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Board Success Story
& Seasonal Tips
Click on the image above to review
News Release of a self-managed board's success story: "A Beacon Lights The Way For Others-Training helps condo board protect owners' investment"
Board Success Story Synopsis
of Beacon Terrace Condo Assoc.
· 19-unit conversion property turned over from developer in 2004 located in the Sheridan Park area of Chicago
· Was professionally managed and changed to self-management in 2006
· Board obtained training and is now working smarter and faster
· Spent more than two years researching water leaks and performing repairs
with various vendors
· In 2008, obtained loan to implement large masonry project, sidwalk repairs and landscape upgrades
· Water leaks due to masonry
problems have stopped and
vintage building looks great
· Recent unit for sale went under contract in six (6) days of listing, despite current real estate market conditions
· AAI provided the following services to Beacon Terrace CA:
-Board Training in 2006
-Annual Retainers since 2006
-$175k Loan Oversight and Compliance
-Project Management oversight of the large Masonry Project in 2008
"With AAI, we were able to have more productive meetings and able to get more items completed that needed to be done. We felt confident that they had our best interest at heart. AAI was the right value and the right decision."
--Mona Ewing, former Board President
Beacon Terrace CA
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Seasonal Tips...
Spring Reminders
Besides the obvious of turning off your heating systems for the season, here are few Spring Tips to get you out of your winter hibernation....
Rubbish Rebates:
We went over this in great detail in our Spring 2007 newsletter (which can be read from our Newsletter Archives) but it is worth a reminder. If your Association is in the City of Chicago and has more than 4 units, be sure to contact your alderman's office to apply annually for the Condo Refuse Rebate.
Property Inspection & Repairs:
Spring is a good time to perform a thorough inspection to address any damage caused during the winter including, but not limited to: Tuck pointing; Roof repairs; Concrete walk, steps and driveways; Siding and gutter issues; Painting; Balcony repairs; etc. The earlier you obtain proposals, the more chance you will get on the appropriate vendor's schedule. Problems will not go away, they will only get worse and more costly so it is important to be proactive!
Landscaping/Owner Planting Day:
Smaller associations that cannot afford big landscaping bills might consider an Owner Planting Day, which may not only save the Association money and beautify the property, but can be a fun social event! Pizza, beer and music can go a long way to increase community spirit and encourage owner involvement. But, remember, participation cannot be made "mandatory" and no reductions to assessments can be offered, regardless of the size of the property.
Window Washing & Carpet Cleaning:
If you can only afford these services once or twice a year, this is a good time to get these items cleaned to wipe away what the winter blew in.
Pool Maintenance:
If your property has a swimming pool, don't wait until the last minute to schedule the required maintenance or to order pool passes; otherwise, you could be drowning in angry calls if not ready in time for the season opening.
Maintenance Criteria:
This is a good time to review your maintenance services including, but not limited to, the weekly, monthly, quarterly, and annual services required to properly maintain your property. Be sure to review your Annual Calendar and/or Reserve Study, as applicable. Renegotiate or rebid out these services as needed.
Don't have an Annual Calendar, Maintenance Criteria and/or are unfamiliar with the above protocols? Then perhaps our Services will benefit you!
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Coming Soon...
Currently in development is our
"Do-It-Yourself Forms
and How To's"
including step-by-step instructions on how to self-manage every aspect of your Association. We are compiling over 50 forms, checklists and sample letters that will be available on CD and easily customizable for your Association.
www.AssociationAdvocatesInc.com
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Soon To Be Announced...
SEMINARS FOR REALTORS® 
"Selling Condos & Townhomes... Save Time & Facilitate The Sale!"
Seminars will be scheduled for May and June. Check our website for dates, locations and logistics.
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Shirley Feldmann, Project Manager
773.348.0742
Angela Falzone, Property Consultant
847.685.0710
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Greetings!
Everybody is tired of hearing all about the doom and gloom of the economy. The fact is, it is out of our control. But, there are things that can be done to benefit your Association that may not cost anything, but the Board's time and commitment to implement.
In this issue, we are going to focus on the things that Boards CAN control, which will help to prevent eroding property values and set your Association apart from your competitors in a flooded real estate market--regardless of whether you are self or professionally managed. We are also highlighting a Board success story for a self-managed association we have had the pleasure of working with for three years--hard work does eventually pay off!
