Situation
The Las Sendas Community Association (LSCA), formerly self-managed its large, amenity-rich master-planned lifestyle community and after three years, faced major financial turmoil. Its numerous amenities include:
- 3364 Units
- Championship golf course
- Trailhead Athletic Club & Spa
- Tennis centers
- Swimming facilities
- Community parks
- Extensive trail system
Challenges
Significant operating losses caused the Association to borrow more than $600,000 from its Reserve Fund. Past due assessments were challenging and left uncollected due to inexperience. Maintenance and enhancement projects had fallen short, and residents were upset with the management and direction of the Association. LSCA recognized the need for a professional HOA management company and began an intensive selection process.
LSCA searched aggressively for a firm that would be hands-on in its approach, could expertly oversee a sizeable lifestyle community with a multi-million dollar budget, and would uphold the community concept so important to Las Sendas Board members and residents.
Solution
The Association selected top-ranked community association management firm FirstService Residential based on its national strength & local expertise, strong industry relationships and lifestyle expertise. Since taking over community management, FirstService Residential has:
"I cannot conceive of operating at the level now established without the cheerful and valued support from your company's management team, the professional guidance and team-building of the Community Manager and the responsiveness of your corporate officers.” - Board President
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Produced $250,000 savings in the first year through a vendor bidding process
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Proactively collected more than $240,000 in delinquent accounts at no cost to the Association
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Combined sustainability and savings by replacing air conditioning units with high-efficiency 16 SEER units – under budget. Projected savings: $50,000.
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Helped community maintain resale values by painting structures, resurfacing streets and other special projects
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Built an adept on-site team from LSCA’s original employee base
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Implemented a Lifestyle Division Business Plan to optimize member engagement and maintain community appeal