By Brynn Alexander
Condo owners have the same problems home owners have in this tough market but with one added disadvantage. They're selling a condo.
Buying a condo is buying into lifestyle. A lifestyle that is very different from owning a house. The upside of owning a condo is little to no maintenance, they are usually in trendy neighborhoods, and many have amenities like swimming pools and workout rooms. The downside is you have no yard, you have a common wall(s) with your neighbor(s), and little freedom when it comes to major remodeling.
Some buy condos not because of the lifestyle they offer but because of their value. You can get more space for your dollar. However, those that were looking at condos a few years ago can now afford to buy a house.
Knowing what attracts buyers to condos is one of the keys to successfully unloading your property. The other major factors you'll need to know are price, quality, and hiring the right real estate agent.
"It's All About Price"
You're not going to get the same price in today's market that you would have received from your condo a few years ago. In order to sell your condo you can't price it competitively you have to price it to beat your competition.
Additionally, it's harder for first time home buyers to get a loan to buy a condo. If they can't get one, then the 20 percent down usually turns them away.
"It's all about price," says Mary Ann Grabel of Greenwich Fine Properties in Greenwich, Connecticut. "People who really want or need to sell are willing to take less than what they paid two or three years ago."
If you're dead set on getting top price for your condo then be prepared not to sell. It's that simple.
"The 'Wow' Factor"
"If it doesn't shine, nobody's going to buy it," warns Cyndi Johnston, a broker with RE/MAX Equity Group in Portland, Oregon.
Not only do condo buyers want the lowest price possible, but they also want the best quality possible. If that makes them sound picky it's only because they are picky. Condo buyers have that luxury.
Obviously, you'll want to "stage" your condo as best as possible. That means you'll be removing about half of your belongings, taking down pictures and other personal mementos, and getting rid of all pets (moving them to a friend's house). Basically, you'll want the condo to look as generic as possible-inviting to prospective buyers.
Besides the staging, you'll also want to remodel any weak spots. We don't mean redo the kitchen, but if the counters are in bad shape or the carpet needs replacing now is the time to do it. A fresh coat of paint is not enough in a tough market.
"Part of the reason is that you have all these decorating programs on TV," says Tom Apligian, a realtor for Re/Max in Plano, Texas. "People want to walk in and say 'wow!' The "wow" factor is very important today."
"In What Circles?"
You'll want a knowledgeable, responsible, and capable real estate agent. You'll also want one that knows how to market a property.
To help you pick an agent, interview at least five. Compare and contrast their fees, their resumes, and their marketing and promotion ideas. Try to find the right agent for you-one that will go the extra mile, knows the local market, and is well-connected.
"...you should ask your selling agent, 'In what circles will you be promoting my home?' Many times, the sale comes down to who you know," advises Johnston.
Once you find the right agent, make sure you work with them on marketing your condo. In these tough times it pays to be creative. Nothing, no matter how crazy it may sound, is off limits.
"Like Pulling Teeth"
A lot of condos are built in great locations with excellent views. If your condo has an excellent view take a picture, preferably at a favorable time of day (sunrise or sunset).
While your camera is out, take lots of pictures of your condo. Make sure your pictures include outside areas (like decks and patios), how light filters in, and storage areas.
Tell everyone you know that you're selling your condo. Word of mouth is a great marketing tool. Even if your friends and co-workers aren't interested they might know someone who is.
In order to buy a condo many lenders are going to need information about the Home Owners Association. The sooner you start this process the better.
"Getting the HOA to fill this stuff out is like pulling teeth," laments Ernest Cooper from RE/MAX Equity Group in Portland, Oregon.
Compiling all the necessary information beforehand will help speed up the sale when you finally find a buyer.
"What's Wrong With That Property?"
As hard it might sound, take your condo off the market after 90 days. That doesn't mean you're done trying to sell it and you have to live there forever. It just means your condo needs to take a break. After awhile you can put it back up for sale.
"If a house sits on the market, people start to wonder, 'what's wrong with that property. How come it's not selling?'" explains Elizabeth Weintraub an agent for Lyon's Real Estate in Sacramento.
Brynn Alexander writes for Homeguide411.com, a comprehensive directory of home professionals and an in-depth resource for home owners and home buyers. Visit the Homeguide411.com blog where you can read original and useful articles such as How to Hire a Home Repairman.
