Rental of dormitories, commercial properties and residantal properties

Cooperative Housing Associations

Cooperative housing associations are often characterized by a higher degree of community, engagement, and more active residents compared to homeowners' associations. The increased interaction among members can lead to better social cohesion among residents but can also result in more personal confrontations regarding the daily management of the associations. These can range from trivial disagreements to a resident's failure to comply with the association's statutes, such as missed rent payments, etc. In these situations, it can be helpful to rely on an external resource that is not involved in the daily operations of the association.

Therefore, WA offers a comprehensive property management solution for cooperative housing associations, designed to ease the board's workload by minimizing the board's time commitment and achieving results within the established parameters. This means that the board can focus solely on the essential aspects, namely the overarching decisions and the vision for the cooperative housing association. In other words, the board should not expend unnecessary resources due to slow and incompetent case handling or lack of follow-up.

Contact us if you would like to learn more about what we can offer your cooperative housing association.

Below are the areas included in our property management package for cooperative housing associations:

• Collection of Payments

Collection of advance housing charges, advance heating contributions, antenna expenses, possible loan payments, and other services according to the budget adopted by the association's ordinary general meeting.

• Adjustment of Payments

Possible adjustment of services according to general meeting decisions, operating accounts, heating accounts, antenna accounts, or other statements.

• Arrears Management

Arrears management, including monitoring individual cooperative members' payments of advance housing charges and, if necessary, initiating reminder procedures. If an individual cooperative member fails to make payment despite a demand letter from the administrator, the association will be informed for further decision before any potential legal action. All costs in case of possible legal action are borne by the association to the extent coverage is not obtained from the individual cooperative member. Any fees imposed and paid by the individual cooperative member in accordance with applicable laws, statutes, general meeting decisions, etc., accrue to the administrator.

• Payment of Operating Costs

Payment of costs associated with the property's operation, including taxes and fees, term payments, salaries, vacation pay, insurance premiums, subscriptions, cleaning and maintenance expenses, and VAT, including necessary reporting to the tax authorities.

• Bookkeeping

Bookkeeping of the cooperative housing association's documents, including reconciliation, and sending quarterly balance sheets to the association's board once a quarter, as well as completed and reconciled bookkeeping to the association's auditor after the end of the fiscal year.

• Preparation of Heating Accounts

Preparation of heating accounts in collaboration with the meter company, including sending and settling with each cooperative member in connection with this, otherwise within and in accordance with statutes and legal requirements and deadlines. Advance contributions are adjusted as necessary to match the expected heating expense as closely as possible.

• Preparation of Operating Accounts

Preparation of operating accounts within and in accordance with legal requirements and deadlines as well as the association's statutes. Additionally, a budget for the coming fiscal year is prepared, and advance contributions are collected from individual cooperative members accordingly.

• Participation in Meetings

Participation in ordinary and extraordinary general meetings as well as board meetings, subject to special agreements.

• Operational, Financial, and Legal Advice

Operational, financial, and legal advice to the board.

• General Meeting Invitations

Invitation, including reproduction of materials, to ordinary and extraordinary general meetings.

• Minutes of Meetings

Preparation and sending of minutes from both ordinary and extraordinary general meetings.

• Calling Craftsmen

Calling craftsmen as needed to the extent maintenance is the association's responsibility and to the extent the call has not already been made by the property's service staff or the association's board.

• Representation in Contract Negotiations

Representing the association in case of possible contract negotiations between the association and third parties in connection with the association's operation, e.g., service staff and other service subscription agreements.

• Insurance Management

Ensuring the association's property is properly insured and filing damage reports, calling an assessor, and ensuring that justified compensation is settled. Any changes to the insurance policy must be approved by the association.

• Representation to Public Authorities

Representing the association to public authorities to the extent it is a natural element in the administration's responsibilities.

• Liquidity Management

Ongoing liquidity management, including optimizing any surplus liquidity according to further agreement with the association's board.

• Correspondence with Cooperative Members

Ongoing correspondence with the association's cooperative members, including various cooperative transfers.

• Property Financing

As a customer with us, we can offer free advice on property financing, whether it is a cooperative housing association, a homeowners' association, or an investment property. If you are interested in a review of your property's financing, you are welcome to contact us for a non-binding meeting.

• Apartment Transfers

We have extensive expertise in buying and selling apartments, whether it is a cooperative apartment or a condominium. Especially regarding the transfer of cooperative apartments, we can inform you that we have prepared a transfer guide for all our cooperative housing associations, which is greatly appreciated by both the individual housing association, the seller, and especially the buyer.

The transfer guide describes from A to Z what needs to happen and when, so that the transfer proceeds smoothly and at a suitable pace for all involved, including the board, financing source, seller, and buyer. Based on your association's statutes and previous practices, we are happy to prepare a proposal for a transfer guide for your association.