Tuesday, January 16, 2007

Pulling the Sled

Inevitably in a TIC group there are some owners who pull more of the weight of maintaining a building than others. They are the ones who spend hours dealing with contractors, make sure the bills are paid on time and deal with the bank during a refi. Sometimes partners are less active because they have busier jobs, or perhaps the TIC is the first home a partner has purchased and they still have a "call the landlord" mentality. Whatever the cause when there is a significant disparity in the labor load among partners it will inevitably breed some resentment.

We have reconciled this by articulating all the building duties and assigning a reasonable amount of compensation to the chores. (Our basic chore categories are: paying bills and keeping books, cleaning and beautification, insurance, condo lottery, security and safety, routine maintenance, like changing lightbulbs, and emergency maintenance - for example, a suddenly leaky roof.) Larger capital projects are discussed on a case-by-case basis.

In our building an owner can either choose to take on chores or choose to pay for the privilege of avoiding building duties. People can change their status bi-annually, as their preferences and life situations vary. This flexibility ensures that the group maintains good relations while the building remains well tended to.


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