Tag Archives: Insurance

What is the average cost for a property management company in Marietta, Woodstock and Kennesaw?


Fence 2imagesHOA management companies often work under a contract for a monthly fee. But how is that the amount calculated? In general, it is based on the estimated time needed to perform the tasks outlined in the Management Contract. There is often a workload of tasks that are not considered routine.

So what goes into the monthly management fee? There are fixed costs such as rent, phones, copiers, computers, insurance, and the internet. The workforce is based on the estimated time needed to perform the prescribed work. Total fixed costs and labor plus profit margin are equal to the monthly management fee. It is common to divide this number by the total number of units / lots. (In Georgia, the average is between $ 10-25/door for condominiums.)  Size and staff required matters: HOA’s pay less per home.

Typically, an Owners Association will be assigned a manager, an accountant, a maintenance supervisor, and possibly an administrative assistant to the account. The administrator can manage 10-15 accounts.

Staff salary levels can have a major impact on management fees. If a Homeowners Association wants experienced professionals, there is a price to pay. A qualified HOA manager attends seminars, has credentials and professional designations and focuses exclusively on HOA management. The Homeowners Association will benefit from this training and experience so expect to pay accordingly.

Managers spend much of their time to prepare and monitor Board and Annual meetings. For a typical board meeting, the manager gathers information and prepares  reports, reviews the financial statements and relevant correspondence.  The Board puts together packages or emails messages to each member.

Most Board and Annual meetings are held in the evenings from Monday to Friday at the Homeowners Association so that the manager is not required to work weekends; which costs money to Homeowners Association, this is incorporated into the contract. After the meeting, the Community Association Manager has a long list to follow-up on which occupies most of the following week. A manager can spend many hours on business related to the meeting.

Another cost savings is in charge of managing insurance claims and damage reconstruction. Insurance inquiries can take many hours of a manager’s time. If the management contract specifically provides that the insurance claim work is an additional cost to the HOA, the management company can collect the insurance claim by the time it takes to manage a claim and the renovation work. A similar principle is the time spent on collections or legal action against a delinquent account. This time, management will be charged to the HOA.
Are disclosure statements provided to homeowners who are selling their homes and lenders to buyers? The management company  bills owners and buyers so that the Homeowners’ Association does not assume the costs.

These are just some ways that management costs can be cut. Be sensitive to the time of your manager and not pile on unnecessary tasks that ultimately increase the costs. While it is important to get what you pay for, it is equally important to pay extra for additional services. The best approach is to establish an alliance with the management company and adjust the time and workload demands.

HOA managers are dedicated and waiting to serve. Put them to work for your homeowners association and actually rejoice in the carefree lifestyle advertised in the brochure.

Riverside Property Management is a Homeowners association management company management company proudly serving Roswell, Alpharetta, Buckhead, Marietta and all of North Georgia. Riverside is also an expert Georgia condo association management company and high rise Atlanta association management company. To find out more about Riverside Property Management and why it is one of Georgia’s fastest growing property management companies, go to www.riversidepropertymgt.com. You’ll be glad you did.  (678) 866-1436

Think Before You Lease Your HOA Amenities to Outside-Residents


Many associations are considering a range of revenue-generating measures to offset ever-tightening budgets. But before you rent out your clubhouse or sell memberships to your golf course, pool, tennis courts, or other facilities to non-owners, keep a few critical rules in mind.

Think About It

1) Consider the liability. The biggest issue that keeps associations from renting out their facilities to non-owners is liability. Check with your insurance carrier to find out if injuries to non-owners and injuries caused by non-owners would be covered under your current policy. Chances are they won’t, and it’ll be much more expensive to expand your policy to include that coverage. Once you know the additional insurance costs, you need to weigh them against the potential new revenue to determine whether the financial gain adequately offsets the added cost.