Article Source: http://EzineArticles.com/?expert=Brynn_Alexander
Friday, October 15, 2010
Tuesday, October 5, 2010
The Condominium Community - Know Thy Neighbor
By Jim Digre
Many people who purchase and move into a condominium have just left apartment living and may have difficulty understanding that there is a distinct difference between renting an apartment and owning a condo unit. Living in a apartment inherently creates a situation where the landlord or building manager is responsible for your living conditions. If something breaks...call the landlord. If the property is poorly maintained or a neighbor is creating a problem...call the landlord. There really is no reason to get to know those living in such close proximity to you. There are many people who do get to know their apartment neighbors but most renters never get beyond a fleeting "Hi" should they happen to pass in the hall.
Moving into a condo presents the new owner with an entirely different dynamic when it comes to the relationship between themselves and their neighbors. Like apartment living, you are still living in close proximity to others and many of the same problems inherent in apartment living exist in condo living too. However, there is no landlord to call upon when it comes to repairs in your unit or conflicts with your neighbors. Yeah, there may be a management company and there is the condo Board and yes they can help advise you but the responsibility for your living conditions is yours.
Every condo owner shares in the ownership of the property (you now are the landlord) and are therefore dependent on one another for creating a community where everyone enjoys being there and each interact to the benefit of all. This kind of community can only be achieved when you get to know your neighbors and we are not talking about fleeting "hellos" in the hallways.
Getting to know the people in your association is best achieved by attending board meetings, working on committees and participating in any and all events your association puts on. Conflicts are resolved and understandings are more easily reached when you more than just casually know your neighbors. Participate in your community. Get to really know as many people in your association as possible and you will find that condominium living can be a truly wonderful experience.
Dowling Properties strives to be the Premier Management Company in Chicago's near-west suburbs. We have been serving condo communities for over 25 years and can offer quality advice on how you can create a community that works together for the enjoyment of all. Call us at 708-771-0880 or e-mail us at customerservice@dowlingproperties.com . We are happy to serve your communities needs.
Many people who purchase and move into a condominium have just left apartment living and may have difficulty understanding that there is a distinct difference between renting an apartment and owning a condo unit. Living in a apartment inherently creates a situation where the landlord or building manager is responsible for your living conditions. If something breaks...call the landlord. If the property is poorly maintained or a neighbor is creating a problem...call the landlord. There really is no reason to get to know those living in such close proximity to you. There are many people who do get to know their apartment neighbors but most renters never get beyond a fleeting "Hi" should they happen to pass in the hall.
Moving into a condo presents the new owner with an entirely different dynamic when it comes to the relationship between themselves and their neighbors. Like apartment living, you are still living in close proximity to others and many of the same problems inherent in apartment living exist in condo living too. However, there is no landlord to call upon when it comes to repairs in your unit or conflicts with your neighbors. Yeah, there may be a management company and there is the condo Board and yes they can help advise you but the responsibility for your living conditions is yours.
Every condo owner shares in the ownership of the property (you now are the landlord) and are therefore dependent on one another for creating a community where everyone enjoys being there and each interact to the benefit of all. This kind of community can only be achieved when you get to know your neighbors and we are not talking about fleeting "hellos" in the hallways.
Getting to know the people in your association is best achieved by attending board meetings, working on committees and participating in any and all events your association puts on. Conflicts are resolved and understandings are more easily reached when you more than just casually know your neighbors. Participate in your community. Get to really know as many people in your association as possible and you will find that condominium living can be a truly wonderful experience.
Dowling Properties strives to be the Premier Management Company in Chicago's near-west suburbs. We have been serving condo communities for over 25 years and can offer quality advice on how you can create a community that works together for the enjoyment of all. Call us at 708-771-0880 or e-mail us at customerservice@dowlingproperties.com . We are happy to serve your communities needs.
Monday, October 4, 2010
What Does a Condo Management Company Do?
By Jim Digre
When the typical condo owner who's never been on the Board thinks about what their management company does, the first thing that usually comes to mind is landscaping and cleaning of the building. This isn't something that should come as a surprise since all they really see is the building grounds and common areas. What they don't realize is that their management company may not be directly involved in the maintenance of the building other than contracting for the crew that does the work. Of course, a good management company will do regular inspections of the property, part of which is to observe how well the maintenance crew is doing its job. They then will report to the Board on what they have observed and may offer corrective suggestions.
Actually, the real purpose of a management company is to relieve the Board Members of the burden of day to day management of the association. The operation of a condominium association, especially in a large complex or building, can be incredibly demanding. Between budgeting, bill paying, inspections, contracting of services, dispute resolution, assessment collection, banking, financial reporting and tax filings, most condo board members who hold full time jobs are rapidly overwhelmed by the scope of the task.
