Acorn Provides Management to Condominium and Townhome Associations
See the services provided by Acorn's propfessional staff
Acorn Property Management, Ltd. has been involved with property management since 1985. We provide services to more than 100 buildings with over 1,600 units, including many small and medium sized condominium associations. Many of the condo associations that we currently manage came to us with the complaint that they were neglected by their previous management companies, because of their size. Acorn’s Condo department fills this niche of the condo management market by providing exceptional service to buildings that are often times neglected when serviced by larger management companies.
This small condo association niche is where Acorn really distinguishes itself. We do not provide management to hundreds of associations with thousands of units. We work with smaller associations that want attentive customer service and timely responses to all types of queries, be it financial or maintenance related. We can promise that you will receive a response from your property manager within 24 hours of your initial contact, if not sooner.
What follows is an overview of Acorn’s services.
Monthly Financial Reports.
These are sent out to the Board each month, allowing the Board to follow the income and expenses of the Association’s funds.
These are sent out approximately two weeks prior to the first of every month. Any outstanding balances will be indicated on the statement. In the event that assessments are past due, we will access a late fee if the Board has a fee in place. These late fees, as well as the assessments, are payable to the Association but sent directly to Acorn’s office. Here we process the checks and deposit the funds into the Association’s bank account.
Each year at the Association’s annual meeting, the Board approves an annual budget for the upcoming year. We work to prepare the budget and communicate with the Board’s treasurer during this process. Together, we assess the Association’s funds to ascertain that the assessments are sufficient to support the Association’s expenses for the upcoming year.
Should capital projects make necessary a special assessment, we will design a special assessment with payment plan options for the Board to consider and approve.
Illinois Condo Law Compliance
The Board is required to make financial and disciplinary decisions within the guidelines set forth by the Illinois Condominium Property Act. We will advise the Board on all matters related to the Condo Act to make certain that the Association is operating in a legal and ethical manor.
The Association will meet on a quarterly basis, and it is Acorn’s job to organize and facilitate such meetings. As your property manager, we communicate with the Board to find a convenient evening to meet with the Association. We send out notices for the meeting, while working with the Board to prepare an agenda.
Mandatory Fees, Permits and Inspections.
Many self-managed associations may not realize that the City of Chicago has mandatory permits, permit fees, and fines for a myriad of building-related items. Some examples include driveway permits, public way usage permits, refuse bin permits, fire pump tests, back flow device tests, and the occasion random, mandatory building inspection. Acorn will work proactively to ensure that your building is up to date on all permits once turned over and going forward, so that the building isn’t liable for non-compliance fines and summons.
The City is slowly phasing out this program, but many associations with over four units don’t realize that currently they are entitled to a rebate from the City of $50 per unit per year for third party refuse collection. Acorn will draft all the necessary documents and proof of service and submit your association’s rebate application on the Board’s behalf.
Maintenance and Capital Improvements
When repairs or general maintenance is needed at your property, we work with vendors to get the job completed. Our office has over 40 years of experience working with maintenance workers. References from within the office help to locate a quality, yet cost effective vendor. When searching for such a vendor, we will typically get two to three quotes from different vendors; it is ultimately the Board’s decision which vendor they would like to hire. Additionally, we will help develop a long term maintenance and financial plan for your association in order make certain that the association is appropriately prepared for large scale projects.
In times of dispute, we act as a neutral third party to field complaints or grievances. It is our job to look toward the governing documents of your Association, the Declaration or Rules and Regulations, to find a solution to the problem.
When residents are preparing to sell their units, we communicate with the seller’s attorney or real estate agent to provide the requested documents for the sale.
If you are interested in find out more about how Acorn can assist your specific association, please contact Noel Bushala at 312.455.1012 x 22.