Cllck on the image above to obtain the below published articles that we were recently quoted in, as well as, other helpful resources.
· "Creating budget-saving tips"
As published in the
Chicago Tribune, 8/14/09
· "Shoreline Towers condo association plans to be a buyer in foreclosure market"
As published in the
Chicago Tribune, 8/10/09
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Seasonal Tips...
Foreclosures or Vacant Units:
If your Association is unfortunate enough to have an unoccupied unit, be sure to work with the unit owner, bank or Realtor to ensure that minimum heat settings are in place when the cold arrives to prevent burst pipes and water damage. Contact your attorney, as needed, if cooperation is not provided and the Board needs to take control of the situation to protect the property. Don't wait until the temperature dips below freezing as it could take some time to research an appropriate contact person who may have the authority to assist you.
Winter Reminders:
Notices should be sent out to remind vacationing owners to set their thermostats to a safe level to prevent pipes from freezing in their absence, which could possibly cause serious damage they could be held responsible. In addition, if gone for long periods, ice makers should be shut off to prevent clogging and flooding. And, with the switch from cooling to heating, this is a good time to replace batteries in carbon monoxide detectors and smoke alarms. Contact the appropriate professional for guidance, when applicable.
Snow Removal:
Be sure your snow removal contract and/or protocols are in place (i.e., who will shovel) prior to the first snow fall or you will be left out in the cold. Place plastic buckets of the proper salting materials for your property (i.e., salt, calcium chloride, etc.) with lids and scoops at each entry door, garage and/or gated parking areas. Request that all owners be considerate when entering/leaving the property to spread materials to prevent icy spots and slippage between snow removal visits.
Landscaping:
While yanking out your end-of-the-season annuals and putting down your mulch, this is a good time to do an inventory of what plants did not survive the summer and may require replacement. Check with your landscaper or gardening center to determine if now is a good time to replace dead bushes and/or sod or if specific plants may be best to wait for Spring. This will also help you with next year's budgeting.
Sprinklers, Water Spigots & Pipes:
Sprinklers and outdoor water spigots should be turned off and drained prior to freezing temps. Inspect any uninsulated pipes in lower levels and take precautionary measures to prevent frozen pipes.
Window Washing & Carpet Cleaning:
Fall is a good time to schedule your last window washing of the year and carpet cleaning prior to the holidays so your common areas will look nice when your owners entertain!
Holiday Preparations:
Time to review or create Rules regarding holiday decorations. Live trees should be carried through the property inside tree bags to prevent debris. Specific dates should be included to ensure decorations aren't installed too early or stay up too long after the applicable holiday. Safety must be a top priority. And, protocols for holiday parties will prevent inconvenience to others.
Rubbish Rebates:
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. The deadline is usually the last City Council meeting of the year or you could be missing out on a sizable reimbursement to your Association. (see AAI Spring 2007 Newsletter archive issue for further details)
Annual Calendar:
Fall is a good time to review your Reserve Study, not only for budgeting purposes, but also to consider implementing the recommended maintenance projects for the upcoming year. Be sure to include these in your Annual Calendar and start getting proposals, so you will be ready to implement the projects come Spring. For larger projects, a loan may be considered as a viable financing option.
Don't have an Annual Calendar and/or are unfamiliar with the above protocols? Then perhaps our Services will benefit you!
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Coming Soon...
It's almost ready! Soon to be released:
Book & CD of
"How To's-Instructions & Forms for Simplified Self-Management"
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.
Get a Sneak Preview at the ACTHA Trade Show on October 24th!
www.AssociationAdvocatesInc.com
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Shirley Feldmann
Founder/Project Manager
773.348.0742 Angela Falzone
Property Consultant
847.685.0710
Shirley Feldmann Angela Falzone
Click on the above photo to learn
more about our credentials
© 2009 Association Advocates Inc.
All rights reserved.
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Greetings!
The ever changing real estate market is not only affecting property values, but is also a moving target for mortgage lending requirements and property tax appeals. In this issue, you'll learn tips on how to protect your home, obtain the financing to stay in it, proactively sell in a down market, and ensure your property taxes are in line with current market conditions.
 With foreclosures on the rise, and cold weather approaching, Boards may need to take steps to ensure that unoccupied units have proper heat. Be sure to read the Articles & Seasonal Tips section for these and other Winter Reminders. Upcoming trade shows, seminars, and highlighted services are also included to assist the volunteer board and/or to act as an extension to management.
Association Advocates, Inc. is celebrating the start of our 8th Year helping homeowners protect their investment. We're proud to say that we've assisted over 100 Associations-ranging in size from 3 to 700 units-developers and management companies through training, retainers, project and loan management, developer turnovers and management searches. Thanks to all for your support and referrals. Please let us know how we can be of service to your association, company or development.
If you know of someone that would benefit from this valuable information and you would like to share this newsletter with them, please use the "Forward Email" link at the bottom of this email, as that will save the formatting, links and graphics.
