Cooperative Housing Associations are characterized by a higher level of community involvement and more active residents than in owner associations. This greater level of interaction among members can lead to a better social cohesion among residents, but it can also lead to more personal confrontations in relation to the day to day running of the cooperatives. It can be anything from trivial disagreements, or a resident’s failure to comply with the statutes of the cooperative – missing rent payments and so on. In these situations, it may be nice to draw on an external resource that is not directly involved in the cooperative.
That’s why WA offers a comprehensive property management solution for housing cooperatives to facilitate the work of the board so that the board’s time is minimized and the desired results achieved within the determined framework. This means that the board can focus on the essentials, namely the overall decisions and visions for the housing cooperative. In other words, the board does not need to spend unnecessary resources as a result of slow and incompetent processing and the lack of follow-up.
Contact us if you want to hear more about what we can offer your housing cooperative.
The table below lists the services included in our property management package for housing cooperatives:
- Collection of interim housing allowances/housing charges, interim heating contributions, antenna expenses, loans and other expenses according to the budget adopted by the cooperative’s annual general meeting.
- Any adjustments of benefits under the general meeting, management accounts, heating, antenna accounts or other statements.
- Processing of arrears – including control of the individual member deposit of interim housing charges and if necessary facilitation of reminder procedures. In the event that an individual member fails to pay interim housing charges, despite the issue of a demand letter from the property manager, the cooperative must be informed for further decisions about possible legal action. All expenses in case of legal action will be paid by the cooperative in case the individual member cannot provide sufficient coverage. Any fees imposed and paid by the individual member in accordance with applicable laws and statues shall accrue for the property manager.
- Payment of the property’s operating costs, including taxes and fees, mortgage payments, wages, holiday pay, insurance premiums, street cleaning-fees and maintenance costs and VAT, including, if necessary, preparation of reports to the Danish Tax Authorities.
- Accounting of the housing cooperatives’ documents, including voting and transmission of quarterly balances to the cooperative’s board once per quarter plus completed and tuned accounting reports to the auditor after completion of each financial year.
- Preparation of heating accounts in cooperation with a meter firm, including distribution and settling of individual member accounts in connection therewith, also within and in accordance with the statutes and statutory requirements and deadlines. Interim contributions may be continuously adjusted if necessary, so that these as far as possible correspond to the size of the expected heating costs.
- Preparation of management accounts within and in accordance with statutory requirements and deadlines and statutes of the cooperative. Preparation of budget for the coming financial year and interim contribution is collected from the individual members accordingly.
- Participation in the annual and extraordinary general assembly and board meeting(s) – but see special agreements.
- Operational, financial and legal advice to the board.
- Invitations, including production of materials, to ordinary and extraordinary general meeting(s).
- Preparation and publication of reports summarizing ordinary and extraordinary general meeting(s).
- Calling maintenance workers as needed if maintenance is the responsibility of the cooperative and in cases where the cooperative’s board or property service functionary have not already taken action.
- Representation of the cooperative in case of contracting between the cooperative and a third party in connection with cooperative operations, such as property service functionaries and others.
- Ensure that the cooperative’s property is adequately insured, preparation of accident reports, contact to appraiser and making sure that justified damage will be settled.
- Any changes in the insurance policy must be approved by the cooperative.
- Representation of the cooperative against public authorities in the event that it forms a natural element in the administration of the cooperative.
- Ongoing liquidity management, including optimization of any excess liquidity as agreed with the cooperative’s board.
- Other regular correspondence with the cooperative’s members, including cooperative transactions.
As our customer, we offer you advice on property financing of cooperatives, homeowners associations and investment properties free of charge.
If you are interested in a review of your real estate financing, you are more than welcome to contact us and arrange an informal meeting.
We have great expertise in buying and selling apartments, whether the property in question is a housing cooperative or a condominium. All of our housing cooperatives have prepared a transfer guide that benefits the individual seller, the cooperative and the buyer.
The transfer guide describes from A-Z, what will happen and when thus making sure the transfer will run smoothly and at a reasonable pace for everybody involved. Based on your particular cooperative, as well as past practices, we will be happy to prepare a proposal for a customized transfer guide.
If you are interested, please do not hesitate to contact us for an informal meeting.