Tuesday, February 28, 2012

Friday, February 24, 2012

Snow Removal Surplus

A Light Winter

With under 8 inches of snow this winter in Boston, we're on pace to break the record for the lowest snow total ever in the area. An astounding fact to be sure, and the surplus in snow removal budgets across the state testify to this light winter. After last years horrible winter, many government agencies were forced to increase their snow budget almost two-fold, expecting the worst. But what to do with it? The MBTA is using their excess cash from this year to reduce the state deficit, story here.
The same question now faces condominium associations. Snow budgets were barely touched and heating bills were low; Reserves are plump and associations are looking at 2012 with some cash in their pockets. NOW is the time to plan your Spring and Summer projects!


Be realistic in your expectations. Go over your expenditures, calculate how much money you saved this winter on heating and snow, and set up a reserve for projects. A new jacuzzi or pool may not be realistic, but sanding and re-lacquering that front door is entirely possible. Getting multiple quotes and utilizing the funds you have effectively is imperative.

We're Not Out Of It Yet!

Remember, this is New England. We've had large snowstorms in March and even April many times (remember the April Fools Day Storm in 1997 that dropped two feet of snow? I do. Jog your memory here) Do not commit to large projects or put down payments until you are sure we're out of it. Have the quotes ready and your finger on the trigger, but be care committing to expenditures until we've cleared the New England storm threshold.

Need Help?

If you need some help or assistance going over your budget for the year or planning some projects in 2012, do not hesitate to contact us at Premier Property Solutions, Boston's premier property/condominium management firm. We'd be more than happy to walk through your property and offer some useful suggestions!
Premier Property Solutions, LLC
311 Summer Street STE 200
Boston, MA 02210
P: 617-345-0045
F: 617-345-0411
e: info@premierpropertyma.com

Tuesday, February 7, 2012

Dealing With Delinqent Owners

Hard Times

It is something that we see all to often in this economy, owners who fall behind on their condominium dues. In any association, if even ONE owner becomes delinquent, the condo can face an operational shortfall that forces trustees and managers to face tough situations. This is an unfortunate reality for many condo owners in Boston and around the country. You may not realize it, but when your neighbors stop paying, it is you who picks up the slack financially!

Early Warning

The best way to deal with a delinquent owner is with constant communication and a plan. Your accounting department and managers need to be reviewing payments monthly and ensuring everyone has paid. Make sure you have a policy in place that late fees are charged to anyone more than 15 days late on a payment. After that point, send reminder/warning letters and document all communication. Owners need to understand that dues are not optional and not paying can greatly decrease the value of the whole association.


If warnings and late fines do not bring in payments, you need to retain legal council. At our firm, if payment has not been submitted with 60 days, and every effort has been made, we turn the unit over to collections. This 60 day mark is extremely important in ensuring the association can recoup on these funds, thanks to the "Condo Super Lien Bill". Under this law, condominium associations can enforce a lien against condo owners who fail to pay their condo fees. The lien for these unpaid condo fees, as well as attorney’s fees and the cost of collection, have priority over the first mortgage. In order to achieve priority; however, the statute requires that the owner and first mortgagee (i.e. the bank/lender) be provided with a notice once the fees are 60 days delinquent. If you fail to provide this notice, you run the risk of losing the ability to recoup those

No Exceptions!

While it is unfortunate that this topic is so relevant today, it still needs to be discussed. Without the proper plan set up, managers and trustees are in danger of harming the association. Remember, there are no exceptions! If someone falls behind you have to stick to the plan. At the end of the day, a condominium is a business and it needs proper cash-flow to run. Your neighbors may be your friends and you may sympathize with their situation, but the proper steps need to be taken to protect the condominium.
If you have any questions about this, please do not hesitate to contact us. We would be happy to answer any additional questions you may have. Premier Property Solutions, LLC is Boston's premier property management firm.

Wednesday, February 1, 2012

Giving Back

Hey, This Is Important Stuff!Link

At Premier Property Solutions, we take community involvement very seriously. Boston and the surrounding areas have given us unbelievable opportunities to grow and we jump on any chance we get to help out. When we heard about Miles for Miracles at Children's Hospital Boston, we knew we had to participate!


Please support our team as we fundraise for Children's Hospital Boston! We're participating because we want to help sick kids get better. When the sickest kids need the best care in the world they come to Children's Hospital Boston. It's an amazing place where the doctors and nurses are compassionate, creative and dedicated to improving kid's lives. Children's has been nationally ranked as one of the best pediatric hospitals for almost two decades. LinkThey care for more than 500,000 patients every year - many with health problems no other hospital in the world can handle. Your donation helps sick kids get the care they need to get back in the saddle again.
For more info, check out Children's Hospital Boston website


Premier has two teams participating in this event and we are eager to fundraise as much as possible. If you can, please donate to the event! Remember, 100% of the proceeds go the hospitals and for patient care.
Team 1
Team 2