2) Which facilities will you rent? Don’t automatically assume that you should rent all your facilities to the public. For example, you may find that it’s too expensive and the liability is too great to allow public assess to your pool, but the increased insurance costs and limited risk of personal injury in allowing non-owners to use your clubhouse is acceptable. Evaluate each amenity individually before making any decisions.

3) Who’s in, and who’s out? Ask yourself whether it’s necessary—and permissible—to place limits on whom you’ll allow to be guests. For instance, your association might be heavily populated by seniors who prefer not to lounge at the pool while children happily scream and perform cannonballs. But banning children might open your association up to family law discrimination claims, even if those claims end up being frivolous. Similarly, opening your golf course to novice and sometimes ill-behaved players may transform your residents’ peaceful round of golf into a high-tension activity. On the other hand, allowing an aerobics instructor to conduct classes in your gym or allowing personal trainers to use the same facilities to train nonresidents during certain hours may not bother residents—who may actually appreciate the convenience of those services. In addition, you may be able to require instructors or trainers to include your association as an additional insured under their liability insurance policy, which would limit your liability. Whatever the amenity, get residents’ feedback on whether they’ll feel comfortable sharing it with non-residents.

4) Know the laws that apply. Remember that once you allow the public to use your facilities, your association will be subject to new laws, such as the Americans with Disabilities Act (ADA). Do your facilities meet the requirements of the ADA? If not, what would it cost to bring them up to compliance, and do those costs outweigh the revenue? Also, renting out your clubhouse for such events as weddings and parties will open up the issue of liquor liability. You can require that guests not bring alcohol onto your property, but that rule can be hard to enforce, and it may limit the facility’s appeal. If you allow the consumption of alcohol, you’ll again have to check with your insurer to determine how that affects your coverage.

5) Don’t forget the added expenses. It sounds great to be able to supplement your association’s income, but how many people will sign up to use your newly available facilities if you don’t market them? You’ll probably have to pay a salesperson or marketing firm to advertise your facilities, so be sure to add those expenses into your cost versus revenue calculation.

There are so many issues to consider before allowing nonresidents to use your facilities that it’s unwise to make the decision without professional guidance. So be sure to run your ideas by an attorney or professional management association with experience on the issue. Reviewing these five questions with your board and researching insurance costs in advance will help you be prepared and minimize the time and money you spend to get that critical advice.

Source: http://www.communityassociationmanagement.com/facilities-a-maintenance/amenities/

Call Riverside Property Management of Kennesaw for more information!

678-866-1436 or www.riversidepropertymgt.com

Think Before You Lease Your HOA Amenities to Outside-Residents


Many associations are considering a range of revenue-generating measures to offset ever-tightening budgets. But before you rent out your clubhouse or sell memberships to your golf course, pool, tennis courts, or other facilities to non-owners, keep a few critical rules in mind.

Think About It

1) Consider the liability. The biggest issue that keeps associations from renting out their facilities to non-owners is liability. Check with your insurance carrier to find out if injuries to non-owners and injuries caused by non-owners would be covered under your current policy. Chances are they won’t, and it’ll be much more expensive to expand your policy to include that coverage. Once you know the additional insurance costs, you need to weigh them against the potential new revenue to determine whether the financial gain adequately offsets the added cost.

2) Which facilities will you rent? Don’t automatically assume that you should rent all your facilities to the public. For example, you may find that it’s too expensive and the liability is too great to allow public assess to your pool, but the increased insurance costs and limited risk of personal injury in allowing non-owners to use your clubhouse is acceptable. Evaluate each amenity individually before making any decisions.

