Connected Management Blog

Coordinating repair, maintenance, and improvement projects is perhaps the most critical and most stressful aspect of being on a condo board. From landscapers to elevator techs, coordinating multiple vendors can become a full-time job. With the proper strategy (and with the proper support), vendor management doesn’t have to be daunting. With property management for condos done right, your board can save time and money while keeping your community running smoothly. 1. Why Vendor Management Matters for Condo Boards Providing essential services is the duty of every condo association, including cleaning, landscaping, snow removal, security, HVAC maintenance, and more. Towards this end,...

The end of summer marks the beginning of a critical task for those involved in condo boards- preparation for the upcoming budget. Of all board activities, budgeting is undoubtedly the trickiest and complicated, but it is key to keeping your building up and running while earning the trust of your owners.  Here’s a step-by-step guide to give you the confidence to master budget season, whether you self-manage a board or work with a property management partner. 1. Review Current Financials and Reserve Funds Scan your year-to-date financial statements to assess whether your operating budget is still on track or your reserves...

The Illinois Condominium Property Act, which is the master set of laws that control condo associations in Illinois, is updated on a regular basis. Any changes to the Act automatically override and supercede rules that may be contained in your association's governing documents. (Declaration / Bylaws) Effective June 1, 2016, one such change to the Act is related to the requirements for when notices must be sent to unit owners when a Board adopts the annual budget. As a Board it is important that you are aware of this change, and follow the new rule, so that any budget that you...

Condominium Association Annual budgets Your annual budget calculates the total amount of assessment payments required to support the association’s expenses and savings. Since adopting a new budget typically means an increase to the monthly assessment requirements of your owners, the change can often be met with resistance. It is therefore important to make sure that your board follows all requirements of your association bylaws and the Illinois Condo Act. Some bylaws place a restriction on the total increase to assessments that can be called for by a budget without requiring a majority approval of the unit owners. These restrictions, however, have...