Average cost of condo fees and how to reduce it

Besides making monthly mortgage payments, condo owners must pay condo fees as well.  This amount covers maintenance costs for common areas in the condo building and it contributes to a rainy day fund. Sounds fair enough, right? Problem is, there’s no benchmark to how much condo fees should cost. In some places, it’s $50 while others […]

View More →
Who is responsible for HOA dues after foreclosure?

When an owner doesn’t pay their dues, the entire HOA has to deal with the consequences. Fees from owners are factored into an association’s budget, and when owners fall behind on payments, the HOA can’t cover all of its expenses. In very rare cases, homes have had to be foreclosed because owners could not meet […]

View More →
Templates for Strata Corporations

To manage a strata well, you need efficient processes and procedures in place. There are meetings to prepare for, fees to collect and maintenance issues to fix. And who could forget about all of that paperwork! These recurring tasks can easily take up much of your valuable time, especially if you start from scratch each […]

View More →
Accounting for HOAs

HOAs cannot operate without revenue. It’s as simple as that. Good accounting is critical to the health and happiness of every HOA development. Managing a multi-million dollar budget is not so simple, however, especially if none of your board members have an accounting background. Accounting can be quite stressful for anyone to navigate, and it’s […]

View More →
Accounting for condos

covid-19 resources Request a Demo Good accounting is an important pillar of a happy and healthy condo community. Condos need money to operate. It’s as simple as that. But managing a multi-million dollar budget is not so simple. With multiple revenue sources, short-term and long-term projects, bills, contractors, and more, taking care of a condo’s […]

View More →
Pro formas for condo developers, sellers and buyers

Whether you are developing, selling or purchasing a condo, a pro forma statement can be a vital tool for decision-making, and minimizing risks associated with investing. But in order to be truly useful, pro forma statements must be based on objective and reliable information. This is the only way to create an accurate projection of […]

View More →
HOA statements: 5 things to know

Owners who belong to an HOA enjoy a multitude of perks and benefits, however these things don’t come for free.The association makes decisions about and pays for things like maintaining common areas (pools, clubhouses, gyms), cleaning, landscaping for shared spaces, and repairs for equipment and parking lots. However, in return for general maintenance and shared […]

View More →
4 ways to use Tableau to improve condo/HOA operations

The numbers don’t lie. Condos and HOAs need numbers to understand essential things like profits and losses, as well as more complex issues such as scheduling maintenance repairs for equipment. Numbers provide boards with concrete facts, and help them make informed decisions for their community. Instead of acting on a hunch, they can act on […]

View More →
How to write an assessment letter for HOA members

  Don’t believe the rumours. Special assessments aren’t just for condo communities. Any covenanted community can have special assessments imposed; this includes gated communities and HOA-governed communities.   Click here to download our special assessment letter template    What is a special assessment? Why do homeowners cringe when they hear the words “special assessment?” A […]

View More →