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June 10, 2013

7 Ways To Lower Your Condo Fees

Filed under: Center City Real Estate,General Real Estate — Center City Philadelphia Real Estate Agent @ 9:42 am

….fairly painlessly

Of course all associations could lower their condo fees if they made an effort. Now I wouldn’t go as far as to say that some condo associations piss their money away, but I think a look into some common money saving practices around town is fair game. I’m just saying:


pain face

 

1) Install 1.6 Gallons Per Flush toilets in entire building. Get rid of all the old 5.5 Gallon Per Flush toilets commonly installed in the 1960’s. And believe me, some Center City condos in town circa 1965 still have many of those hugely wasteful toilets in use today.

 

2) In buildings with a common HVAC for ALL condo units

provide free window tinting for all units that request. Even a 1%-2% savings is going to mean big money for larger buildings. Apply professionally. Also- add programmable thermostats and teach unit owners how to use. No need to heat a condo unit while owner is away from 8am-6pm!

 

3) In Brownstone styled buildings- Assign someone to form a committee to have your master-insurance policy reviewed. Then do it again. Get 5 competitive bids, and make sure your deductible is spot-on for your liability policy.

 

4) In Mid-Rise styled buildings- consider having hallway lights activate with motion. That way, you are not running all lighting to all areas of the building 24/7. And spend the money to replace light bulbs with high efficiency bulbs.

 

5) In larger Associations- consider forming a garden committee. Why pay for landscaping to be done when you may have 75 volunteers to do the work on the weekends?

 

6) In smaller Associations- Consider the possible benefit of replacing your doorman with a “Virtual Doorman” – one that electronically monitors the front door to permit guest access and registers the comings and goings of those in and out of the building. A few buildings in town have done so quite effectively.

 

7) In Brownstone Styled/ Lowrise Associations– consider managing “In-House” – if you have say 10 or fewer units total.

 

Remember- If your Philadelphia condo association isn’t being run like a business (which in essence, it is) then someone isn’t doing

their job. Capiche?

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