Hiring the right management company enables the Board Members to function solely as decision makers and then rely on the property manager to insure that those decisions are properly carried out. In addition, since most Board Members are not well experienced with what it takes to run a corporation (which is what an association is), an experienced management group is invaluable in providing advice on what to do in any given situation that may arise.
Proper management of your association goes a long way towards maintaining not only the value of the property but insures that you have a viable association that runs smoothly and effectively. Most people who live in a condominium do so because they want to own property but don't want all the hassles associated with home ownership. Effective management is what makes that a reality.
Dowling Properties has been in business for over 25 years and is one of the oldest property management companies in the near-west suburbs, We have a dedicated staff that would be proud to serve your association in a professional, responsive and pro-active manner. We can help any association function at its best. You can contact us by phone at 708-771-0880 or by e-mail at: customerservice@dowlingproperties,com and we would be happy to provide a no-obligation proposal and quote for our services.
When the typical condo owner who's never been on the Board thinks about what their management company does, the first thing that usually comes to mind is landscaping and cleaning of the building. This isn't something that should come as a surprise since all they really see is the building grounds and common areas. What they don't realize is that their management company may not be directly involved in the maintenance of the building other than contracting for the crew that does the work. Of course, a good management company will do regular inspections of the property, part of which is to observe how well the maintenance crew is doing its job. They then will report to the Board on what they have observed and may offer corrective suggestions.
Actually, the real purpose of a management company is to relieve the Board Members of the burden of day to day management of the association. The operation of a condominium association, especially in a large complex or building, can be incredibly demanding. Between budgeting, bill paying, inspections, contracting of services, dispute resolution, assessment collection, banking, financial reporting and tax filings, most condo board members who hold full time jobs are rapidly overwhelmed by the scope of the task.
Hiring the right management company enables the Board Members to function solely as decision makers and then rely on the property manager to insure that those decisions are properly carried out. In addition, since most Board Members are not well experienced with what it takes to run a corporation (which is what an association is), an experienced management group is invaluable in providing advice on what to do in any given situation that may arise.
Proper management of your association goes a long way towards maintaining not only the value of the property but insures that you have a viable association that runs smoothly and effectively. Most people who live in a condominium do so because they want to own property but don't want all the hassles associated with home ownership. Effective management is what makes that a reality.
Dowling Properties has been in business for over 25 years and is one of the oldest property management companies in the near-west suburbs, We have a dedicated staff that would be proud to serve your association in a professional, responsive and pro-active manner. We can help any association function at its best. You can contact us by phone at 708-771-0880 or by e-mail at: customerservice@dowlingproperties,com and we would be happy to provide a no-obligation proposal and quote for our services.
Monday, September 27, 2010
Past Due Assessments: What Should A Board Do?
In our previous post we talked about the importance of collecting past due assessments in order to maintain the value of your condo building. One of the things we mentioned was that legal action should be used only as a last resort. That is all well and good, but what does the board do besides communicating with the defaulting residents and initiating legal action?
According to the Law firm of Kovitz Shifrin Nesbit, as outlined in their pamphlet "THE ART AND PRACTICE OF COLLECTING DELINQUENT ASSESSMENTS" one of the first things a condo Board needs to consider is the establishment of a formal collection policy.
Why Establish a Collection Policy?
A formal collection policy is the foundation of a successful program in order to:
♦ Maintain necessary cash flows
♦ Reduce financial loss from owner defaults on assessment payments
♦ Establish and maintain reserves
♦ Present a sound financial picture to potential lenders for the association or a mortgage
company for potential purchasers
A board must establish a systematic approach to delinquencies. This can usually be done
by the board without owner approval. When a board formulates such a policy, it must be
communicated to the owners on an ongoing basis. An educated community is a well-run
community.
Consequences of Uncollected Delinquent Payments
By not having a tough but fair policy in place:
♦ Innocent owners’ assessments have to be increased to cover the deficit, either by way
of increases in the operating budget or through special assessments.
♦ Essential maintenance may become unaffordable and put off when needed.
♦ The property begins to appear run-down — which, in turn, reduces property values.
♦ Borrowing from reserves may become necessary to cover shortfalls.
♦ Disharmony may occur between paying owners and the board for its failure to take
action.
If the ratio of delinquencies to paid-up assessments is out of proportion, mortgage lenders may begin to reject applications and the association may not be able to obtain a loan to make essential repairs that need to be financed.
