Collecting Late Fees: A 3-Step Strategy for Co-ops and Condos

Discover how proper management of maintenance payments and common charges directly impacts your building's financial stability. Payments are typically considered late after the 10th of each month, with  property management companies using software platforms like AppFolio to track payment patterns and identify potential issues.For board members navigating the tension between neighborly relationships and financial responsibility, remember that timely payments are fundamental to operational success. Trust your managing agent's recommendations on collections, as that ensures utilities stay on and vendors get paid promptly.Carol Ott of Habitat Magazine conducts the interview with Adam Reisman, President of Client Operations at MD Squared Property Group.How To Run Your Building: For Co-ops and Condos