Great property management services are like a movie production. There is a lot of work that goes on behind the scenes.
The director needs to have the artistic skills to stage the scene; the right contractors to build the set and the actors need to know the part. Hiring the right studio to develop and market the production turns critics into fans. Think “Hollywood Style” to unlock the 5 secrets to great property management.
Behind the Scenes with Acri Community Realty – Pittsburgh Property Management
Rinaldo Acri, CEO of Acri Community Realty says “Being on the Board of Directors is a difficult position; often there are more critics than supporters. It’s easy to get sidetracked by small issues. If you follow our 5 key tips you are sure to discover the secret to great property management.
1. Financial Reporting
A well-run homeowners association should have on-going studies conducted by engineers and other construction specialists to identify how much money needs to be socked away to meet future needs. A sufficient amount must be included in annual budgets. For associations on a tight budget consider some type of a la carte property management services.
Pro Tip: someone other than the board of directors needs to collect assessments, pay bills and generate financial reports for review.
Make Sure the Property Manager provides:
- Monthly Financial reports.
- A Fiscal End of Year Report.
- Year to date Budgets and Budget Comparisons.
- Comprehensive reserve studies.
2. A Solid Business Plan
Determine which property assets are the weakest and in need of immediate attention then develop a replace/repair cycle to accommodate findings. Make sure the current fee structure is able to adequately fund reserves.
- Which property assets are the weakest and in need of immediate attention.
- Determine the average life-span of common elements.
- Develop a replace/repair cycle to accommodate the above two findings.
- Is the current fee structure able to adequately fund reserves?
- What is the special assessment policy? (see this article)
3. Acri Insurance Reviews
Insurance is one of those things that many don’t think about until it is too late. Unfortunately, with the tremendous exposure of homeowners associations to liability claims, this is an area where homeowner associations cannot afford to make any mistakes. All great property management companies regularly review insurance policies to ensure coverage is current and sufficient to cover any likely loss.
Don’t bet the Farm that a catastrophic loss will not occur
- Make sure to have the correct coverage that matches your CC&R’s.
- Make sure management seeks new quotes to get the best competitive rates.
- Make sure the Board of Directors is properly insured against personal liability claims.
- Make sure the Property Management Company has comprehensive coverage.
4. Acri Experienced Managers
Exactly who is this person? Even though many States do not require special licensing, search for seasoned industry educated professionals
- What certifications does the Management Company and Managers hold?
- Is there a Broker of Record, Licensed Insurance Property and Casualty expert and licensed Real Estate professionals on staff?
- Consider a company certified by the Community Associations Institute. This Alexandria, Va.-based organization has a range of certifications for companies and individual managers.
- Be sure the company performs criminal background checks on its employees, especially its managers.
In the final analysis, if the community looks good, it usually means that something positive is happening. Like any good screenplay or business venture, poor management of an asset – no matter how strong the investment is – will seriously compromise success.
Experienced management companies will help increase property values while enhancing the homeowners living experience. Partner with people who will help this vision, not hinder it. Acri Community Realty has been providing great property management services for over 20 years, we know the secret to make your Homeowners’ Association the best it can be.