Establishing a Firm Collection Policy
To Establish a Firm Collection Policy
1. The board should consult with its attorney, accountant and manager to set up
guidelines. A formal resolution of the board should be adopted at an open meeting of members that:
♦ Specifies the problem
♦ Delineates the authority for taking the approved action
♦ Designates the procedures to be followed
♦ Designates the circumstances under which the procedures are required or permitted
♦ Establishes deadlines
The final policy should ultimately be included as part of the association’s handbook or
completed rules and regulations.
2. Set a firm due date for assessments and the levying of a late fee (usually the 15th
of the month), subject to the rules and regulations and Declaration.
3. Outline the steps to be taken by the manager or person responsible for collecting
assessments when a payment is overdue.
4. Allow for payment plans in cases of special need and financial hardship (so long
as it is not abused).
5. Specify when a delinquent assessment should be referred to legal counsel. The
manager should note that this is automatic once a delinquent account reaches a specified age or amount. (We generally recommend no later than sixty (60) days except in special cases.)
6. Provide for the collection of any costs associated with collecting delinquent
assessments and the assessment of attorneys’ fees at the time they are incurred.
7. It is critical that this policy be communicated to all owners ongoingly so there is
no question as to what the procedures are.
By waiting too long to turn over an account, an association may lose out if a mortgage foreclosure is filed against the unit or the owner goes into bankruptcy. In a foreclosure, the lender will assume ownership of the unit before the association has a chance to collect its money.
According to the Law firm of Kovitz Shifrin Nesbit, as outlined in their pamphlet "THE ART AND PRACTICE OF COLLECTING DELINQUENT ASSESSMENTS" one of the first things a condo Board needs to consider is the establishment of a formal collection policy.
Why Establish a Collection Policy?
A formal collection policy is the foundation of a successful program in order to:
♦ Maintain necessary cash flows
♦ Reduce financial loss from owner defaults on assessment payments
♦ Establish and maintain reserves
♦ Present a sound financial picture to potential lenders for the association or a mortgage
company for potential purchasers
A board must establish a systematic approach to delinquencies. This can usually be done
by the board without owner approval. When a board formulates such a policy, it must be
communicated to the owners on an ongoing basis. An educated community is a well-run
community.
Consequences of Uncollected Delinquent Payments
By not having a tough but fair policy in place:
♦ Innocent owners’ assessments have to be increased to cover the deficit, either by way
of increases in the operating budget or through special assessments.
♦ Essential maintenance may become unaffordable and put off when needed.
♦ The property begins to appear run-down — which, in turn, reduces property values.
♦ Borrowing from reserves may become necessary to cover shortfalls.
♦ Disharmony may occur between paying owners and the board for its failure to take
action.
If the ratio of delinquencies to paid-up assessments is out of proportion, mortgage lenders may begin to reject applications and the association may not be able to obtain a loan to make essential repairs that need to be financed.
Establishing a Firm Collection Policy
To Establish a Firm Collection Policy
1. The board should consult with its attorney, accountant and manager to set up
guidelines. A formal resolution of the board should be adopted at an open meeting of members that:
♦ Specifies the problem
♦ Delineates the authority for taking the approved action
♦ Designates the procedures to be followed
♦ Designates the circumstances under which the procedures are required or permitted
♦ Establishes deadlines
The final policy should ultimately be included as part of the association’s handbook or
completed rules and regulations.
2. Set a firm due date for assessments and the levying of a late fee (usually the 15th
of the month), subject to the rules and regulations and Declaration.
3. Outline the steps to be taken by the manager or person responsible for collecting
assessments when a payment is overdue.
4. Allow for payment plans in cases of special need and financial hardship (so long
as it is not abused).
5. Specify when a delinquent assessment should be referred to legal counsel. The
manager should note that this is automatic once a delinquent account reaches a specified age or amount. (We generally recommend no later than sixty (60) days except in special cases.)
6. Provide for the collection of any costs associated with collecting delinquent
assessments and the assessment of attorneys’ fees at the time they are incurred.
7. It is critical that this policy be communicated to all owners ongoingly so there is
no question as to what the procedures are.
By waiting too long to turn over an account, an association may lose out if a mortgage foreclosure is filed against the unit or the owner goes into bankruptcy. In a foreclosure, the lender will assume ownership of the unit before the association has a chance to collect its money.
Tuesday, September 14, 2010
Retaining Property Value in a Declining Market
By: Jim Digre
The economic conditions brought about by the housing collapse in the United States has had a devastating affect on the condominium market for Oak Park, River Forest, Forest Park and Berwyn. To be frank about it you could say that the ability to sell your condo, especially if you have a one bedroom, is virtually non-existent. Conventional Wisdom says the market will come back and all you have to do is hold on. The problem with that is it doesn't take in to consideration life changes that require people to move on to different housing arrangements. Knowing this, many owners are very worried about the value of their unit and what to do if they should have to move for one reason or another.
