Focus on Bids and Collections

Published August 2020

It’s All About the Bid
By Karins Engineering

The bidding process can be a daunting task for property managers, boards, and owners, but getting the bid right is imperative for the financial success of your project. Here are a few tips to remember during bidding.

Cheaper is not better: Low bids are seldom the best and can cost you more money in the long run. 

Education is key: Consult your project manual and an engineer so you know what to look for before going into the bid process. 

Know what you need: Have a clear list of what you need done, and don’t let contractors define the project scope.

Understand your specs: Know the materials involved in your bid and make apples-to-apples comparisons. 

For more than 20 years, we’ve helped our clients navigate the bid process to complete projects on budget and with engineering integrity. 

For more information, visit karins.com.

Financing Projects with the New “Coronavirus Normal”
By Rick Alfonso 

There is no doubt that 2020 will be a year to remember, but life does go on, projects still need to be completed, and buildings still need to be maintained. This requires that all homeowners continue to pay their maintenance fees, which is expected to become a true challenge in the coming months. Financial institutions will be paying close attention to delinquency reports solely because this will be the true measure of the financial health of the community. We must recognize that many homeowners will be struggling financially in the coming months. Those boards and property managers who are proactive with their fellow owners to ensure collections do not slip should do very well. Developing payment plans and waiving late fees may be necessary tools to avoid an increase in delinquency. In short, our advice is to focus on your collections.

For more information, visit www.uscentury.com.