Tag Archives: professional

RESERVE STUDIES FOR THE FIRST TIME BUYER

Now that it’s budget time for many associations, boards are updating their reserve studies. Still, many others have never had a professional reserve study and are now considering investing in having their first independent study done. Questions arise such as “what is the purpose of a reserve study?” “what are the benefits to the association?”, or “How do we go about getting a reserve study conducted for our association?”

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Reserve Study Service Levels

It is just beginning to be that reserve study time of year. Why? It takes a little while to select a reserve professional and get the reserve study scheduled. And, you need to have the reserve study completed before you can complete your budget for next year.
Although state statutes generally permit anyone to perform the reserve study, asso-ciations should consider engaging a qualified, independent reserve professional. There are two professional designations available; the PRA (Professional Reserve Analyst) conferred by APRA, the Association of Professional Reserve Analysts, and the RS (Reserve Specialist) designation conferred by CAI (Community Associ-ations Institute). Both of these designations require the reserve professional to have completed at least 50 reserve studies and have at least one year of reserve study experience.

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5 Rules for Self Managed Associations

Not all HOAs can afford to hire association managers. “These are the vast majority of associations today—those that are self-managed,” says Bill Worrall, vice president of The Continental Group, which is based in Hollywood, Fla., and manages 1,300 condominium and homeowner associations totaling 310,000 residential units.

There‟s nothing wrong with being self-managed if you know what you‟re doing. “I think if a community can‟t afford management, self-management is relevant,” says James Donnelly, president and CEO of Castle Group, a property management company in Plantation, Fla., that manages 60,000 association units. “Some have a strong, long-term board that wants to do the management itself. I‟m not offended by that.”
If you‟re among the group of self-managed associations, here we offer rules to live by so you can be as well managed as those run by career professionals.

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