Let’s face it: managing a building can be very expensive and very stressful with everything coming at you very quickly. But, with careful planning, it can be much easier.
Harlem Property Management is the authority on co-op and condo building management in Upper Manhattan and a member of the Real Estate Board of New York. We specialize in managing condos, co-ops, and multi-family buildings up to 99 units. In our experience, here are 3 ways to best prepare for your co-op building’s expenses:
First: Forecast Your Budget
While unexpected accidents and emergencies can happen anytime, most of your apartment building’s expenses can be planned for. You have monthly salaries to pay. You have five years in between engineer safety reports. You have loans with a fixed repayment period.
But, can you foresee when your HVAC’s life cycle is up? Can you guess how the Covid pandemic will affect the price of your supplies? Harlem Property Management can help you make a robust budget that will stand the test of time. Our years of experience in managing Upper Manhattan co-ops (a combined total of over 50 years!) have given us an insight into the best way to prepare an annual budget. We have the foresight to include things that most people don’t think about, such as what inflation can do to your vendor’s prices.
Second: Find New Revenue Streams
You can only get so much from the monthly maintenance fee that your shareholders pay. But in these unexpected times, it’s important to think of new ways of bringing in revenue. Here are some ideas:
- Solar panels. Not only will your building be more environmentally friendly, you can also sell excess electricity back to ConEdison.
- Advertising. Many companies will pay for a rooftop billboard or a window signage.
- Storage units. Convert unused areas to usable space.
- Laundry revenue. A percentage of the gross revenue (collections) that the machines generate from usage by the residents on the property.
If you need to increase your revenue stream even more, talk to Harlem Property Management. We can provide you with excellent ideas that don’t involve cutting amenities.
Third: Manage Your Money
Regardless of where you get your revenue, you need to manage it so that you’re not spending more than you earn. You’ll need to monitor the expenses closely and act decisively when the need arises.
At Harlem Property Management, we can help you manage your building expenses. We specialize in caring for multi-family residences with up to 99 units, including condos & co-ops. We can streamline your processes so that your building is always profitable. Contact us with your specific challenges; we’d be happy to help.