These are certainly unprecedented times. Mandatory quarantines, business shutdowns and illness make for challenging times for all of us, including property management companies. For those living in multi-family buildings, in close proximity to others with shared common spaces, worry and concern can be exacerbated. Here is what you should expect from your property management company:…
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by Fran McGovern Jr., Esquire We are regularly asked how Associations can save money on attorney fees. Some argue: “go with an hourly agreement, that way the Association can control the attorney’s work.” Others might argue: “flat-fee retainer agreements are best; budgeting will be easier.” Still others might say: “a contingent fee arrangement is best,…
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The Bureau of Housing Inspection administers the New Jersey Hotel and Multiple Dwelling Law (N.J.S.A. 55:13A-1 et seq.) and are responsible for dwellings, including condos, townhomes and multiple-family dwelling of 3 or more units. This bureau makes sure all properties operate within the State of New Jersey guidelines, are properly maintained and do not pose…
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Effective communication is essential in governing your association. Most conflicts arise when homeowners are ill informed or feel unheard. Transparency and establishing clear expectations are essential ingredients in establishing trust between all parties. Boards communicate with 3 groups: their property managers/management companies, their homeowners and amongst themselves. Here are some helpful tips to establish effective…
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HOA & CONDO COMMUNITIES UNDERSTANDING YOUR FINANCIAL REPORTS: A Comprehensive Guide CONNECT TODAY Many homeowners and board members struggle to understand their financial reports, which can hinder their ability to make informed decisions about their community’s finances. Truth is, not all of us have experience or education in reviewing numbers and reports. If you are…
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All homeowners dread pipe bursts, roof leaks, oven fires, storm damage, etc. but unfortunately, they happen. When living in a condo, high rise, multifamily, or townhome, you share walls and common space and need worry not only about your own home, but your neighbors’ as well. Understanding insurance and the claims process, and following the…
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Many homeowners wonder what their property management company does for the for their management fee and what exactly are their monthly dues are paying for. However, a professional management company is a service many communities cannot afford to be without. Property Management can be broken into four main categories: Building & Grounds, Financial, Administration and…
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