How to Increase Association Revenues Without Increasing Assessments. A Primer for Condo Association Board Members

How to Increase Association Revenues Without Increasing Assessments. A Primer for Condo Association Board Members

As a board member of a community association, it is important to find
ways to limit the increases in assessments. Although assessment
increases are inevitable, the amount of increases can be moderated by
finding additional sources of income for the community association.
Larger communities have more ways to increase non-assessment income
however even smaller associations have many ways to increase non-
assessment income.

1. Add a vending machine to the lobby. Find a suitable space for a vending machine in the lobby or laundry room area and strike a deal with a vending machine service provider.

2. Install an advertisement sign on the outside of the building. Does your association have a lot of wall space? Contact an advertisement company and have them install a digital billboard or another type of advertisement that pays a monthly revenue sharing fee to the association.

3. Strike a revenue sharing agreement with the management company for bulk cable or internet throughout the community association. This would work for larger scale communities. And is a great way to increase the non-assessment income of the association.

4. Install a cell phone or wireless communication tower on the roof of the building. Does the association have a taller profile? Is the
building at least 80 feet. Contact a wireless or cellular carrier and see if they would be interested in installing an antenna on your roof and start collecting a monthly fee.

5. Rent out meeting spaces or other amenities such as a party room. Does your community have a party room or a meeting room? Does it have a clubhouse? These are all spaces that can be rented out to the public that can increase non-assessment income for associations.

6. Install a digital billboard inside the lobby of the building and sell advertising space to vendors. Does your association have a lot of
foot traffic through your lobby? Install a digital advertising monitor in your lobby that displays advertisements and start to increase your association revenues.

7. Partner with dogwalkers or other service providers and sign a revenue sharing agreement. This would work for any size
association and would not require a lot of effort to initiate and manage.

8. Increase the fees in the rules and regulations. For example, institute a late fee policy of $25 if there is not one already. Otherwise, raise the late fee amount from $25 to $50 for example. This one is probably the easiest to institute and the association will recognize
increases in non-assessment revenues almost immediately.

9. Rent out the interior of the association for movie production companies. Is your association located in a high-profile
neighborhood? Is there something special or particular about the interior of the association or the history of the association? Have you seen movies filmed in the vicinity of your association? This might be an opportunity for the association to increase non-assessment revenues.

10. Rent out storage space or build new storage spaces and charge a monthly fee for the storage space. Does your association
own storage spaces? Does your association have basements with lots of extra space? Consider building new storage spaces and
charging monthly fees for the storage spaces or start charging fees for the storage spaces.

SUMMARY

Whether your association is a large scale community or a small 10 unit condo association or somewhere in between, there are many ways to increase non-assessment revenue. Furthermore, whether you have a management company or not, these suggestions would apply. The homeowners would greatly appreciate lower assessment increases in the future with the institution of some or all of these ideas.

About Chicago Property Services

If you're a board member of a community association in the Chicago area, you may want to consider reaching out to Chicago Property Services for assistance with your landscaping needs.

Chicago Property Services is Chicagoland's leading provider of community management services for small to mid-sized condo, townhome, and homeowner associations, as well as cooperatives. They can help you hire a reserve study specialist and/or oversee your large-scale capital project.

To request a management quote or to request a copy of the 2024 board planning guide, you can email Salvatore at
ssciacca@chicagopropertyservices.com or call him at 312.455.0107 x102.

By working with a reputable and experienced community management company like Chicago Property Services, you can ensure that your community is well-maintained and enhances the homeowner community living experience.