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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Using QuickBooks for condominiums

Every successful business is supported by healthy cash flow. Though condominium corporations are considered not-for-profit organizations, they still need to generate revenue to operate well. Someone needs to keep track of profits and expenses to ensure there is enough money coming in to maintain the value of the property and ensure its longevity.    Good […]

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How to write a special assessment letter for condo owners

Condo buildings are complex and intricate, and they require a reliable source of revenue to maintain the structure, repair systems, keep everything clean, cover emergency or unexpected costs, pay staff, etc. Much of this money comes from owners in the form of condo fees. However, on rare occasions, the corporation or association may be hit […]

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HOAs and condos can make pre-authorized debit payments using CCC and Rotessa

Exciting news! We’ve partnered with Rotessa to simplify online payments for condos and HOAs. Through this partnership, we offer residential communities more convenience, and reduce costs for corporations. This new partnership allows residents to make payments from their chequing or savings account while maintaining their current credit option.   What is Rotessa?  Rotessa is an online payment […]

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Using reserve funds: Is now the right time?

Condo corporations are considered not-for-profit organizations. This means they don’t have extra money lying around to pay for things like significant improvements or repairs. They must work with the revenues that they generate from condo fees.Planning for the future is part of good condo management. Some portion of the fees collected from condo owners must […]

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