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Over the next few years, many housing co-operatives will see their operating agreement come to an end. This event could mean a new beginning for your co-op. You can enjoy a bright future without an operating agreement—provided you play your cards right.

Perhaps your co-op’s future includes major

You can never get back the money you lose when a unit stands empty. Whenever a member gives notice, it’s important to get the word out, which is usually the responsibility of the manager. As soon as a prospect gets in touch, your co-op needs to follow up promptly. Otherwise, they will go elsewhere.

Your co-operative is in the housing business, not the lending business. It has bills to pay and a building to keep up. You should keep this in mind when members don’t pay on time.

If a household doesn’t pay what it owes and moves out, the co-operative is left with a bad debt, which will have to be

To avoid running out of money, your co-op needs to adopt a well thought-out operating budget every year. Without one, you could find yourself facing a deficit, paying your bills late, cutting back on repairs to units and unable to update and replace worn-out building elements.

Begin the process by

As you come to the end of your mortgage, or earlier, your housing co-operative may need to borrow new money. The property may need more work than the capital replacement reserve can fund. Or you may have been looking forward to updating the older elements of your buildings and units. Some co-ops

Sounds simple, but if every member uses less water, you can shrink your co-operative’s water bill, leaving more money for other priorities. Water rates may rise in future; now is the time to take action.

Are outdoor lights on sensors or timers? Has your co-op switched to LED lighting in your common spaces? Good investment! Not only will it use 75 to 90 % less electricity than incandescent, but the bulbs will last much longer.

Encourage your members to cut energy use too. They can turn down the