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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