3) Who’s in, and who’s out? Ask yourself whether it’s necessary—and permissible—to place limits on whom you’ll allow to be guests. For instance, your association might be heavily populated by seniors who prefer not to lounge at the pool while children happily scream and perform cannonballs. But banning children might open your association up to family law discrimination claims, even if those claims end up being frivolous. Similarly, opening your golf course to novice and sometimes ill-behaved players may transform your residents’ peaceful round of golf into a high-tension activity. On the other hand, allowing an aerobics instructor to conduct classes in your gym or allowing personal trainers to use the same facilities to train nonresidents during certain hours may not bother residents—who may actually appreciate the convenience of those services. In addition, you may be able to require instructors or trainers to include your association as an additional insured under their liability insurance policy, which would limit your liability. Whatever the amenity, get residents’ feedback on whether they’ll feel comfortable sharing it with non-residents.

4) Know the laws that apply. Remember that once you allow the public to use your facilities, your association will be subject to new laws, such as the Americans with Disabilities Act (ADA). Do your facilities meet the requirements of the ADA? If not, what would it cost to bring them up to compliance, and do those costs outweigh the revenue? Also, renting out your clubhouse for such events as weddings and parties will open up the issue of liquor liability. You can require that guests not bring alcohol onto your property, but that rule can be hard to enforce, and it may limit the facility’s appeal. If you allow the consumption of alcohol, you’ll again have to check with your insurer to determine how that affects your coverage.

5) Don’t forget the added expenses. It sounds great to be able to supplement your association’s income, but how many people will sign up to use your newly available facilities if you don’t market them? You’ll probably have to pay a salesperson or marketing firm to advertise your facilities, so be sure to add those expenses into your cost versus revenue calculation.

There are so many issues to consider before allowing nonresidents to use your facilities that it’s unwise to make the decision without professional guidance. So be sure to run your ideas by an attorney or professional management association with experience on the issue. Reviewing these five questions with your board and researching insurance costs in advance will help you be prepared and minimize the time and money you spend to get that critical advice.

Source: http://www.communityassociationmanagement.com/facilities-a-maintenance/amenities/

Call Riverside Property Management of Kennesaw for more information!

678-866-1436 or www.riversidepropertymgt.com

What is the average cost for a property management company in Marietta and Kennesaw?


Summer Fun at the Homeowners Associaition Pool

Summer Fun at the Homeowners Association Pool

HOA management companies often work under a contract for a monthly fee. But how is that the amount calculated? In general, it is based on the estimated time needed to perform the tasks outlined in the Management Contract. There is often a workload of tasks that are not considered routine.

So what goes into the monthly management fee? There are fixed costs such as rent, phones, copiers, computers, insurance, and the internet. The workforce is based on the estimated time needed to perform the prescribed work. Total fixed costs and labor plus profit margin are equal to the monthly management fee. It is common to divide this number by the total number of units / lots. (In Georgia, the average is between $ 10-25/door for condominiums.)  Size and staff required matters: HOA’s pay less per home.

Typically, an Owners Association will be assigned a manager, an accountant, a maintenance supervisor, and possibly an administrative assistant to the account. The administrator can manage 10-15 accounts.

Staff salary levels can have a major impact on management fees. If a Homeowners Association wants experienced professionals, there is a price to pay. A qualified HOA manager attends seminars, has credentials and professional designations and focuses exclusively on HOA management. The Homeowners Association will benefit from this training and experience so expect to pay accordingly.

Managers spend much of their time to prepare and monitor Board and Annual meetings. For a typical board meeting, the manager gathers information and prepares  reports, reviews the financial statements and relevant correspondence.  The Board puts together packages or emails messages to each member.

Most Board and Annual meetings are held in the evenings from Monday to Friday at the Homeowners Association so that the manager is not required to work weekends; which costs money to Homeowners Association, this is incorporated into the contract. After the meeting, the Community Association Manager has a long list to follow-up on which occupies most of the following week. A manager can spend many hours on business related to the meeting.

Another cost savings is in charge of managing insurance claims and damage reconstruction. Insurance inquiries can take many hours of a manager’s time. If the management contract specifically provides that the insurance claim work is an additional cost to the HOA, the management company can collect the insurance claim by the time it takes to manage a claim and the renovation work. A similar principle is the time spent on collections or legal action against a delinquent account. This time, management will be charged to the HOA.
Are disclosure statements provided to homeowners who are selling their homes and lenders to buyers? The management company  bills owners and buyers so that the Homeowners’ Association does not assume the costs.

