Condo Management- How To Run A Building

With everything else going on in my life right now, I found myself being asked to take over the position as condo treasurer. My mom was like- do they know you? You mean my slice and dice the budget attitude? I gave them an out. They didn’t take it. So I took over the reigns of a building that was running in the red. The files I inherited were far from complete. Yeah me.

How do you save a sinking ship? You plug up the holes. I sat down and listed out all the expenses. I then analyzed where the money was going. I immediately found five areas that could be cut or changed. I made a list and started to explore options. Then I presented them to the board.

1. We don’t need a maid to vacuum the stairs, I am perfectly happy to spend the few minutes doing that. That saves 120 per month.

2. The building insurance. I have wanted to shop this out for years. A nice $900 savings per year.

3. And we didn’t need twice a week trash pick up. Another savings of 600 per year.

4. We are fortunate not to have critters, so we cut down our exterminators to every other month.

5. And last but not least, that expensive landscaper that was charging 600 per year to mulch our tiny front lawn. You guessed it, I will be the new landscaper!!

These changes, will change our building from running in the red to running in the black. If you find yourself in a similar situation, take a good look where the money is going. What changes can you make?

Leave a comment