
Smart Financial Planning
Safeguarding a condominium corporation’s operating and reserve funds is one of the main fiduciary duties of all board members, not just the treasurer. This means that boards must protect the financial interests of the corporation and its members by making sure all funds are properly managed, invested and protected. -
The Condo Residents’ (Unofficial) Bill of Rights and Responsibilities
Life in a multi-family community is much more pleasant when residents and leaders each understand their individual rights and responsibilities. As in all aspects of life, respect for each other and adherence to the rules are key components to successful community relations. -
The Secret to Great Board Member Communication
As a board member of your condominium corporation you have many responsibilities. Within your role time management and organization are two vital aspects in the life of a board member, but what about communication? Let us offer you some tips on ways to best communicate as you fulfill your duties. -
The Six Secrets to Building Your Condo’s Volunteer Pool
As a board member for your condominium corporation, you know that your community depends on volunteers to operate successfully. However, finding residents who are willing to be on your board of directors, join a committee or help at an event can be challenging. -
True Financial Stability
A strong, healthy corporation requires every facet of property management to work in sync toward one common goal...true financial stability. -
3 Ways to Resolve HOA Disputes and Community Conflicts
How do you resolve community conflict, prevent costly and time-consuming litigation and maintain a great reputation in the Nevada marketplace? Consider these three methods of alternative dispute resolution (ADR). -
Condo Capital Improvements: Lending Solutions for Condominium and Co-op Boards
FirstService Residential and FirstService Financial work in tandem to help our clients successfully finance capital improvement projects and save money without compromising quality of service. -
Local Law 152: Updated Requirements for Boards and Buildings
Is your building prepared for Local Law 152 gas piping inspections? FirstService Residential recommends getting ahead of schedule to avoid unforeseen deficiencies and costly fines. -
FISP (Local Law 11) - Understanding Cycle 9 Requirements in NYC
FirstService Residential has invested substantial resources to facilitate each of our managed properties with facade inspections and is here to help you navigate the many intricacies of FISP. -
Avoid These 5 HOA Board Blunders
To help you avoid the most common board blunders, we’ve identified four mistakes and some practical ways to avoid them. By preventing blunders, you can help steer your board in the right direction, which can ultimately help improve your overall community. -
Reserve Fund? Special Assessment? Loan? 3 Ways to Fund Capital Improvements
Great capital improvements improve property values. Read on to see the three ways to pay for them and the pros and cons. -
Six Ways to Have a Better Board Meeting
Improved board meetings play a crucial role in building up your association’s reputation and relevance in the market, which ultimately helps improve property values. Learn the six principles for better board meetings. -
Market Trends & Best Practices: Property Insurance for Boards & Building Owners in 2021
Around the world, the property and casualty insurance industry experienced record losses from 2016 to 2019, and consumers are now feeling the effects on both a macro and micro scale. -
9 Tips on How to Improve Communication Amongst Your HOA Board
Healthy board communication is the key to enhancing your Arizona HOA’s reputation and property values. Use these 9 tips on how to improve communication to strengthen your HOA board. -
Automating Compliance & Inspections for Multifamily Buildings in NYC
Robust automation software can help boards and building owners in New York City satisfy local law compliance deadlines and inspection cycles. -
5 Things to Know About Adequate Staffing
Does your homeowners association have adequate staff for the services that you provide? Learn how to staff your community effectively. -
Local Law 97 Updates: Building Energy Grades & Emissions Compliance
Local Law 97 impacts roughly 50,000 buildings across the city, a majority of which are multifamily residential properties. -
Residential EV Charging Stations: Benefits & Incentives for Multifamily Buildings
FirstService Residential recommends that all boards and building owners consider the installation of EV charging stations and incentives available through NYSERDA and ConEd.