These are just some ways that management costs can be cut. Be sensitive to the time of your manager and not pile on unnecessary tasks that ultimately increase the costs. While it is important to get what you pay for, it is equally important to pay extra for additional services. The best approach is to establish an alliance with the management company and adjust the time and workload demands.

HOA managers are dedicated and waiting to serve. Put them to work for your homeowners association and actually rejoice in the carefree lifestyle advertised in the brochure.

Riverside Property Management is a Homeowners association management company management company proudly serving Roswell, Alpharetta, Buckhead, Marietta and all of North Georgia. Riverside is also an expert Georgia condo association management company and high rise Atlanta association management company. To find out more about Riverside Property Management and why it is one of Georgia’s fastest growing property management companies, go to www.riversidepropertymgt.com. You’ll be glad you did.  (678) 866-1436

 

What is the average cost for a property management company in Marietta and Kennesaw?


iNeighborhood Inspecitonndex

HOA management companies often work under a contract for a monthly fee. But how is that the amount calculated? In general, it is based on the estimated time needed to perform the tasks outlined in the Management Contract. There is often a workload of tasks that are not considered routine.

So what goes into the monthly management fee? There are fixed costs such as rent, phones, copiers, computers, insurance, and the internet. The workforce is based on the estimated time needed to perform the prescribed work. Total fixed costs and labor plus profit margin are equal to the monthly management fee. It is common to divide this number by the total number of units / lots. (In Georgia, the average is between $ 10-25/door for condominiums.)  Size and staff required matters: HOA’s pay less per home.

Typically, an Owners Association will be assigned a manager, an accountant, a maintenance supervisor, and possibly an administrative assistant to the account. The administrator can manage 10-15 accounts.

Staff salary levels can have a major impact on management fees. If a Homeowners Association wants experienced professionals, there is a price to pay. A qualified HOA manager attends seminars, has credentials and professional designations and focuses exclusively on HOA management. The Homeowners Association will benefit from this training and experience so expect to pay accordingly.

Managers spend much of their time to prepare and monitor Board and Annual meetings. For a typical board meeting, the manager gathers information and prepares  reports, reviews the financial statements and relevant correspondence.  The Board puts together packages or emails messages to each member.

Most Board and Annual meetings are held in the evenings from Monday to Friday at the Homeowners Association so that the manager is not required to work weekends; which costs money to Homeowners Association, this is incorporated into the contract. After the meeting, the Community Association Manager has a long list to follow-up on which occupies most of the following week. A manager can spend many hours on business related to the meeting.

Another cost savings is in charge of managing insurance claims and damage reconstruction. Insurance inquiries can take many hours of a manager’s time. If the management contract specifically provides that the insurance claim work is an additional cost to the HOA, the management company can collect the insurance claim by the time it takes to manage a claim and the renovation work. A similar principle is the time spent on collections or legal action against a delinquent account. This time, management will be charged to the HOA.
Are disclosure statements provided to homeowners who are selling their homes and lenders to buyers? The management company  bills owners and buyers so that the Homeowners’ Association does not assume the costs.

These are just some ways that management costs can be cut. Be sensitive to the time of your manager and not pile on unnecessary tasks that ultimately increase the costs. While it is important to get what you pay for, it is equally important to pay extra for additional services. The best approach is to establish an alliance with the management company and adjust the time and workload demands.

HOA managers are dedicated and waiting to serve. Put them to work for your homeowners association and actually rejoice in the carefree lifestyle advertised in the brochure.

 

Think Before You Lease Your HOA Amenities to Non-Residents


Many associations are considering a range of revenue-generating measures to offset ever-tightening budgets. But before you rent out your clubhouse or sell memberships to your golf course, pool, tennis courts, or other facilities to non-owners, keep a few critical rules in mind.

