215-343-1550

 

 

Property Management

The property management responsibilities are divided between three regionally based teams comprised of over 25 individuals. Each Manager has an individual portfolio of associations.  When Property Managers are out of the office inspecting their communities, the other team members provide backup support to those associations. 

Property Managers conduct weekly community visits, oversee contracted services and administer all association activity including resident communication as directed by the association’s Board of Directors.  Our support staff handles all administrative duties including accounting functions, budget preparation, collection of delinquent assessments, preparation of resale certificates and insurance responsibilities.  Although the Property Managers are always fully informed of these activities, they are not directly involved with providing these services. This allows the Manager more time to perform their association management responsibilities, including:

  • Conduct weekly visits to all associations.
  • Semi-annually, conduct an in-depth inspection of all common areas and controlled facilities, and provide a detailed written report.
  • Within 24 hours of a snowfall, inspect the community for contract compliance.
  • Provide a monthly written report outlining maintenance and operational activities.
  • Investigate written complaints received from owners or residents.
  • Assist in establishing rules, regulations and architectural controls.
  • Assist in organizing association committees.
  • Maintain records of violations and resolutions.
  • Administer the repair of association property.
  • Prepare specifications for contracted services.
  • Obtain quotations from qualified contractors for all recurring services and expenditures in excess of $500.
  • Monitor and supervise association contractors.
  • Reply to owners and residents requests for common area maintenance.
  • Provide 24 hour answering service.
  • Compile association/owner maintenance responsibility list.
  • Prepare association general correspondence and reply to all communication received from residents.
  • Arrange for mailing of notices and newsletters to owners and residents.
  • Arrange for distribution of new owner information packages and welcome letters.
  • Attend board meetings.
  • Schedule and attend annual meetings.

Financial

  • All association funds are directly deposited into the association’s checking account.
  • Funds are never commingled between accounts. They are segregated between Operating, Reserve and Capital bank accounts.
  • All investments are approved by Board of Directors, prior to implementing.
  • Investments are restricted to institutions offering FDIC Insurance.
  • Investments are limited to $250,000 with each institution.
  • Negotiate interest rates on certificates of deposits and money market accounts that are higher than those available to the general public.

Accountants

  • Assist the association in selection of an independent Certified Public Accountant (CPA).
  • Provide Accountants with all necessary association financial information and detailed analysis of general ledger accounts.
  • All corporate federal tax returns are filed within 75 days of the association’s year-end closing.
  • The filing of an association’s tax return is never placed on extension.
  • Require all Accountants to prepare their year-end financial statement by March 15th for distribution to the Board of Directors.

Accounting

  • Maintain all association accounting records on an accrual basis. 
  • Monthly financial statements are distributed to the Board of Directors by the 15th of each month.
  • Annually, a draft of the association’s subsequent year’s budget is prepared a minimum of 110 days before year-end.
  • The budget draft includes both projected operating expenses and annual assessment for Reserve for Replacement Fund.
  • Copies of approved budgets and payment coupons/information mailed to homeowners 30 days prior to implementation as required by law.
  • At no additional cost to the association, every four years we inspect the community and update the association’s Reserve for Replacement Analysis.  This ensures that all new Capital improvements are included in the Analysis and that the replacement values are adjusted for inflation to current replacement costs.

Collections

  • Annually, mail to all owners assessment notices/payment coupons.
  • Deposit all funds received directly into the association’s individual bank account.
  • Charge owners appropriate late fees, if assessments are not received during the grace period.
  • Issue late notices to owners for assessments not received by the date due.
  • Mail monthly collection letters to delinquent owners detailing all outstanding amounts.
  • The collection of all delinquent assessments is processed in-house, not through outside sources. 
  • Monthly follow-up on all delinquent accounts.
  • File with district court for collection of delinquent assessments in accordance with the association’s policy. 
  • Attend district court hearings, if required, at no additional charge. 

Insurance

  • An Insurance Administrator is in control of all association insurance requirements.
  • Annually, obtain insurance renewal proposals from various companies.
  • Insurance coverage is not allowed to automatically renew.
  • Administer all property damage insurance claims.
  • Assist the Board of Directors in selecting a restoration contractor.
  • Oversee the restoration of all common areas damaged.
  • Provide information and assist homeowners in restoration of their homes.
  • Administer all personal liability claims including answering complaints or interrogatories and attending depositions, arbitrations or court proceedings.
  • Advise homeowners of proper integration of their personal insurance with the association’s master policy.

Resales

  • Resale Department processes all requests, in a timely fashion, for homeowners that are selling their homes or refinancing their mortgages.
  • Provide all required association documentation, financial statements and proof of insurance coverage as well as complete the final payoff statements, resale certifications and mortgage questionnaires. 
  • Assist mortgage lenders in obtaining required FHA condominium association mortgage approvals.

Contracted Services

  • All services required by an association are performed by independent contractors. 
  • We maintain a comprehensive list of contractors available for a variety of services in Bucks and Montgomery Counties. 
  • We request multiple proposals from contractors for various services that are individually selected based upon proximity to the association and past performance. 
  • All contractors are required to provide proof of insurance for both liability and workers compensation coverage.
  • All contract specifications are prepared by us and are designed to properly protect the associations we manage.  Contracts prepared by a contractor are never accepted or executed.
  • For annual service contracts or major projects, the contractor must name the association as an Additional Insured on the contractor’s insurance policy.

Record Retention

  • In accordance with Internal Revenue Service regulations, association records are maintained for a minimum of seven years. 
  • Permanently maintain copies of all the association’s tax returns, financial statements, Board and Annual Meeting minutes, summaries of architectural approvals and, if required, age certification forms.
  • All association e-mail correspondence is maintained electronically.