Your association's financial health is dependent on setting an appropriate budget, reducing delinquencies and keeping expenses under control. Professional financial processing services that address these needs can actually save you money in the long run by helping you avoid costly legal action.  However, if you are a self-managing building you may not be aware of saving opportunities.

Here are a few ways that your condominium association may be able to trim your budget and keep assessments from spiraling out of control in 2018 and beyond:

  • Have your insurance reviewed by a broker.

Many condo associations simply renew their existing policy year after year without taking the time to explore other options. Just like your car insurance, you may be able to save on premiums with a different carrier. You may even find a policy with better coverage, to boot. An insurance broker can help you to find savings across a number of different carriers.

  • Explore waste removal options.

At Haus Financial Services, we see a wide range of pricing across our small condo clients. Even buildings of similar size are paying widely varying bills for their waste removal and recycling services. Price comes down to the carrier you use, the amount of service you require, and your ability to negotiate the best deal. You'll need to review your existing contract terms if you want to make a change, but this is a great expense to review for potentially huge savings.

  • Move reserves to a no-fee account.

Many brick and mortar banks are charging monthly fees on accounts that do not maintain a minimum balance. And those minimum balance requirements seem to be climbing continually higher while interest paid is virtually non-existent. An online account such as the Capital One Spark Business account, which has no minimum balance requirement and no fees, plus the ability to transfer funds to and from external accounts, is a good option for small condo associations.

  • Avoid unnecessary city fines for overfilled dumpsters.

The city of Chicago is cracking down on overflowing dumpsters, which promote rodents and other unsanitary conditions. Make sure that your waste removal service is adequate for the amount of waste being produced by your building. If you are concerned that neighbors or anyone other than owners and tenants are using your dumpsters, speak to your waste removal company about securing them.

 

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