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A Day of Learning
The date is fast approaching for The Chicagoland Cooperator’s first annual Chicagoland Condo, HOA, & Co-op Expo, to be held at Navy Pier Convention Center on Wednesday, November
16, 2011 from 10 a.m. to 5 p.m. Along with the booths and networking
opportunities that come along with a high-profile trade show, the Chicagoland
Expo will also host four in-depth educational seminars custom-built for board
and association members and property managers.
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Presiding Over Your Condo
Say the term “board president,” and most people envision a highly-paid position with great—if not absolute—authority and influence over a large company or foundation.
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Making the Grade
The relationship between boards and management is, by its very nature, a deep
one. The two teams rely on each other to ensure the smooth oversight of their
co-op and condo communities. Both are dedicated to doing everything possible to
create a stable and welcoming environment for residents while at the same time,
handling the day-to-day and big picture aspects of management, from dealing
with vendors to ensuring a solid financial bottom line. With so much at stake,
it is vital for everyone involved to be functioning at an optimal level. For
boards and for the managers who work with them, building that well-oiled
management machine is key to that success. So what can be done to ensure the
best relationship possible and how does one know if it’s not going to work? That’s where evaluations come into play.
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Secrets of Successful Co-op & Condo Boards
It’s an oft-repeated refrain that condo and HOA boards are groups of unique
individuals with their own perspective and opinions, so no two boards are ever
the same. That being said, there are certain overall organizational
characteristics that can unify a board and help its members run their building
smoothly and efficiently.
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New Kids on the Block
So the votes are counted, and the new board members are officially chosen. Now
what?
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Vendor Relationships
A well-run condominium or co-op requires that it is getting its supplies and
services smoothly and at the best price, which is why a board of directors or
management company needs to stay on top of its vendors and its contracts with
them.
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Laying the Law Down
Every co-op, condominium, and homeowners association has rules and regulations
that residents and their guests must abide by. For the most part, they’re usually pretty straightforward and have minimal impact: no 200-pound dogs, no
smoking in the mailroom, no bowling in the hallways.
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Meetings 101
If you live in a condo or a co-op, you’ve probably noticed that your building has at least one annual shareholders’ or unit owners’ meeting each year.
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Making It Work
Though the benefits of condominium and cooperative living are numerous, it’s human nature that where there are people, there will be conflict. Running to a
lawyer every time a problem arises is hardly sensible. The legal process is
slow, costly, and rarely brings a peaceable resolution between two parties.
This is where alternative dispute resolution, or ADR comes in.
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Getting Creative
The Great Recession has required all boards and property managers to investigate
new and progressive ways to ensure that their bottom line is covered. While
this has always been the mission, the economic reality of recent years has
inspired more of a push to find creative solutions—new revenue streams—for condos, co-ops, and homeowner associations alike.
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