 We are excited to announce that Angie's List has invited us to join their network of quality service companies for homeowners and has listed us as an "A" rated provider under Property Management.
We encourage our past clients (and/or prospective clients that we have assisted) that are members of Angie's List to please provide a report on your positive experiences with AAI! Click on the above Clipboard graphic to go to Angie's List.
 We have recently updated our website to include a CAI Radio Show we participated in on the topic of "Unethical & Inappropriate Board actions." Click on the radio player to learn more about the specific topics covered and to hear this and other shows.
 We have also been named as a 2008 All Star by Constant Contact in recognition for excellence in Email Marketing. Click on logo to the left to review past newsletter issues.
If you would like to share this newsletter, the "Forward Email" link at the bottom of this email will save the formatting, links and graphics. All email addresses are kept confidential and are not shared with anyone.
--Shirley Feldmann & Angela Falzone |
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Water Leaks & Building Repairs...
Minor vs. Major?
 Your Association's roof, facade and other key structural or mechanical components are assets of your property. Without proper maintenance, not only will problems arise, but ignored repairs may also increase overall costs, decrease property values and create Board liability. Water leaks are the largest complaint from associations requiring repairs. Spring is the time of year when it is not uncommon for new water leaks to appear or old ones to reappear.
As your Board may have sadly discovered, the source of a water leak can be very difficult to track down. Many vendors may have come out to try to troubleshoot the problem and, either a new problem has arisen, or the original problem may not have been fully uncovered as it could have been caused by multiple factors whether from the roof, unsealed brick, tuck pointing, doors or windows.
So, how do you know if your issue is Minor vs. Major? When the issue affects more than one unit and appears to be getting worse over time.
There comes a time when money thrown at a "band-aid fix" year after year just becomes wasted money. At this point, it may be important to consider bringing in an architectural or structural engineering consultant to help confirm the problem, solution and implementation.
Whether you have professional management or not, hiring a project manager dedicated to focusing on your project to oversee ALL aspects of the details will save on both money and time to ensure that your project gets done quickly and on budget. It also lessens owner frustrations through proper communications and foresight. Someone needs to be the liaison between all parties-owners, board, consulting engineer, vendors, management and bank (if a loan is obtained)-with the primary goal of the Association's best interest. The savings obtained by using a qualified consultant and an efficient project manager will usually off-set the expenses incurred!
Alex Szatanek, Senior Engineering Consultant from Building Technology Conultants, P.C., has provided the below article to help better understand useful service lives, the construction process and project repair costs. You may also click on the above graphic to learn more about their firm.
| "Understanding How Much A Repair Really Costs Over The Years & An Overview of the Construction Process" by Alex Szatanek
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Economy-Friendly Tips Prevent Decreased Property Values... Control What You Can!
 Apathy tends to run rampant in Association living leaving one or two Board members to do all of the work. And, unfortunately, many of these Board members may not have received the proper training for their positions and/or are following what previous Boards have done before them, not knowing that they were making it up as they went along! It is sad to say that many Property Managers have also either not received the proper training or they may have too many properties in their portfolio to stay on top of the details for all of their Associations. Owners often don't start paying attention until they try to sell, and can't, because the Board and/or Management is not doing something correctly or they are unresponsive.
Whether self or professionally managed, Boards must comply with the Illinois Condominium Property Act (ICPA) or it may decrease property values and/or prevent a potential buyer from obtaining a mortgage. There are many things that a Board can do to ensure that its Association stands out positively amongst similar units in the area and is in compliance with the ICPA: 1) Increase curb appeal with fresh paint, nice landscaping, clean and well-lit hallways, fix broken items, etc; 2) Schedule the minimum required of four Board meetings/per year or as dictated by your Association's governing documents; 3) Document all decisions from Board Meetings in typed Minutes; 4) Review contracts and budget annually for possible cost-cutting measures and follow ICPA adoption guidelines; 5) Budget for reasonable reserves and set aside monthly in a separate interest-bearing account; 6) Obtain a Reserve Study, review it annually and plan to implement the long-term maintenance plan; 7) Low assessments in lieu of frequent special assessments is a red flag for buyers--make sure your budget is realistic; 8) Consistently enforced Rules & Regs should add to the harmony of the community without being too restrictive; 9) Create an Operations Manual including emergency protocols, vendor contacts and contracts, annual calendar, staff job responsibilities, etc.
