Amenities – Many amenities are only used 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.
Sell advertising – Sell advertising in the newsletter, in common areas and on the website. One easy way to sell advertising on the website is through Google adsense.
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. Past Due fees can hamper a condo 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 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 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 attorneys will handle insurance claims in a way that no funds will be out of pocket.
Rehabilitate instead of Replace. Copper pipes can be 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 offers sewer rehabilitation which can 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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