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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