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5 ways for high rise condominiums to save money in 2025

Condo Control

Densely populated high rise condominiums have always been budget conscious. Reduce administrative costs Administrative costs are any expenses incurred to maintain day-to-day operations of the condominium. With so many expenses, its not hard to overspend and exceed the annual budget. But this year is different.

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Are Your Properties Compliant with Law and Code Enforcement

American Apartment Owners Association

The deadline for SB 326, which applies to condominiums and HOA-managed properties, has officially passed. Key Deadlines: SB326 Deadline: January 1, 2025 Applies to all multifamily residential buildings (3+ units) governed by an HOA. SB721 Deadline: January 1, 2026 Targets multifamily buildings with 3+ units not governed by an HOA.

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New 2025 condo and HOA laws for U.S. states

Condo Control

Owners living in California can elect directors and amend governing documents using electronic secret ballots as of January 1, 2025. Amendments were made in 2024, requiring condominiums with 25 or more units to have a website. HB 1203 makes it clear that HOAs need a website, just like condominium communities.

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Condo and strata chargebacks

Condo Control

A condominium or strata may charge costs that it sustained because of an owner’s actions or omissions back to them through common expense fees. In Ontario, the Condominium Act explains when condo corporations can charge back costs to the common expenses of an owner. What are chargebacks? What costs can be charged back?

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HOA Proxy Voting Rules In The U.S. (Per State)

HOA Managememt

While mainly governed by your associations bylaws and governing documents, most states have legislation that provides HOA proxy voting rules. Generally, proxy voting is governed by the HOAs bylaws, but most states have set standards that homeowners and associations may follow. What is Proxy Voting?

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How can high-rise condos use AI to make things easier?

Condo Control

Read on to find out how high-rise condominiums are currently using AI to streamline operations and improve resident satisfaction. Upload governing documents, and STAN can analyze them in a matter of seconds. For example, algorithms can interpret energy consumption patterns in the condominium and make suggestions to optimize usage.

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How To Determine A Fair Rental Rate Plus Factors To Consider

Rental Choice

An inappropriately priced rental unit can discourage tenants from renting or lead to potential losses. Charging too much might discourage potential tenants. Rent Control Some areas have government-mandated rental caps. Setting the proper rental rate can make or break a landlord’s success in the rental market.

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