Condo board members are responsible for carrying out the best interests of their association community, but those decisions are not made in a vacuum, nor is one person solely responsible for taking action. Association decisions are made collaboratively by the board and put to a vote before any final action is taken. Here’s more about …
If you’re a unit owner of a Chicago condo association, you are uniquely qualified to serve on your association’s board of directors. Per the Illinois Condominium Property Act (ICPA), only unit owners of a condo association may be elected to the board of managers. Qualifications aside, choosing to run for a seat on your association’s …
Condo association board members manage all aspects of their community. From fiscal to maintenance responsibilities and everything in between, elected board members must act as fiduciaries and in the best interest of the entire condo association. When it comes to maintenance, generally the best course of action is to act as proactively as possible. To …
What Types of Maintenance Plans Should a Condo Association Have? Read Full Article »
Tracking and reporting on energy usage has been a requirement for condo associations in the greater Chicago area for several years, and it’s important for your association to know how to remain in compliance. Not only is benchmarking energy use good for your association as it can lead to improved efficiencies and cost savings, but …
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 »