Think About It

1) Consider the liability. The biggest issue that keeps associations from renting out their facilities to non-owners is liability. Check with your insurance carrier to find out if injuries to non-owners and injuries caused by non-owners would be covered under your current policy. Chances are they won’t, and it’ll be much more expensive to expand your policy to include that coverage. Once you know the additional insurance costs, you need to weigh them against the potential new revenue to determine whether the financial gain adequately offsets the added cost.

2) Which facilities will you rent? Don’t automatically assume that you should rent all your facilities to the public. For example, you may find that it’s too expensive and the liability is too great to allow public assess to your pool, but the increased insurance costs and limited risk of personal injury in allowing non-owners to use your clubhouse is acceptable. Evaluate each amenity individually before making any decisions.

3) Who’s in, and who’s out? Ask yourself whether it’s necessary—and permissible—to place limits on whom you’ll allow to be guests. For instance, your association might be heavily populated by seniors who prefer not to lounge at the pool while children happily scream and perform cannonballs. But banning children might open your association up to family law discrimination claims, even if those claims end up being frivolous. Similarly, opening your golf course to novice and sometimes ill-behaved players may transform your residents’ peaceful round of golf into a high-tension activity. On the other hand, allowing an aerobics instructor to conduct classes in your gym or allowing personal trainers to use the same facilities to train nonresidents during certain hours may not bother residents—who may actually appreciate the convenience of those services. In addition, you may be able to require instructors or trainers to include your association as an additional insured under their liability insurance policy, which would limit your liability. Whatever the amenity, get residents’ feedback on whether they’ll feel comfortable sharing it with non-residents.

4) Know the laws that apply. Remember that once you allow the public to use your facilities, your association will be subject to new laws, such as the Americans with Disabilities Act (ADA). Do your facilities meet the requirements of the ADA? If not, what would it cost to bring them up to compliance, and do those costs outweigh the revenue? Also, renting out your clubhouse for such events as weddings and parties will open up the issue of liquor liability. You can require that guests not bring alcohol onto your property, but that rule can be hard to enforce, and it may limit the facility’s appeal. If you allow the consumption of alcohol, you’ll again have to check with your insurer to determine how that affects your coverage.

5) Don’t forget the added expenses. It sounds great to be able to supplement your association’s income, but how many people will sign up to use your newly available facilities if you don’t market them? You’ll probably have to pay a salesperson or marketing firm to advertise your facilities, so be sure to add those expenses into your cost versus revenue calculation.

There are so many issues to consider before allowing nonresidents to use your facilities that it’s unwise to make the decision without professional guidance. So be sure to run your ideas by an attorney or professional management association with experience on the issue. Reviewing these five questions with your board and researching insurance costs in advance will help you be prepared and minimize the time and money you spend to get that critical advice.

Source: http://www.communityassociationmanagement.com/facilities-a-maintenance/amenities/

Call Riverside Property Management of Kennesaw for more information!

678-866-1436 or www.riversidepropertymgt.com

 

What is the average cost for a property management company in Marietta and Kennesaw?


https://i1.wp.com/www.dcgglobal.com/wp-content/uploads/2011/01/Management-Consulting6.jpg

HOA management companies often work under a contract for a monthly fee. But how is that the amount calculated? In general, it is based on the estimated time needed to perform the tasks outlined in the Management Contract. There is often a workload of tasks that are not considered routine.

So what goes into the monthly management fee? There are fixed costs such as rent, phones, copiers, computers, insurance, and the internet. The workforce is based on the estimated time needed to perform the prescribed work. Total fixed costs and labor plus profit margin are equal to the monthly management fee. It is common to divide this number by the total number of units / lots. (In Georgia, the average is between $ 10-25/door for condominiums.)  Size and staff required matters: HOA’s pay less per home.

