increase your reserve fund. update and make sure your common spaces are polished, and when i say polished i mean shiny. make sure all of your mechanical equipment is in good working order.

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Hi,

Our Board asked just that. This is what we are doing:
• Make your building look as good as possible. Have the city plant sidewalk trees; plant, care for and water your gardens; a fresh coat of paint on the corridor walls and lobby, clean clothed staff; no offensive odors; clean common area glass (windows); no sidewalk or garden trash;
• Reserve & self escrow funds – we currently have about $7,500 per unit and we are finding that is not enough (we have 111 units);
• Make sure maintenance charges are at a sustainable level – raise your maintenance on a cost of living basis each year so there are no sudden spikes;
• Encourage people to renovate before they sell, including estate units;
• When shareholders are preparing to sell, talk up the building. Suggesting starting their pricing on the high side then backing off if necessary;
• We hold a view that we can influence the market (by doing the above). We are under no illusion that we can control the market;
• Make sure everything is in repair;
• If your windows are strong enough and you area is safe enough, encourage people to take down those gates;
• Hide the rat traps.

I often find that I can just walk through the buildings and not notice things because I am just doing my routine. Have Board Members perform a "walk-though" on each floor and public space: have them pretend that they are seeing the space for the first time and develop a list for management to address any dirty, unsafe & unsightly issues.

As a result, we have had two record prices for units this year in N Washington Heights and S Inwood (between Nagle and Dyckman St).

Good luck!

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