The manager has two primary responsibilities: to carry out policies set by the board and to manage the association’s daily operations. Sometimes residents expect the manager to perform certain tasks that aren’t part of the job. When the manager doesn’t meet those expectations, residents are naturally unhappy. Since we want you to be happy, we’re …
Chicago condo associations are required by state law to maintain several types of insurance. Section 12 of the Illinois Condominium Property Act (765 ILCS 605/12) explains state requirements, but individual associations may also have their own rules related to insurance. Always refer to your governing documents before embarking on an insurance review. When Should the Condo …
How Often Should a Condo Association Review its Insurance Coverage? Read Full Article »
Prevention is always the best medicine when it comes to condo maintenance here in Chicago. Though often not fun (and sometimes quite expensive), maintenance projects are the key to sustaining – and growing – property values for your condo building. Not to mention, they also help your association avoid even more expensive repairs down the road. …
What Should be Included in a Condo Association Maintenance Plan? Read Full Article »
As a member of your Chicago condo association’s board of directors, you’ve likely noticed wide variation in owner’s engagement with board initiatives and responsiveness to communication. Some of your property owners might only call to complain. Others want to attend every board meeting. The challenge for board members is meeting all owners where they’re at. …
Maintaining high property values benefits every member of your condo association. Moreover, it also helps attract new buyers who are going to appreciate the efforts your association takes to keep the condo community looking good and functioning well. We recently discussed some of the best ways to improve property values in your Chicago condo building. In …
What Decreases Property Values the Most in a Condo Building? Read Full Article »
Whether it’s a unit within a condominium, a single-family home or another type of investment property, one of the biggest perks of buying into real estate is the returns one can gain from rising property values. While many gains are the result of changing market conditions, there are also actionable steps your condo association can …
Do Common Area Renovations Improve Property Values for a Condo Building? Read Full Article »
Ask any property owner, and security is likely one of their top concerns. Keeping outsiders out and insiders feeling safe and secure 24/7 needs to be a priority for any Chicago condo association. As you assess your association’s current security measures and look for areas to improve, keep these considerations in mind. General Property Maintenance …
How to Improve your Condo Association’s Security Read Full Article »
Managing a condo association is a full-time job, and as a volunteer on your association’s board, it may not be one you can also take on. That’s where an association management company comes in. Not only can an experienced property management company relieve the burden of handling the day-to-day management responsibilities, but it can also …
Everyone deserves to feel safe in their homes. Owners of property in a Chicago condo association are no different – in fact, they may expect even a higher level of security than those in the public given the shared resources and benefits of living in the association. As members of your association’s board of directors, …
What Your Condo Association Should Look for in a Security Company Read Full Article »
By purchasing property in a Chicago condo association, unit owners agree to abide by the association’s rules and regulations. If they don’t, they may face consequences. Here are some things to know about violations and enforcement as set forth by the Illinois Department of Financial and Professional Regulation. What Do Your Governing Documents Say? Your association’s …
Condo unit owners buy property within a condo association for the shared benefits of living in the community. They pay association assessments to service and maintain those common areas, and they elect board members to act as financial fiduciaries to the association. Because of their investment, unit owners have a right to know that the assessments …
How is a Condo Association’s Budget Determined and Managed? Read Full Article »