Our experience shows when an association runs smoothly, it creates a great sense of community; and after 30 years of successful property management, we have a system that works. Our approach to managing a well-run property association encompasses five essential areas: Administrative Management, Property Maintenance Services, Financial Management, Communication Management, and Regulations Enforcement.
Our dedicated property managers work closely with the association’s Board of Directors to assist them with important property management decisions. From serving as a purchasing agent to developing and preparing newsletters and co-owners handbook, we handle the association’s day-to-day activities with attention to detail. As the volunteer board of directors changes from year to year, we provide a consistent level of service in orienting new board members and in maintaining existing programs.
We cater to the needs of each community that trusts us, specializing in assisting property owners in meeting their specific property management needs. Let us help your manage your property. Contact us today to learn more.
Our experienced property managers manage the day-to-day administrative tasks of operating the community association. These services include:
- Oversee day-to-day operations. Assign an experienced property manager with the responsibility of overseeing the day-to-day operation of the property.
- Conduct routine inspections of the property’s common elements. Inspections are done to ensure proper physical condition of buildings, mechanical equipment, lawns, and roadways.
- Prepare meeting notices and the agenda for Board of Director's meetings and the co-owners annual meeting.
- Enforce the community’s by-laws, rules, and regulations as established by the Board of Directors.
- Collect delinquent association fees if necessary. Collection of late fees and filing liens at the direction of the Board of Directors.
- Obtain competitive service bids.
- Contract for and manage contracted services.
- Mediate intra-condominium co-owner complaints.
- Act as the liaison between developer and association.
- Obtain competitive bids for insurance. Review for adequacy and compliance with the association by-laws.
Maintaining a property’s common elements is not only important to curb appeal, but it also maintains or increases the value of the property. REALICO’s Property Maintenance Services include:
- Establish preventative maintenance programs.
- Manage services provided to the Association such as painting, decorating, grounds care, trash removal and all other physical maintenance of the condominium common elements consistent with the standards of maintenance as established by the Board of Directors.
- Evaluate the utilities and services provided to the Association to ensure proper usage/consumption and quality of work performed.
- Act as the purchasing agent for the condominium with diligence to get the best possible discount prices.
We are committed to providing professional and accurate accounting of the Association’s funds. Our accurate and reliable Financial Management services include:
- Maintain a separate custodial account in the name of the Association.
- Prepare a monthly bank reconciliation.
- Maintain separate savings accounts for reserve funds.
- Invest surplus funds in certificates of deposit or other money market accounts to maximize returns on invested funds at the direction of the Board of Directors.
FINANCIAL RECORDS MAINTENANCE
- Maintain detailed and accurate Charts of Accounts.
- Accounts Payable.
- Accounts Receivable.
- General ledger accounting.
- Prepare monthly or quarterly financial statements on an accrual basis for optimum accounting accuracy.
Financial Statements include:
Accounts Receivable Aging
Accounts Payable Aging
Budget vs. Actual
Transaction Detail by Account
Check Detail Register
Budget vs. Actual
ASSOCIATION FEE COLLECTION
REALICO creates and maintains monthly or quarterly association fee collections via the "ACH" system, which electronically transfers a co-owner's association fee directly into the Association's account on predetermined and advised dates. The "ACH" system electronically transfers Association fees to the Association's bank account, which gives the co-owner the convenience of easy payments, while at the same time, the Association benefits by receiving these prearranged deposits on a timely and predictable basis.
- Payment of approved bills in a timely manner.
- Maintain an audit trail for ease of audit.
- Maintain Customer Balance Summary
- Maintain Delinquency Report
- Process and Collect Late Fees
- Coordinate & Assist Attorney in Filing Liens to Collect Delinquent dues
- Posting of Association Fee Collections
From introducing new property owners to the association with an owners handbook to establishing and maintaining a communication forum for the community, well informed co-owners is our top priority when it comes to communication. Communication services include:
- Create and maintain a forum for communication with Co-owners.
- Create an official notification medium for information on services, Board of Directors actions and policies, etc.
REALICO will develop an owner’s handbook at the direction of the Board of Directors as a system of familiarizing the new resident with a basic understanding of the condominium community and its governance. The handbook is a friendly way of introducing a new resident to the governing documents which contain the “Use and Occupancy Restrictions,” the “Master Deed,” “Condominiums Bylaws,” and the “Rules and Regulations” adopted by the Board of Directors.
The handbook is also usually distributed to all the Co-owners because it contains other useful information, such as a Co-owner directory, a list of contractor contact numbers and a maintenance chart describing who is responsible for many maintenance or repair items (either the association or the individual Co-owner).
Each community association establishes rules, regulations, and best practices to govern its community. Realico assists communities with the enforcement of rules, regulations, and policies of the Association. Working closely with the Board of Directors and property owners, Realico serves the association with knowledge and experience. We ensure that property owner’s are complying with association’s rules and regulations and act as a liaison between the association and the property owners should an issue arise. Regulation Enforcement services include:
- Develop procedures to enable residents to voice suggestions or complaints
- Support enforcement of association rules and regulations
- Help the Board of Directors work diplomatically with property owners to streamline the enforcement process
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