There are a number of steps that condo owners and association boards can take to help mitigate this situation. First and foremost is to do what it takes to get your building FHA approved. To be blunt, there is absolutely no excuse or rationalization for not doing so. The predominant buyer for condos, especially one bedroom units, is the first time buyer. Low-down and no-down conventional mortgages that these buyers need are currently extremely rare if not completely unavailable. So, if you expect to have any market for your units and want to avoid foreclosed or abandoned units, get this done. Nothing will reduce the over-all value and marketability of your units more than a large number of foreclosures in the building.
Secondly, the Board needs to review whatever restrictions exist on allowing owners to rent out their units. The number of rentals in a condo building can adversely affect the ability of borrowers to get a mortgage for a unit in the building, but this is no excuse for not establishing a workable rental policy. Having a rational and fair rental policy enables those owners that must move and can't sell to be able to continue meeting their mortgage obligation, and most importantly for the association, to pay their assessments.
Thirdly, the matter of pets in the building or complex should be considered. According to Wikipedia, 63% of households in the United States own one or more pets. When it comes to selling a condo in your building, if you have a no-pet policy, 6 out of 10 potential buyers are eliminated from what is right now not a huge pool of buyers in the first place. Eliminating a no-pets rule can go a long ways towards maintaining the values in your building.
In addition to the above three recommendations, the Board needs to pay close attention to building maintenance. Making a good first impression on a potential buyer and retaining property value falls heavily on curb appeal and over-all cleanliness of the building. Keeping the grass cut and edged (unfortunately an area often overlooked) along with weeding and edging the shrub and flower beds can do wonders for the appeal of your building. You don't necessarily need tons of flowers to make your landscaping appealing, although it does help, you just need to keep things neat and clean. Blowing papers, empty bottles and miscellaneous trash on the property are a statement to observers that the people who live in the building don't care about it and is a huge turn-off to a potential buyer. The Board needs not only to insure that the maintenance personnel are doing the job they're being paid for but also to constantly remind residents that it is every one's responsibility to keep the place clean. If you see some trash, pick it up. Everyone will benefit and you will not only enhance the value of your property but will enjoy living there more.
Finally, and this is an area that can create hostility and resentment, the subject of assessments must be addressed. It seems that the first thing that many condo owners do when money gets tight is to stop paying their assessments. Somehow they manage to make the monthly mortgage payment (so they don't get foreclosed on) but figure they can skip the assessment. Condo Boards and management companies that take a laze-fair approach to collection of past due assessments are not only cheating the paying residents but also condemning the building to a gradual decline in value. Without the assessments, the Board will be unable to pay the expenses of maintaining the building. The Board, working in conjuction with the management company must pay attention to the status of un-paid assessments and take the necessary actions to collect what is due. Using legal action should be the last resort. Someone on the board, along with a management company representative, if needed, should first meet with the offending resident(s), and find out why the assessments aren't being paid. They should then try to work out a solution that is fair and equitable to both the resident and the association. Remember, the further an owner gets behind, the more difficult it will be for them to catch up. Action needs to be taken right away and followed up on or more and more residents will stop paying. What may end up happening is, "if he's not paying, why should I?" will start to spread through the building and that can only spell disaster for all concerned.
If you want more information on how to initiate the above suggestions, contact your management company. If they can't help, give us a call here at Dowling Properties. We would be happy to sit down with you and explain how working together we can keep your property at its highest value.
Contact us at: 708-771-0880 or visit our web site at http://www.dowlingproperties.com/
The economic conditions brought about by the housing collapse in the United States has had a devastating affect on the condominium market for Oak Park, River Forest, Forest Park and Berwyn. To be frank about it you could say that the ability to sell your condo, especially if you have a one bedroom, is virtually non-existent. Conventional Wisdom says the market will come back and all you have to do is hold on. The problem with that is it doesn't take in to consideration life changes that require people to move on to different housing arrangements. Knowing this, many owners are very worried about the value of their unit and what to do if they should have to move for one reason or another.
There are a number of steps that condo owners and association boards can take to help mitigate this situation. First and foremost is to do what it takes to get your building FHA approved. To be blunt, there is absolutely no excuse or rationalization for not doing so. The predominant buyer for condos, especially one bedroom units, is the first time buyer. Low-down and no-down conventional mortgages that these buyers need are currently extremely rare if not completely unavailable. So, if you expect to have any market for your units and want to avoid foreclosed or abandoned units, get this done. Nothing will reduce the over-all value and marketability of your units more than a large number of foreclosures in the building.
