Tough economic climates can put property management services to the test. When a property management company manages a building with one or more units whose owners have stopped making the assessment payments, the already tight board budgets are stretched to their limits. Usually, the rest of the property owners will have to pay higher fees to make up the difference.
But creative boards, working with the right property management company, can get the bank to allow them to rent out the unit for up to 13 months in an attempt to recover missed assessment fees. Boards and owners tend to be lenient on delinquent neighbors, but the lack of funds can put the health of the whole property at risk. Responsible property management companies can help in times like this by keeping a close eye on maintenance expenses and remaining flexible on the payments that owners make for their services.
Read the full article Boards Underwater at The Chicagoland Cooperator