2010 Sate of the Union For market guarnatee (Translated Into quarterly Speak)

Workers Comp Legal Advice - 2010 Sate of the Union For market guarnatee (Translated Into quarterly Speak)

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South Florida: Ground Zero for the Housing Bubble of 2007

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Workers Comp Legal Advice

Past due Accounts Receivables are still a major question for Florida Condo Associations. During the height of the real estate boom (up to 2007), investors were buying up condos and hoping to 'flip' them and turn a quick profit. Unfortunately, with prices now at 40 to 50% of their purchase price, these owners have walked away from their investment and are not paying their monthly condo dues. More unscrupulous owners are renting out their foreclosed units without getting approval from the relationship and not paying their relationship fees. Others owners have thrown in the towel and have decided to live in their condo for free while waiting for a knock by a deputy sheriff. The tri-county courts are so back-logged that it is possible to squat in a foreclosed unit for an extended duration (up to 18 months).This verily hurts the community they bought into and, for those that are full-time residents, this is a real question as there isn't enough money to pay for all services to vocalize the property.

Desperation breeds Opportunism

Associations are scrambling to cut costs and are vulnerable to whatever promising them to "reinvent" the wheel to magically lower their expenses. So-called community relationship advocacy firms are marketing themselves as white knights that will swoop in and reorganize the relationship vendors to rein in expenses.

Some Associations are terminating their property or community relationship employer hoping to have one less expense. While this might work for a short period, this creates a whole new set of problems since the volunteer board members are usually not well-known with the duties and responsibilities and all the paperwork complex with managing a condo community. Unfortunately, there verily isn't a magic bullet to solve the problem.

Basic base sense rule: If it sounds too good to be true, it probably is.

That said, there are steps an relationship can take to bring a budget back into the black without hiring so-called "consultants" There are many consultants that are reputable...my advice, get referrals!

1) Have the insurance docs been reviewed by an independent agent from a reputable firm? Obviously, I am available for this, but don't take my word for it. Up to 70% of a Condo relationship budget can be the insurance. Lowering your insurance selected is the #1 way to rein in the Budget. I have an account where I lowered the every year selected from 5,000/year to ,000. The former agent had failed to mention the existence of mitigation credits. The monthly dues for this property went from 0/month to 0. That's a ,640 every year savings for every family in that community! There are many technical aspects to insurance and it is the agent's job to help the relationship understand exactly what they are buying. I have come over Boards who have no idea what they purchasing because they are volunteers that are unfamiliar with insurance terms. This leaves the door open for being overcharged. Competition brings out the best in marketplace and the customers always benefits from some firms fighting for one's business. There is a shortage of insurance fellowships that are willing/able to do firm in Florida but there is an plenty of agents. A second or third pair of eyes on your insurance docs will keep the incumbent on their toes especially if they know that if they don't offer the best price and coverage, the others will.

2) Hire an attorney well-known with blanket receiverships. Miami-Dade judges have started using these to help community place liens on past due owners. Up until now, non-payers knew that it cost at least ,000 in legal expenses to place a lien on deadbeat owners. If a community has 10 or more past due residents for example, the cost was prohibitive to go after each unit individually. Now, with blanket receiverships, one order covers the entire the property and owners will turn over their rent to avoid going to jail for being in civil contempt. See my former blog entries on this topic.

3) Set-up a ageement tell committee to tell all vendors and their contracts. Vendors should be able to gift to the board exactly what services they are performing for the agreed price. All vendor contracts should state that the vendor will name the relationship as supplementary Insured on their Liability insurance and Worker's Comp insurance and supply the relationship with Certificates of insurance before any employee is allowed onto the property. The minimum limits should be M (per occurrence)/M for the year for Liability insurance and 0,000 for Workers Compensation. Remember: The Fl supreme Court has ruled that the relationship is ultimately liable if a vendor has an employee that injures themselves on the property. Any vendor that is unwilling or avoiding the tell should bring up a red flag. Any vendor that is unwilling to yield an insurance certificate is also a red flag. Also, the cheapest vendor is not always the best choice. A licensed and insured vendor is best. Yes, they may cost a slight more, but it is more cost sufficient in the long-run to have man who knows what they are doing and does the job right the first time, than to have an unlicensed and uninsured vendor who may botch the job. I had an relationship last year that had to pay for paint damage to a Jaguar after they hired an unlicensed and uninsured vendor to repaint their parking lot. A vendor that goes through the effort of having the right insurance is probably more likely to do potential work. A vendor that is 'cutting corners' and doesn't have any insurance is probably 'cutting corners' in other aspects of their work. Also bear in mind that insurance fellowships periodically reviews their accounts, so a vendor that has insurance means that man is watching them. If they have too many claims, they are canceled or their selected is increased.

4) achieve a census of your community. This can be time provocative and take a lot of perseverance, but is it verily such a bad thing: to get to know your neighbors and do head count. Not only will the relationship procure a sense of community, but illegal renters and non-paying residents will be identified and the process to bringing the past due accounts can begin with the help of competent attorney.

2010 might bring more changes to chapter 718 of the Florida Statutes. Stay informed. Our legislature is enduringly working on insurance. Be on the watch in your local paper or my blog for articles on changes to the chapter in the Florida Statutes that govern Condominiums. I am seeing send to bringing great customer assistance and informative blog entries this arrival year.

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