Secondly, the Board needs to review whatever restrictions exist on allowing owners to rent out their units. The number of rentals in a condo building can adversely affect the ability of borrowers to get a mortgage for a unit in the building, but this is no excuse for not establishing a workable rental policy. Having a rational and fair rental policy enables those owners that must move and can't sell to be able to continue meeting their mortgage obligation, and most importantly for the association, to pay their assessments.
Thirdly, the matter of pets in the building or complex should be considered. According to Wikipedia, 63% of households in the United States own one or more pets. When it comes to selling a condo in your building, if you have a no-pet policy, 6 out of 10 potential buyers are eliminated from what is right now not a huge pool of buyers in the first place. Eliminating a no-pets rule can go a long ways towards maintaining the values in your building.
In addition to the above three recommendations, the Board needs to pay close attention to building maintenance. Making a good first impression on a potential buyer and retaining property value falls heavily on curb appeal and over-all cleanliness of the building. Keeping the grass cut and edged (unfortunately an area often overlooked) along with weeding and edging the shrub and flower beds can do wonders for the appeal of your building. You don't necessarily need tons of flowers to make your landscaping appealing, although it does help, you just need to keep things neat and clean. Blowing papers, empty bottles and miscellaneous trash on the property are a statement to observers that the people who live in the building don't care about it and is a huge turn-off to a potential buyer. The Board needs not only to insure that the maintenance personnel are doing the job they're being paid for but also to constantly remind residents that it is every one's responsibility to keep the place clean. If you see some trash, pick it up. Everyone will benefit and you will not only enhance the value of your property but will enjoy living there more.
Finally, and this is an area that can create hostility and resentment, the subject of assessments must be addressed. It seems that the first thing that many condo owners do when money gets tight is to stop paying their assessments. Somehow they manage to make the monthly mortgage payment (so they don't get foreclosed on) but figure they can skip the assessment. Condo Boards and management companies that take a laze-fair approach to collection of past due assessments are not only cheating the paying residents but also condemning the building to a gradual decline in value. Without the assessments, the Board will be unable to pay the expenses of maintaining the building. The Board, working in conjuction with the management company must pay attention to the status of un-paid assessments and take the necessary actions to collect what is due. Using legal action should be the last resort. Someone on the board, along with a management company representative, if needed, should first meet with the offending resident(s), and find out why the assessments aren't being paid. They should then try to work out a solution that is fair and equitable to both the resident and the association. Remember, the further an owner gets behind, the more difficult it will be for them to catch up. Action needs to be taken right away and followed up on or more and more residents will stop paying. What may end up happening is, "if he's not paying, why should I?" will start to spread through the building and that can only spell disaster for all concerned.
If you want more information on how to initiate the above suggestions, contact your management company. If they can't help, give us a call here at Dowling Properties. We would be happy to sit down with you and explain how working together we can keep your property at its highest value.
Contact us at: 708-771-0880 or visit our web site at http://www.dowlingproperties.com/
Wednesday, September 1, 2010
Rights and Responsibilities for Better Communities
Principles for Homeowners and Community Leaders
Community Associations Institute
Homeowners Have the Right To:
1. A responsive and competent community association.
2. Honest, fair and respectful treatment by community leaders and managers.
3. Participate in governing the community association by attending meetings, serving on committees and standing for election.
4. Access appropriate association books and records.
5. Prudent expenditure of fees and other assessments.
6. Live in a community where the property is maintained according to established standards.
7. Fair treatment regarding financial and other association obligations, including the opportunity to discuss payment plans and options with the association before foreclosure is initiated.
8. Receive all documents that address rules and regulations governing the community association - if not prior to purchase and settlement by a real estate agent or attorney, then upon joining the community.
9. Appeal to appropriate community leaders those decisions affecting non-routine financial responsibilities or property rights.
Homeowners Have the Responsibility To:
1. Read and comply with the governing documents of the community.
2. Maintain their property according to established standards.
3. Treat association leaders honestly and with respect.
4. Vote in community elections and on other issues.
5. Pay association assessments and charges on time.
6. Contact association leaders or managers, if necessary, to discuss financial obligations and alternative payment arrangements.
7. Request reconsideration of material decisions that personally affect them.
8. Provide current contact information to association leaders or managers to help ensure they receive information from the community.
9. Ensure that those who reside on their property (e.g., tenants, relatives, friends) adhere to all rules and regulations.
