Choosing a Management Strategy that is Right for Your Community

Choosing a Management Strategy that is Right for Your Community

February 15, 2023

Self-Management: The management functions are generally completed by the volunteers that serve on the Board of Directors and are most often utilized by small associations to save money. These functions typically include the accounting, vendor oversight and homeowner issues.

Financial Management: Accounting services professionally contracted for collecting assessments, paying invoices, reconciling the monthly accounts receivable/accounts payable, creating a budget and preparing the annual financial report. The financial manager does not visit the property, contract for vendors, address homeowner issues or enforce the covenants.

Full Management: Includes all accounting services, budget preparation, vendor payments, property management and customer service for the residents. Management is responsible for the routine inspection, maintenance and repair of the amenities, exteriors of condominiums and townhomes as well as the grounds of the community. Managers also oversee vendors, answer account questions and address owner concerns.

Portfolio vs On-Site
Portfolio managers provide full management for multiple communities at the same time while an on-site manager is dedicated to one community. The cost of a portfolio manager is shared among multiple associations while an on-site manager is utilized for associations that can afford the cost of a dedicated manager.
Services Provided
Either on-site or portfolio management should provide experienced and knowledgeable staff with responsive customer service within a specific time frame, accurate and timely financial records, accounts payables and receivables, vendor oversight with reputable contractors, insurance procurement, board meeting attendance with a proactive approach to all maintenance issues as well as concerns of the Board and membership.
Company Reputation
It is important to note that the business approach will affect the level of service provided and customer satisfaction of the Association members. If the company business model is based on lowest cost per door than the level of service will be reflected accordingly. If the company business model is based on client service satisfaction than the cost per door will be reflected accordingly. The size of the company is not necessarily indicative of the service that will be provided. The experience level of the manager and the back-office support services will affect the customer response rate, accounting accuracy and issue resolutions.

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From the day Signature Management acquired the community where I am an owner, Wekiva Village on the Green, I’ve been extremely impressed by the professional, courteous, and responsive demeanor of our new Property Manager, Chris Marin. Clearly he prides himself on communication with owners in a timely manner. I have not made a single inquiry that hasn’t been responded to quickly by phone, email, or text…and with detailed answers about my questions. What Chris told me would happen DID happen!! He has taken control of a long overdue repair on my garage and chose a contractor that worked diligently to get it done. Our community is fortunate to have Chris Marin as our PM as I tell anyone who cares to listen !!! Thanks for the great job you’re doing, Chris!!!

— Wekiva Village on the Green, Anonymous

I would like to tell you both that we really appreciate your endless, relentless efforts you have done for all the residents of Chesterbrook. Having the town hall meeting and sharing your advice I'm sure was welcomed by more than just the board. The board believes in you and we want our residents to see as well why. Thank you for all you do!

— Chesterbrook, Anonymous

As I continue to immerse myself in the Archives, the value of a strong Board - Manager relationship becomes increasingly clear. You were very brave to have taken on so dysfunctional a community at the time you did. I have a greater respect for your efforts on our behalf as my understanding of Portfolio Management grows. You and your staff have gone so far above and beyond the contractual borders in both time and expense without additional cost. I thank you, the Board, and the Community at large for your patience as we all climb the learning curve in an ever changing environment. I am very thankful for what has been accomplished in the last two years or so by your staff, the Board, and the folks in the Community who have stepped up to help.

Just wanted to let you know how much I respect you and admire you for the work you've done so far for our community. I've never felt more comfortable handing something over knowing it will be handled properly.

— Sun Bay Club Condominiums, Karen L., Board President

The words of thank you are not enough to express the gratitude of the owners and especially the Board of Directors at Vista Del Largo. Meer words are inadequate compared to the assistance and guidance that has been provided through this very difficult transition. At time I have stretched our professional relationship to think of you [MaryJo] and your associates as mentors, and all have stepped up providing much needed advice. For this, I personally thank everyone at Signature Management Solutions.

— Vista Del Largo, Allen Wellman, Board of Directors

I truly appreciate all your personal help and efforts and am truly very impressed by our new condo management company. You guys are really on top of things and it is greatly appreciated! What a difference between your company and the previous.