--Shirley Feldmann & Angela Falzone
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Making Sense of Property Tax Appeals In A Down Economy
It would seem to make sense that, if the economy has negatively impacted real estate values, then shouldn't real estate property taxes also decrease to be in line with current market conditions? Unfortunately, it may not be that easy to change the ways that government has been calculating taxes, especially when they are having their own financial shortfalls. So what can you do and what are the benefits of appealing your taxes?
First, an Association may get better results by initiating a Tax Appeal than that of an individual homeowner. Your "unit" will be compared to other similar properties in the area including your building. There are many factors involved in the computation of property taxes and the ability to obtain a reduction. An attorney representing the entire property will have a better chance of success on behalf of all owners.
Second, there is no cost to the Association unless your tax attorney is successful in obtaining a savings. The Board should review the Association's declaration to see if it requires owner approval or just Board approval. Once approval is obtained, the Board should enter into a contract on behalf of the Association with a reputable firm that is familiar with their Township area and has a reasonable fee. Fees are based on a contingency of usually 24-33% of the tax savings of the first year. If successful, they will provide the Board with a spreadsheet itemizing the costs based on % of ownership to bill back to the owners.
Third, do not delay in implementing this process and getting info to your attorney. There are specific deadlines for each Township area that must be met and different levels of appeals. Find out what the deadlines are for your area either through your tax attorney or the Assessor's office. A seasoned tax attorney may request important information helpful to your particular area including, but not limited to, obtaining recent appraisals, foreclosures, and closing dates for newly developed properties.
Joanne Elliott, Partner at the law firm Elliott & Associates, has provided us with the below article summarizing the appeals process and recent developments. You may also click on the above graphic to learn more about their firm.
| "Contesting Assessments In A Down Market" by Joanne Elliott, P.C.
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Mortgages & Sales May Depend On Healthy Associations
 What makes one condominium or townhome a better investment than another? In today's competitive market, a smart buyer will be assessing more than just the location, size, amenities and cost of their new home. A well-run association with stable finances and efficient management procedures will be considered a healthy association, rising to the top as a better investment-for both sellers and buyers alike.
If not healthy, it could negatively impact all owners by decreasing the property values and/or creating problems or delays in obtaining a mortgage or refinance. Improperly managed associations run the risk of higher assessments and unanticipated special assessments, creating a possible hardship for new owners and a higher risk for lenders. In addition, associations that are not responsive to closing requirements may develop a poor industry reputation and deter Realtors® interest in working with the property.
Checklist for a Healthy Association:
· Regular & organized board meetings with agendas
· Professional minutes documenting board decisions
· The Board makes decisions, not the owners
· ICPA protocols are being followed
· Realistic budget based on needs of property
· Healthy reserves held in separate account
· Collection enforcement and low delinquencies
· Short and long-term maintenance plan in place
· Well-maintained common areas
· Rules & Regs are clear and consistently enforced
· High owner occupancy
· Responsive, communicative and knowledgeble Board and Property Manager (if applicable).
Todd Johnson, VP of Mortgage Lending, of Guaranteed Rate has provided the below article explaining the new mortgage lending and closing requirements. You may also click on the above graphic to learn more.
Sarah Lawrence, Realtor® with @Properties has provided the below article with selling tips on how to prepare your home for a faster sale and smoother closing.
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Fall/Winter Trade Shows & Seminars
ACTHA 2009 Fall Conference & Trade Show
Sat., Oct. 24th
Drury Lane, Oakbrook
Trade Show: 8-11:15am
AAI will be an Exhibitor this year at the Trade Show along with one of our Association Allies' partners, S&D Prime Maintenance.
Stop by to learn more about our new services:
Association Allies...
Partners for simplified self-management
A sneak preview of our Book & CD:
How To's-Instructions & Forms for
Simplified Self-Management
The Trade Show is open to the General Public at No Charge w/continental breakfast; One of our client associations will also be speaking on the subject of Self-Management. For more information about entry to seminars and topics, click on ACTHA logo above.
CAI-Illinois (Community Associations Institute)
28th Annual Conference & Trade Show
Sat., Jan. 16, 2010
Educational Seminars:
"Post Developer Turnover"-Angela Falzone
"So You've Been Elected To The Board"-Shirley Feldmann
To learn more about these events, please go to the Events & Seminars page of our website.
Events & Seminars |
Decrease Liability & Increase Efficiency
In
What makes AAI different? We provide customized training designed for your Association's specific 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 the value
of your property in today's very competitive market!
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 to the right or link below to learn more. Below are
just a few ways we can be of help to your Association....
NEW SERVICE:
Association Allies... Partners for simplified self-management offers a cost effective alternative for smaller associations that would like to be professionally managed but may find it cost prohibitive to do so. It is designed to work in tandem with our training & retainer services providing access to trusted professionals and discounted prices to help the Board increase efficiency and transparency.
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.
"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. Various service levels are offered on a monthly, quarterly or annual basis.
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 Criteria and
RFP development to Vendor Pre-Qualification & Selection to Loan or
Special Assessment Guidance and thru Project Completion.
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.
Learn more... Scope of Services | |
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