Community Leaders Have the Right To:
1. Expect owners and non-owner residents to meet their financial obligations to the community.
2. Expect residents to know and comply with the rules and regulations of the community and to stay informed by reading materials provided by the association.
3. Respectful and honest treatment from residents.
4. Conduct meetings in a positive and constructive atmosphere.
5. Receive support and constructive input from owners and non-owner residents.
6. Personal privacy at home and during leisure time in the community.
7. Take advantage of educational opportunities (e.g., publications, training workshops) that are directly related to their responsibilities, and as approved by the association.
Community Leaders Have the Responsibility To:
1. Fulfill their fiduciary duties to the community and exercise discretion in a manner they reasonably believe to be in the best interests of the community.
2. Exercise sound business judgment and follow established management practices.
3. Balance the needs and obligations of the community as a whole with those of individual homeowners and residents.
4. Understand the association's governing documents and become educated with respect to applicable state and local laws, and to manage the community association accordingly.
5. Establish committees or use other methods to obtain input from owners and non-owner residents.
6. Conduct open, fair and well-publicized elections.
7. Welcome and educate new members of the community - owners and non-owner residents alike.
8. Encourage input from residents on issues affecting them personally and the community as a whole.
9. Encourage events that foster neighborliness and a sense of community.
10. Conduct business in a transparent manner when feasible and appropriate.
11. Allow homeowners access to appropriate community records, when requested.
12. Collect all monies due from owners and non-owner residents.
13. Devise appropriate and reasonable arrangements, when needed and as feasible, to facilitate the ability of individual homeowners to meet their financial obligations to the community.
14. Provide a process residents can use to appeal decisions affecting their non-routine financial responsibilities or property rights - where permitted by law and the association's governing documents.
15. Initiate foreclosure proceedings only as a measure of last resort.
16. Make covenants, conditions and restrictions as understandable as possible, adding clarifying "lay" language or supplementary materials when drafting or revising the documents.
17. Provide complete and timely disclosure of personal and financial conflicts of interest related to the actions of community leader, e.g., officers, the board and committees. (Community associations may want to develop a code of ethics.)
Community Associations Institute
Homeowners Have the Right To:
1. A responsive and competent community association.
2. Honest, fair and respectful treatment by community leaders and managers.
3. Participate in governing the community association by attending meetings, serving on committees and standing for election.
4. Access appropriate association books and records.
5. Prudent expenditure of fees and other assessments.
6. Live in a community where the property is maintained according to established standards.
7. Fair treatment regarding financial and other association obligations, including the opportunity to discuss payment plans and options with the association before foreclosure is initiated.
8. Receive all documents that address rules and regulations governing the community association - if not prior to purchase and settlement by a real estate agent or attorney, then upon joining the community.
9. Appeal to appropriate community leaders those decisions affecting non-routine financial responsibilities or property rights.
Homeowners Have the Responsibility To:
1. Read and comply with the governing documents of the community.
2. Maintain their property according to established standards.
3. Treat association leaders honestly and with respect.
4. Vote in community elections and on other issues.
5. Pay association assessments and charges on time.
6. Contact association leaders or managers, if necessary, to discuss financial obligations and alternative payment arrangements.
7. Request reconsideration of material decisions that personally affect them.
8. Provide current contact information to association leaders or managers to help ensure they receive information from the community.
9. Ensure that those who reside on their property (e.g., tenants, relatives, friends) adhere to all rules and regulations.
Community Leaders Have the Right To:
1. Expect owners and non-owner residents to meet their financial obligations to the community.
2. Expect residents to know and comply with the rules and regulations of the community and to stay informed by reading materials provided by the association.
3. Respectful and honest treatment from residents.
4. Conduct meetings in a positive and constructive atmosphere.
5. Receive support and constructive input from owners and non-owner residents.
6. Personal privacy at home and during leisure time in the community.
7. Take advantage of educational opportunities (e.g., publications, training workshops) that are directly related to their responsibilities, and as approved by the association.
Community Leaders Have the Responsibility To:
1. Fulfill their fiduciary duties to the community and exercise discretion in a manner they reasonably believe to be in the best interests of the community.
2. Exercise sound business judgment and follow established management practices.
3. Balance the needs and obligations of the community as a whole with those of individual homeowners and residents.
4. Understand the association's governing documents and become educated with respect to applicable state and local laws, and to manage the community association accordingly.