Typically, an Owners Association will be assigned a manager, an accountant, a maintenance supervisor, and possibly an administrative assistant to the account. The administrator can manage 10-15 accounts.

Staff salary levels can have a major impact on management fees. If a Homeowners Association wants experienced professionals, there is a price to pay. A qualified HOA manager attends seminars, has credentials and professional designations and focuses exclusively on HOA management. The Homeowners Association will benefit from this training and experience so expect to pay accordingly.

Managers spend much of their time to prepare and monitor Board and Annual meetings. For a typical board meeting, the manager gathers information and prepares  reports, reviews the financial statements and relevant correspondence.  The Board puts together packages or emails messages to each member.

Most Board and Annual meetings are held in the evenings from Monday to Friday at the Homeowners Association so that the manager is not required to work weekends; which costs money to Homeowners Association, this is incorporated into the contract. After the meeting, the Community Association Manager has a long list to follow-up on which occupies most of the following week. A manager can spend many hours on business related to the meeting.

Another cost savings is in charge of managing insurance claims and damage reconstruction. Insurance inquiries can take many hours of a manager’s time. If the management contract specifically provides that the insurance claim work is an additional cost to the HOA, the management company can collect the insurance claim by the time it takes to manage a claim and the renovation work. A similar principle is the time spent on collections or legal action against a delinquent account. This time, management will be charged to the HOA.
Are disclosure statements provided to homeowners who are selling their homes and lenders to buyers? The management company  bills owners and buyers so that the Homeowners’ Association does not assume the costs.

These are just some ways that management costs can be cut. Be sensitive to the time of your manager and not pile on unnecessary tasks that ultimately increase the costs. While it is important to get what you pay for, it is equally important to pay extra for additional services. The best approach is to establish an alliance with the management company and adjust the time and workload demands.

HOA managers are dedicated and waiting to serve. Put them to work for your homeowners association and actually rejoice in the carefree lifestyle advertised in the brochure.

What is the average cost for a property management company in the Atlanta area?


https://i1.wp.com/www.dcgglobal.com/wp-content/uploads/2011/01/Management-Consulting6.jpg

HOA management companies often work under a contract for a monthly fee. But how is that the amount calculated? In general, it is based on the estimated time needed to perform the tasks outlined in the Management Contract. There is often a workload of tasks that are not considered routine.

So what goes into the monthly management fee? There are fixed costs such as rent, phones, copiers, computers, insurance, and the internet. The workforce is based on the estimated time needed to perform the prescribed work. Total fixed costs and labor plus profit margin are equal to the monthly management fee. It is common to divide this number by the total number of units / lots. (In Georgia, the average is between $ 10-25/door for condominiums.)  Size and staff required matters: HOA’s pay less per home.

Typically, an Owners Association will be assigned a manager, an accountant, a maintenance supervisor, and possibly an administrative assistant to the account. The administrator can manage 10-15 accounts.

Staff salary levels can have a major impact on management fees. If a Homeowners Association wants experienced professionals, there is a price to pay. A qualified HOA manager attends seminars, has credentials and professional designations and focuses exclusively on HOA management. The Homeowners Association will benefit from this training and experience so expect to pay accordingly.

Managers spend much of their time to prepare and monitor Board and Annual meetings. For a typical board meeting, the manager gathers information and prepares  reports, reviews the financial statements and relevant correspondence.  The Board puts together packages or emails messages to each member.

Most Board and Annual meetings are held in the evenings from Monday to Friday at the Homeowners Association so that the manager is not required to work weekends; which costs money to Homeowners Association, this is incorporated into the contract. After the meeting, the Community Association Manager has a long list to follow-up on which occupies most of the following week. A manager can spend many hours on business related to the meeting.

