There are two components of a reserve study—a physical analysis and a financial analysis. During the physical analysis, a reserve provider evaluates information regarding the physical status and repair/replacement cost of the association’s major common area components. To do so, the provider conducts a component inventory, a condition assessment, and life and valuation estimates. A [...]
Community associations come in all sizes. They vary in age, amenities provided, and maintenance obligations. Careful planning for future repairs and replacements is not only in the best physical and fiscal interests of the community association, it is required by law in some states. Maintaining a reserve fund not only meets legal, fiduciary and professional [...]
Plan development is the first component of strategic planning. During this stage, the following steps should be completed. 1. Assess the association’s history and significant accomplishments. Develop a history of the association. List important milestones that brought the association to where it is today. In order to help visualize how the association has changed over the [...]
At one time or another, many community associations and condominium associations are faced with the task of taking an owner to court to enforce restrictive covenants. While the general rule is that the covenants must be enforced, there are common defenses that an owner can raise to sometimes thwart the enforcement effort of the association. The good [...]
Today it is more important than ever to have a well-thought-out succession plan in place for your association’s board of directors. Your condominium or HOA management company should help craft a succession plan that requires a thoughtful planning process. It should consider a new board member’s competencies, experience, background, and fits with your existing board. In addition, board [...]
Condominium owners should have a definite understanding of the insurance provided by their condominium and what insurance they need to purchase to protect their home. It’s always a good idea to be prepared before your purchase, so read your condominium documents ahead of time (atleast the section on insurance) and obtain a copy of the [...]
Beacon Management Services was selected to manage a major, mixed-use development on Peachtree Road in Buckhead. Built in two phases, the project consists of two condominium towers called The Aramore and The Astoria at the Aramore, street-level restaurants, retail and office space. Beacon assumed management of the entire development on June 1, 2013. “We’re delighted to have [...]