— Sun Bay Club Condominiums, Aaron R.

You are a big improvement over the last company and we love you!

— Sun Bay Club Condominiums, Dave Z., Resident

As a Realtor I have had many unpleasant experiences dealing with property managers when attempting to assist my customers with the sale of their home. What a breath of fresh air your customer service department is. They respond quickly to all inquiries and seem to take pride in providing the highest level of service to benefit their clients. Please keep up the good work!

— Lake Villas Condominium, Glenda M., Realtor

Let me begin by complementing the staff at your HOA management office, specifically Christopher and Ingrid. Each of them has been delightful to work with. Kudos to your team there.

— Ramblewood Condominium, Owner

Want to let you know I appreciate everything you have done for Deer Song, me, and Ginny. Deer Song has come a long way with your help (and Chris’s help) with the letters and Chris walking the property and everything else. Just wanted to let you know on this Thanksgiving holiday that I (we) are thankful.

— Deer Song, Sheri (VP)

I wanted to commend your positive attitude as MOST management companies personnel that I have dealt with are nowhere near as responsive to any requests as you were, in fact I generally get either no response or no assistance whatsoever if information is required on my borrower. I am a very big believer of customer service, as in today’s world everything is automated and communication is lacking. So thank you again for being so helpful with such a quick response time, it has been greatly appreciated!!

— FBC Home Loans, Cathy LaPoint

On January 1, 2022 our association partnered with Signature Management Solutions. All of those at Signature have been knowledgeable and professional, but more especially, MaryJo LoCascio and Chris Marin have gone out of their way to assist us in a professional manner tempered with the human element of understanding. Our association is now being managed with the cooperative partnership of the Board of Directors and Signature Management Solutions resulting in proactively solving problems and planning for the future. The professional partnership with Signature Management Solutions has been positive and productive and we look forward to a brighter future for our association. I can't thank those at SMS enough for their assistance.

— Vista Del Largo, Allen Wellman, President, Board of Directors

I've been living in Alahambra Court for awhile and I just wanted say it's a great place to live and your management maintains it very well.

— Alahambra Court, Robert M., Resident

I appreciate your follow-up and your many great contributions to our community life. You guys and your steady efforts are appreciated. With the roof work, great painting, renewed landscaping, trees trimmed, the community is really looking great. Thank you for your part in helping us to be all that we can. Great teamwork!

— Moss Park Commons, Homeowner

“Congratulations to you and your financial team for an excellent budget proposal report! 1st time that I am reviewing a comparison budget proposal versus actuals of prior years / projections, since I am on this board; It’s easy to follow and understand.”

— Riviera Townhome Owners Association, President-Board of Directors

Thank you for all that you have done for Vista Del Largo and especially for me. Your taking the time to review and make suggestions on the proposed policies and rules and regulations was over and above the provisions of both our contract with you and any other obligation to VDL.
Again, thank you.

— Vista Del Largo, Al Wellman

Progress, thank you so much for all the hard work you and your team put into my neighborhood.

— Oaks at Winter Springs, Tammy Sumner, President

MaryJo, I can't tell you how much I personally appreciate the urgency you have placed on all of this from the very first email I sent you. The speed and intensity with which you have tackled this is outstanding and I want to make sure it doesn't go unnoticed. To repeat, your decisive and straightforward response to everyone's concerns here may well be the glue that makes this transaction happen. Your approach here is also an excellent example of what the Buyer can expect from VDL management in the future should she indeed become the new owner. Many thanks once again, MaryJo.

— Vista Del Largo, John

Just want to say thank you very, very, very much. Really appreciate what you are doing for us and really just could not be more thankful and please pass it on. I appreciate it so much. Thank you!

— Chester Brook, Jan Vitally

MaryJo and Chris, Please rest assured that in the midst of our day to day challenges, you are both greatly appreciated. Your commitment does not go unnoticed. On behalf of the Chesterbrook Community, thank you.

— Chesterbrook Community, Anonymous

I appreciate you – you are always so responsive, and believe me, not everyone is like that.

— Client Executive, Leslie C. Hanson, AIS, AINS