Another cost savings is in charge of managing insurance claims and damage reconstruction. Insurance inquiries can take many hours of a manager’s time. If the management contract specifically provides that the insurance claim work is an additional cost to the HOA, the management company can collect the insurance claim by the time it takes to manage a claim and the renovation work. A similar principle is the time spent on collections or legal action against a delinquent account. This time, management will be charged to the HOA.
Are disclosure statements provided to homeowners who are selling their homes and lenders to buyers? The management company  bills owners and buyers so that the Homeowners’ Association does not assume the costs.

These are just some ways that management costs can be cut. Be sensitive to the time of your manager and not pile on unnecessary tasks that ultimately increase the costs. While it is important to get what you pay for, it is equally important to pay extra for additional services. The best approach is to establish an alliance with the management company and adjust the time and workload demands.

HOA managers are dedicated and waiting to serve. Put them to work for your homeowners association and actually rejoice in the carefree lifestyle advertised in the brochure.

Association Boards, Things You Should Have Learned From the News


https://i0.wp.com/www.washingtoncountyks.net/newspaper_3.gif

Here are examples of a few lessons that should have been learned by reading the newspapers:

  • There is no substitute for good financial management and a solid reserve program.

The combination of foreclosures, budget deficits, embezzlement and the inability to continue with the maintenance was felt in Community Associations across the country. Those Associations which had to cut corners, or assessments, are often found in deeper problems, and in some extreme cases, in the street. This is the time to be smart.

  • Disasters happen – do not bet the HOA that you will be spared.

The last two years have seen not only a financial disaster hit the U.S., but also a string of natural disasters that have severely affected a large number of Homeowner and Condominium Associations. Many did not have flood insurance, or increased deductible or lower limits of their insurance coverage. Many canceled special policies that covered hurricane, earthquake, wind or other things that they hoped would miss them. Too often, it was the wrong bet. As a result, some organizations simply disappeared, owners forced to leave, the units condemned, without any hope of recovery. Some had to sell the buildings damaged at a great loss and move on. Others had to live for months outside the homes in hotels with only some or none of the costs covered, while the Board has wrestled with insurance companies, contractors and the courts. Insurance is one of the most important things that boards have to deal with.  Do not bet on the future of the Association, Mother nature may try to ignore you.

  • Find a way to deal with “going green“, without confusion, expense and visibility.

In nature (and often the CC & R), Associations,  are resistant to change. But this is not going away, and the Association is almost always going to come through to look bad when they resist any change. Clothes lines, solar panels, false grass, landscaping and other items are only the beginning. Start with an owners vote on how they feel about various issues and real information (not just rumors) about how they will help and what are the options. It can be a single owner that poses a problem, but you can expect many more to follow.

  • Flags cause problems – no flags allowed at all causes even more problems.

If you allow the U.S. flag to fly on holidays with a bracket attached to the unit / home, you can almost count on someone  pushing to do more. They want to fly the flag every day, on a pole 20 feet in front of your unit / home, or a service flag for the Navy or Marine, or the stars in the windows to show a family in danger, or flag college game day, etc, etc, etc. Someone will always push the envelope. Again, just survey the residents and see what is the general consensus, which the majority will support. This is not only an individual problem, the Board must decide and then publish.

  • If you’re not active on the internet, it is very likely you will be found “on” the internet.

The number of sites created by the owner of the individual to attack or publish less than favorable information about your Association has grown exponentially. You can get on the Internet for almost no cost and see what is published can  stay forever. Transparency of operations and multiple methods of communication must be a primary consideration of the board. Do not keep putting it off. Get connected now.

  • State legislatures will cost the HOA more money unless the owners SHOW UP.

Since there is very little actual data about Associations and owners available, state legislators often act due to the squeakiest wheel, usually one or two owners who have beaten their heads with the Board. Who is really to blame rarely counts.  It is what you can give a legislator in particular. The positive exposure usually results in bills that will cost money from the owners. Boards should be aware of how legislation will impact the potential of the Association and all owners and find a way to voice their position.

Riverside Property Management, Inc. is a leading provider of financial reporting, maintenance and governance, legal collection procedures and management consulting services for Homeowners Associations and Conominiums in the Atlanta Metro area..

