I will recomend that you consider sublets fees, late fees, moving in or out fees, and a non-refundable application fee for new tenants. If, in case, there is some space available in the basement you can add amenities such as laundry or storage rooms. As you say, sales are down but the building can impose a flip tax for future sales. Good luck.

Also if you have the space build a basic gym, function/party room. You could also purchase tables, chairs, coat racks, which could be rented out for use if someone was having a function.

Hope this helps MRM

Andy,
Thanks for the input! This is great. I know we have a move-in fee, but I don't believe there is a move-out fee. We do charge for certain in-unit services done by maintenance staff. Now I need to see what other buildings charge on average.
Thank you,
Patty

Thanks RMR. We have a meeting room (for shareholder mts) that I know people use for private parties and you have to live in the building to use it. I will follow up and see if we charge a fee to use this room. We have storage bins, but they come with the unit if available and there has never been a fee attached.

In addition to generating income, it is important offset the wear and tear costs associated with subletting at your cooperative. Here are some suggestions (some have be stated in this thread):
- "Flip Tax"
- move-in/move-out fees
- sublet application fee
- sublet renewal fee
- charging for in-unit services performed by the maintenance staff
- location fees for filming

You should also review your expenses for opportunities to save money.

Andy,
Thanks for the input! This is great. I know we have a move-in fee, but I don't believe there is a move-out fee. We do charge for certain in-unit services done by maintenance staff. Now I need to see what other buildings charge on average.
Thank you,
Patty

Can you explain this Flip tax?

"Flip Tax" can be thought of as a fee associated with the transfer of shares in a cooperative. There are advantages and disadvantages to imposing this fee/tax. Typically the seller would cover the fee amount. Therefor a fee of X% (or flat fee or X% up to a max of $X) of the purchase price would increase the sales price without providing a monetary benefit to the seller. One would ask, does this make someone less likely to buy an apartment in your cooperative or does this increase in price your shareholder's apartments out of the market?

These Habitat articles should be a resource for you:
http://www.habitatmag.com/Publication-Content/Habitat-s-Purchasing-Primer-News-for-New-Buyers/Can-a-Condo-Charge-a-Flip-Tax#.UFnpx66k-So

Hi Patty - Helping your shareholders by allowing a large number of sublets comes with a price; you're hurting those shareholders who want to sell. One of the key factors most mortgage companies look at is the percentage of units that are in sublets. I've been asked this direct question on many mortgage qualifiying questionnaires. I've been told by multiple sources that if a building has more than 10% of its units in sublet, it counts against a mortgage application being approved for a unit sale in the building.

Dear Steve,
Trust me, we know full well how bad allowing rentals/sublets can be, but the economy has taken its toll on us. The overall community atmosphere of our building is not the same; we know that we are now at a level where just one company will still approve our mortgages as we have had to help SH who have lost their jobs and could not sell without ruining comp sales for the rest of the building. I appreciate your input!

We have several income streams beyond maintenance.
Sublet is a privilege, usually at board discretion, check your prop. lease, house rules, etc. for any comments, limitations. Too many will hurt sales and the ability to obtain mortgages. Not to mention lack of cooperation from basically 'rentals'. We limit sublets to 3 years out of 5, and charge 5%, 7.5% and 10% (of current maintenance, per month) sublet fees for year 1-3.
Bicycle and/or air conditioner storage for a flat fee per year, if you have the space. Allows people to keep their bikes in the basement, keeps hallways cleaner (dirty tires, etc.). A/C storage gets them out of the windows and improving heating in winter for a small fee.
Storage lockers - are they in common areas? If so, there should be a monthly fee for them, regardless of who paid for them. We charge $1.50 (cheap) per sq foot per month.
Shared coin/card operated laundry. Gets the machines and leaks out of the units into the basement, collect commissions from laundry co.
We get a deposit for move in/out, to cover potential damage. Charge application fees for sales and sublets, $500 flip tax.