Efficient protocols that are implemented either by the Board or Manager will save time, money and owner frustration. Boards that obtain the proper training and hire the appropriate professional advisors to guide them will stand out from the ones that lose buyers because they are not running their Association like the multi-million dollar corporation that it is!
Mark Cantey, CPA, from Mark Cantey & Associates has provided the below article to help the self-managed Board. These tips are also helpful to ensure Boards receive the appropriate services from their Property Manager. You may also click on the above graphic to learn more about their firm.
"Financial Tips for the Self-Managed Association" by Mark Cantey, CPA
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Continuing Education Seminar for Property Managers
CAI-Illinois (Community Associations Institute)
"Conflict & Resolutions with Association Boards"
Friday, April 24, 2009
8:30am - 11:30am
To be held at:
University Center Chicago
525 S. State Street, Second Floor
Attendees will receive 3 CAI continuing education credits, binder with materials, certificate of completion and continental breakfast. $35/Member; $45/Non-Member
Discussion Presenters:
· Angela Falzone, Association Advocates Inc.
· David Hartwell, Penland & Hartwell
· Michaelene Conrad, MC Property Management
· Lou Lutz, Legum & Norman Midwest
Topics will be interactive to include: managing board expectations; dealing with difficult people; conducting business in a professional and legal manner; keeping boards focused; communicating effectively; handling board members with special interests; etc.
To learn more about this seminar, please go to the Events & Seminars page of our website. You can also obtain the Flyer by clicking on the CAI logo above.
Events & Seminars |
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Decrease Liability & Increase Efficiency
 Included in this newsletter are just a few examples of how to run your Association like the corporation that it is to help decrease liability and increase efficiency. Regardless of the size of your property or if you are self or professionally managed, if your Association doesn't understand or follow proper condo protocols, then perhaps you'd benefit from our services! Click on the photo above or link below to learn more about our services. Below are just a few ways we can be of help to your Association....
Project & Loan Management Do you have projects that haven't been implemented yet but need to be? Is your volunteer Board or property manager too busy to research and implement the required pending Projects? We can act as an extension to the Board or Management to assist with your projects from Needs Analysis, Criteria and RFP development to Vendor Pre-Qualification & Selection to Loan or Special Assessment Guidance and thru Project oversight and Completion.
Board Training & Developer Turnovers Are you a new Association starting up after a Developer Turnover? Or an existing Association that may not be working as efficiently as it could? Is your Budget realistic to meet the specific needs of your property, including setting aside "reasonable" reserves? Do you have Rules & Regulations in place to assist the Board in ensuring that all owners are treated equally and the community lives harmoniously? Do you have an Annual Calendar that includes all important administrative, financial and operational deadlines to ensure important items are not forgotten? We can customize a training package to meet the specific needs of your Association, whether self or professionally managed.
Refresher Courses are now being offered to our past training clients. This is an excellent way to review past action items lists, bring new board members up-to-speed with how to efficiently and accurately manage your Association, and to ensure everyone is on the same page and to avoid board member burnout.
"Do-It-Yourself" and "Management Coaching" Retainers are designed to provide on-going assistance to our self-managed Boards to encourage annual compliance with the Illinois Condominium Property Act, increasing efficiency and decreasing Board liability. Various service levels are offered on a monthly, quarterly or annual basis.
Management Searches Are you a start-up Association after the Developer Turnover looking to find new management? Or, perhaps your current management company may not be fulfilling the expectations of the owners, and the Board has exhausted its options trying to rectify the issues? We can assist by guiding the Board on the proper due diligence needed to help them make the most informed decision. Services include: Needs Analysis, RFP Development, Pre-Qualification, Interviewing, Contract Negotiations and Transitions.
What makes AAI different? We provide customized training designed for your specific association's needs, prompt responsiveness, and practical information to help empower the Board. Can you afford our services? Can you afford not to have them? Your home is most likely one of your biggest assets. We can help you save time, money and frustration while protecting and increasing the value of your property in today's very competitive market!
Learn more... Scope of Services | |
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