Our clients include homeowners associations and developers of multi-family, owner-occupied housing throughout the Atlanta Metro area.

Our team includes certified Professional Community Managers (PCAM), Licensed Real Eastate Agents (RES) and a Board Certified Collection Attorney (ESQ), licensed in Georgia, who all specialize in maintaining property condition, collection of  assessments and enforcement of existing Covenants.  Individual consultations, management reviews and educational workshops for association boards, to help improve their community governance skills.

We also provide critical budget and financial planning tools that include reserve studies and budget projections for maintenance and repair costs of community owned assets.

Detailed reserve studies and maintenance plans prepared in conjunction with our consulting architect are one of the most valuable management tools available for any association. If you are interested in long range financial planning and supervised maintenance of community assets, our services will be of benefit to your association.

Developers will find our company invaluable when planning a new construction or conversion project. Reserve studies, maintenance plans and operating budgets required for all newly formed associations are available from our company.

For more information about Riverside Property Management and the services we offer please take the time to browse our website and feel free to call our offices to speak with a licensed representative of our company.

(678) 866-1436
info@riversidepropertymgt.com

What is the average cost for an association management company in the Atlanta area?


https://i1.wp.com/www.dcgglobal.com/wp-content/uploads/2011/01/Management-Consulting6.jpg

HOA management companies often work under a contract for a monthly fee. But how is that the amount calculated? In general, it is based on the estimated time needed to perform the tasks outlined in the Management Contract. There is often a workload of tasks that are not considered routine.

So what goes into the monthly management fee? There are fixed costs such as rent, phones, copiers, computers, insurance, and the internet. The workforce is based on the estimated time needed to perform the prescribed work. Total fixed costs and labor plus profit margin are equal to the monthly management fee. It is common to divide this number by the total number of units / lots. (In Georgia, the average is between $ 10-25/door for condominiums.)  Size and staff required matters: HOA’s pay less per home.

Typically, an Owners Association will be assigned a manager, an accountant, a maintenance supervisor, and possibly an administrative assistant to the account. The administrator can manage 10-15 accounts.

Staff salary levels can have a major impact on management fees. If a Homeowners Association wants experienced professionals, there is a price to pay. A qualified HOA manager attends seminars, has credentials and professional designations and focuses exclusively on HOA management. The Homeowners Association will benefit from this training and experience so expect to pay accordingly.

Managers spend much of their time to prepare and monitor Board and Annual meetings. For a typical board meeting, the manager gathers information and prepares  reports, reviews the financial statements and relevant correspondence.  The Board puts together packages or emails messages to each member.

Most Board and Annual meetings are held in the evenings from Monday to Friday at the Homeowners Association so that the manager is not required to work weekends; which costs money to Homeowners Association, this is incorporated into the contract. After the meeting, the Community Association Manager has a long list to follow-up on which occupies most of the following week. A manager can spend many hours on business related to the meeting.

Another cost savings is in charge of managing insurance claims and damage reconstruction. Insurance inquiries can take many hours of a manager’s time. If the management contract specifically provides that the insurance claim work is an additional cost to the HOA, the management company can collect the insurance claim by the time it takes to manage a claim and the renovation work. A similar principle is the time spent on collections or legal action against a delinquent account. This time, management will be charged to the HOA.
Are disclosure statements provided to homeowners who are selling their homes and lenders to buyers? The management company  bills owners and buyers so that the Homeowners’ Association does not assume the costs.

These are just some ways that management costs can be cut. Be sensitive to the time of your manager and not pile on unnecessary tasks that ultimately increase the costs. While it is important to get what you pay for, it is equally important to pay extra for additional services. The best approach is to establish an alliance with the management company and adjust the time and workload demands.

HOA managers are dedicated and waiting to serve. Put them to work for your homeowners association and actually rejoice in the carefree lifestyle advertised in the brochure.