Beneficial Tips for Community Associations

Published April 2021

Navigating a Digital World to Build a Connected Community
By Hotwire Communications

     One of the most important decisions an HOA or condominium will make is selecting the right ISP (internet service provider) for their community. It’s important to choose a company that not only delivers high-speed internet with enough bandwidth for the entire community, but also finds new and innovative ways to serve the community’s needs. 

     In the past year, Hotwire has reaffirmed its unique, personal approach to customer service through a range of virtual and on-demand services. These include TechSee, an augmented reality-enabled tool that allows for virtual technician visits and interactive self-installations, giving customers who don’t feel comfortable letting technicians into their homes a convenient and contactless way to install equipment and troubleshoot problems.

     We also launched the Fision Essentials series of virtual seminars, hosted by “Fision Educator” Emmet Frank, a one-man tech squad who teaches customers how to get the most out of their products and services and answers any questions they have, no matter how complex or simple.

     By innovating the customer service experience with cutting-edge technology, Hotwire has proven a commitment to both supporting its communities and providing customers with the same white-glove customer experience they’ve come to expect.

For more information, visit hotwirecommunications.com.

How an Adequate Reserve Fund Can Benefit Your HOA
By Denise Tumulty

     No matter what type or size of your community, there are probably components of your common areas that will eventually require major maintenance. When planned for, the funds to re-do these assets may cost only a few dollars a month as part of the routine assessment. Reserve funds are not an extra expense—they simply spread out the expenses more evenly over a longer period of time, avoiding a large, unexpected expense to owners in the form of a special assessment, or a large jump in assessments if your association needs to obtain a loan when one of those components requires replacing. 

     There are other important reasons association funds should be put into the reserves every month:

• Reserve funds meet legal, fiduciary, and professional requirements.
• Reserves may be required by either documents, state statutes, or court decisions.
• Any secondary mortgage market in which the association participates (i.e., Fannie Mae, Freddie Mac, FHA, and VA) will take a hard look at the financial condition of the association before lending money to a prospective purchaser.
• Reserve funds enhance resale values.

     For more information on Sentry Management, call (800) 932-6636 or visit sentrymgt.com.

So You Are a Board Member and Now…
By Linda Johnson

     Congratulations on being elected to the board. Your time and energy is appreciated as you will be representing the interests of your entire community. 

     As a board member for this upcoming year, you will need to carry out the following:

• Review the community’s condition as well as make sure that you familiarize yourself with the governing documents.
• Determine the goals and priorities for the upcoming year and years to follow, which will include preventive maintenance. In order to determine these goals, an important part to take into consideration will be the financial aspect.
• Review the budget and financial statements as well as previous budgets and make sure that your current budget will cover your expenses. With the pandemic, boards need to be cautious with the financials and monitor them carefully.

     It might seem like a lot but the support of your management team of professionals and their experience, will help guide you to make the appropriate decisions.

     For more information, call (305) 864-2790 or visit www.ljservicesgroup.com.