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.

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 - Look into lower maintenance landscaping. Many time the developer is only interested in making the property look good until it sells. Once the condo association takes over the landscaping is their worry. When replacing it look for low maintenance solutions.

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. 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 - 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.

By Chris Lim