HOA Community Funding Success Story

Posted on Monday May 13, 2019 

CHALLENGE: 

A self-managed community with 170 single-family homes needed several large project repairs including extensive street repairs. The community had never increased the necessary assessments, so funding was extremely limited. This community needed the help of a professional property management company to address several issues. 

EXPLORATION: 

  • The community's Board of Directors hired FirstService Residential to partner with them as their association management company.  After completing a community evaluation and under the board's direction, we identified the street repair improvements as a priority for safety reasons. 
  • The community manager sought out three, industry-leading contractors to send bids for the repair work and presented them to the board for review. 
  • The board determined that a special assessment was needed. After communicating the issues and need to residents, the board collected over $150, 000 from the community to fund necessary repairs. 
  • The vendor offered a "green asphalt" option, which was more cost effective than the other bids. This option provided the community with a product that eliminated the removal and re-grading process, noise reduction, increased durability and resistance to reflective cracking. 
  • The board also planned to replace all speed bumps within the community. 

"I am in the process of moving to Tucson.  I am determined to find a home in a FirstService Residential managed community.  FirstService Residential listens attentively and responds immediately. More significantly, they are focused on community, a much-needed focus in this era! FirstService Residential promotes harmony, communication and quality care. 

 HOA Board Member - Scottsdale, Arizona 

SOLUTION: 

  • After professional management was put in place, the community partnered with FirstService Residential to enforce their regulations and identify where improvements need to be made.
  • The community leaned on their partnership with FirstService Residential to set a plan of action for completing these projects over the next several years and establish financial stability to avoid future special assessments. 
  • FirstService Residential brought in a knowledgeable, localized team to the community - which in turn was able to implement an evaluation of the community - notating specific areas for improvement. 
  • Through this evaluation process, we conducted an estimation process using three reputable vendors and assisted with implementing a special assessment collection.
  • The rubberized coating project took only five days to complete and helped transform the appearance of the community immediately. 
  • The greener alternative increased cost efficiency and saved the community and its residents from further work and larger special assessments in the future. 
  • Partnering with FirstService Residential saved this community time, money and energy and significantly improved the safety of the neighborhood. 
To download a shareable copy of this success story with a fellow board member, click here.

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