The unit cost is not even half the battle
Working closely with your managing agent is a great start to cutting costs. The managing agent normally has a great bulk program for both electricity and energy purchases, providing an opportunity for their buildings to switch to ESCOs and reduce unit costs. Although cutting the cost of something the building uses and considers a fixed cost is a great start, it is not even half the battle. Here are 10 tips on cutting heating and electric use.
Budget Season is here… with a Vengeance!
It’s that time of the year again. Soon, you will need to inform your owners that their monthly fees are increasing, again. This is in spite of a close to zero inflation economy and owners’ salaries barely (or not) increasing. Despite this, every contract and vendor that the board hires, on owners’ behalf, automatically increases their fees every year.
Our interview with Habitat Magazine about ‘Unfixing “Fixed” Costs’
The Folson Group was consulted about reducing waster costs in an unconventional way for Unfixing "Fixed" Costs by Marianne Schaeffer and Habitat Magazine. We discussed a technique that is incredibly affordable and results in substantial savings for any Coop or Condo where water is included in the resident's monthly fees. Link to article here. Please like, share and comment!
3 Small Expenses that make a BIG difference for your association
When we work with HOA, Cooperative and Condominium boards on cutting costs, they often want both significant and immediate results. Your association’s expenses should be reviewed on an ongoing basis in order for it to operate efficiently and generate wealth for the owners. Here are some of the small expenses that add up over time that too often are not reviewed and/or renegotiated and some tips on how to change all that.
Key Tips on How to Keep Your Residents Happy
In theory, keeping your residents happy should be fairly easy as their interests align with yours, since you too are a resident. However, serving on the board can become very political since you as a board member have been voted in to that position, not unlike a politician voted in to theirs. So what can you, as a board member, do to keep your residents happy?
6 Top Resources for New Co-op and Condo Board Members
This is Election Season for most NYC co-ops and condos. You have been recently elected to the board of your co-op or condo, your largest investment: now what do you do? You may be the best Attorney, CPA, Consultant, or Financial Advisor on the planet, but how much do you know about running a building?
4 Tips on How to Reach a Quorum
We help Co-op and Condo boards reach a quorum for their Annual Meeting, every year. For many buildings, every year is a struggle to get a quorum in order to have a legal election. With our assistance, Annual Meetings are well-attended and proxies from non-attendees are handed in ahead of time. Read our top 4 tips on reaching a quorum:
Why a Finance Committee is Essential
Audited financial reports are being prepared as we speak and will be issued to owners & shareholders in the next few weeks. In New York State, The Business Corporation Law requires them to be issued before March 31 each year. Does your building abide by that law? If it doesn’t, it surely needs a Finance Committee.
All Time High
New York Residential Property Values are reaching all-time highs, as demand continues to push up prices.
What can current owners do to further increase the value of their buildings, and help them stand out from their neighbors?
Beat the Odds!
It’s a New Year with New Beginnings and all-new New Year’s Resolutions. Here are some fun facts:
The #1 New Year’s Resolution is to lose weight
The #5 New Year’s Resolution is to stay fit and healthy