We hired Blueshift nearly two years ago to manage our small condo (12 units) and we are already realizing the benefits. Prior to Blueshift taking over, we self-managed our condominium HOA with the division of labor carried by the elected Board of Directors. None of the other nine resident-owners showed interest in helping keep the common areas of the building in shape and we had at least one homeowner in deep arrears on his monthly HOA dues.
Blueshift has brought its vendor relationships to the table to keep our building in superior condition while realizing a discount over what we were paying previously. The walks are shoveled immediately after a snowstorm.
But more importantly, Blueshift has helped control the kinds of hidden costs that condo owners sometimes don’t realize have an impact until it’s too late.
It used to be that potential condo buyers couldn’t get financing to buy a condo in a building with more than half the units used as rentals. Ehen President Obama signed the Housing Opportunity Through Modernization Act of 2016, that 50% requirement was reduced to 35% allowing buyers to get FHA loans even with 7 out of 12 of the condos being used as rentals.
Most of us didn’t even realize the law had changed because we’d owned our condos for six years since the building was built. As a collective group, we didn’t know that if 9 units are used as rentals and not occupied by owners, that a next seller (which could be any one of us) could find it difficult to get an offer from a buyer who needed to qualify for a mortgage.
While all of the owners realized that a professional management service would handle things like balancing the books and creating budgets for annual approval, none of us were informed of the impact that rental percentages had on lending for future sales.
We intend to keep Blueshift as our front line of information defense for our building for the long run.