5. Establish committees or use other methods to obtain input from owners and non-owner residents.
6. Conduct open, fair and well-publicized elections.
7. Welcome and educate new members of the community - owners and non-owner residents alike.
8. Encourage input from residents on issues affecting them personally and the community as a whole.
9. Encourage events that foster neighborliness and a sense of community.
10. Conduct business in a transparent manner when feasible and appropriate.
11. Allow homeowners access to appropriate community records, when requested.
12. Collect all monies due from owners and non-owner residents.
13. Devise appropriate and reasonable arrangements, when needed and as feasible, to facilitate the ability of individual homeowners to meet their financial obligations to the community.
14. Provide a process residents can use to appeal decisions affecting their non-routine financial responsibilities or property rights - where permitted by law and the association's governing documents.
15. Initiate foreclosure proceedings only as a measure of last resort.
16. Make covenants, conditions and restrictions as understandable as possible, adding clarifying "lay" language or supplementary materials when drafting or revising the documents.
17. Provide complete and timely disclosure of personal and financial conflicts of interest related to the actions of community leader, e.g., officers, the board and committees. (Community associations may want to develop a code of ethics.)
Monday, August 30, 2010
Lofts and Condos - How to Deal With a Neighbor's Shrieking Dog!
By Andy Asbury
Not everyone is crazy about animals in the house.
If you are a new condominium owner and you are one of these people, I empathize with your perspective. A Lofts and Condos specialist in the Twin Cities of Minnesota, I myself love both dogs and city life. However, I understand how the smells of pets in confined spaces can be overpowering. Dogs do shed hair on everything!
However, sooner or later your neighbor will adopt one.
When that happens, the dog is likely to shriek for hours at a time. The barking can be shrill, piercing through doors and walls. If you are extremely sensitive to this issue, it can make life seem pretty difficult.
The good news is that, usually, dogs adapt to their homes within a week or two. After that, you should hear them only infrequently, for example, when someone opens a stairwell door.
Meanwhile, if you can be patient, some tolerance for pet owners will help keep your property values high as it keeps your building open to a larger pool of potential buyers. According to the American Veterinary Medical Association (AVMA), sixty three percent of American households have a pet! Sixty-three percent-and the AVMA said half of them consider pets to be family members.
Some perseverance can also preserve a relationship with the new dog owner. You may find that this neighbor is otherwise the most courteous person in the building!
This is not to say that nothing can be done to address your concerns. If a neighboring dog is bothering you, contact your property management company or Home Owner Association (HOA) to find out whether the unit has registered its pet. In many buildings, doing so is a requirement. That way, those groups can help you monitor the situation.
If noise levels do not stabilize, there is additional recourse. In this case, more of your neighbors will take your side, including those more amenable to pets. If necessary, your HOA can issue fines to the pet owner with each continued, daily offense. Also, most cities have detailed noise ordinances with provisions for apartments and condominiums. In Minneapolis, codes stipulate that a person inside a condo should not be able to hear noises from other units before 6 am or after 10 pm. That means that after 10 pm, calling the police can become an option.
Not everyone is crazy about animals in the house.
If you are a new condominium owner and you are one of these people, I empathize with your perspective. A Lofts and Condos specialist in the Twin Cities of Minnesota, I myself love both dogs and city life. However, I understand how the smells of pets in confined spaces can be overpowering. Dogs do shed hair on everything!
However, sooner or later your neighbor will adopt one.
When that happens, the dog is likely to shriek for hours at a time. The barking can be shrill, piercing through doors and walls. If you are extremely sensitive to this issue, it can make life seem pretty difficult.
The good news is that, usually, dogs adapt to their homes within a week or two. After that, you should hear them only infrequently, for example, when someone opens a stairwell door.
Meanwhile, if you can be patient, some tolerance for pet owners will help keep your property values high as it keeps your building open to a larger pool of potential buyers. According to the American Veterinary Medical Association (AVMA), sixty three percent of American households have a pet! Sixty-three percent-and the AVMA said half of them consider pets to be family members.
Some perseverance can also preserve a relationship with the new dog owner. You may find that this neighbor is otherwise the most courteous person in the building!
This is not to say that nothing can be done to address your concerns. If a neighboring dog is bothering you, contact your property management company or Home Owner Association (HOA) to find out whether the unit has registered its pet. In many buildings, doing so is a requirement. That way, those groups can help you monitor the situation.
If noise levels do not stabilize, there is additional recourse. In this case, more of your neighbors will take your side, including those more amenable to pets. If necessary, your HOA can issue fines to the pet owner with each continued, daily offense. Also, most cities have detailed noise ordinances with provisions for apartments and condominiums. In Minneapolis, codes stipulate that a person inside a condo should not be able to hear noises from other units before 6 am or after 10 pm. That means that after 10 pm, calling the police can become an option.
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