Stories, tips and insights into property management, accounting and community
2021 is coming to a close, and a new year means it's time to make resolutions. For homeowners associations, it means doing things better in the new year. Here are some of the best HOA New Year's resolutions that boards can make to improve their community!
Read MoreHomeowners living in HOA Communities face a variety of requirements, regulations, and rules by choosing to live in these private communities. One of the requirements for members is the payment of HOA fees. We want to give members the necessary information concerning HOA fees and the many issues that arise when homeowners fail to pay.
Read MoreThe board's job is to make decisions. HOA association management companies work on the association's behalf. Management companies have no decision-making power over the HOA. However, they do act at the board's behest. The management's job is to carry them out.
Read MoreWhile keeping dues as low as possible sounds like a good idea, it's not always the best idea. Read on to discover when raising dues is actually in a community's best interest.
Read MoreAssociations handle personally identifiable information daily, including homeowner names, addresses, bank account information, credit card numbers, credit histories, and Social Security numbers. Unfortunately, these items are attractive to cybercriminals, and as data thieves grow more sophisticated in their tactics, the potential risks of a data breach increase for an association.
Read MoreDo you have your eyes on a particular home? The first thing you should do is ask your real estate agent if it's part of a community association.
Read MoreManaging the daily operations of a homeowners association can make it hard for Florida board members and community managers to carve out time to evaluate the health of their association. Though it may be one more thing to do, knowing your community’s financial standing, curb appeal, and relationship with residents is well worth the time and effort.
Read MoreThis post focuses on the following question: How should HOAs allocate reserve fund contributions between the community's portion completed and future planned build-outs?
Read MoreThere are good reasons for homeowners associations to obtain multiple bids for contract work. Proposals help the association create a budget for long-range planning and ensure that the board selects the best contractor to complete the required work within the timeframe and contract specifications. Some boards believe they need three bids for every contract, no matter how small or undefined the work's scope. That's not always the right thing to do.
Read MoreLike any relationship, one built on trust is an important one between an association's board members and its community association management company. It's the primary reason this relationship exists in the first place. A board of directors calls on a management company to help execute the responsibilities it has to its residents. Therefore the way a management company pays its bills can significantly impact the level of trust and overall quality of the relationship—for better or worse.
Read MoreIt is necessary to understand that construction defects can occur in brand new buildings, renovations, or small projects such as installing new locks throughout an apartment complex. The most significant challenge in dealing with a construction defect is prolonging the time it gets repaired. Read on to learn more.
Read MoreYou may be able to enhance value and save money on budget items you never considered. The even better news? Our professional property management company can help! In some cases, that may mean getting higher value for your money than seeing instant savings. Read on to learn more.
Read MoreThe COVID-19 pandemic is creating financial impacts that may change the course of dues in the future. Board members may have to invest in extra cleaning, disinfecting, and other services to help keep residents safe and healthy. At the same time, however, your association's residents may have difficulty making their assessment payments.
Read MoreSignificant expenses in development occur, and homeowners must cover the costs, one way or another. An HOA commonly maintains a type of savings account called the cash reserves or a reserve account for significant, infrequent, or unexpected common area costs.
Read MoreYour community may have received insurance money from Hurricane Irma and Hurricane Michael. Or maybe you weren't directly affected by these two hurricanes, but others from the past. Floridians are continually facing the blows of hurricanes to their towns.
Read MoreCondominium Associates is here to help you understand what an Estoppel Letter from a homeowner's association is and why they are so crucial for property protection.
Read MoreAt Condominium Associates, our clients are our highest priority. We have introduced a protocol to help better serve our clients and protect their assets. Cyber Guard+ is our daily reconciling program available to all of our association bank accounts with our Accounts Payable.
Read MoreIf your association requires repairs, maintenance upgrades, or common area improvements, you may want to consider taking out an HOA loan or line of credit. Loans help fund a variety of unexpected projects when the individual assessment cannot cover the expenses. We are here to help you understand the process and answer the most common questions associations have when taking out a loan or a line of credit.
Read MoreThe arrival of the fall season means pumpkin spice lattes and cooler weather. For board members, it also means reviewing the annual budget. We at Condominium Associates want to help you make this process as painless as possible. Here are seven steps that board members can follow to prepare for the annual budget review.
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