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Condominium Association Management

Integrity Management Systems, LLC Condominium Association Management - Isn't is time for better?

THE BOTTOM LINE:  Almost daily, we receive telephone calls from board members and association homeowners, telling us the same thing:  "Our association property manager is unresponsive; they will not answer their telephone, nor return emails."  There are four main reasons why boards of directors change condominium association management companies:

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1)  Listed above, unresponsiveness, or lack of a sense of urgency in responding to the needs of the board members, and property owners.

2)  Failure to provide adequate property services, and follow up on the services.  These services may include one or a combination of landscaping services, pool services and appropriate chemical level maintenance, common area cleaning, and a host of maintenance items.  

3)  Ongoing, and uncorrected administrative and bookkeeping errors and omissions.  Among the most prevalent examples are collective failures to provide the board with timely end of month financial information, omission of keying and paying vendor invoices, errors in receiving and properly posting of monthly association and/or assessment dues, and a host of other administrative and accounting issues.  

4)  More frequently and discouragingly, association managers are engaging in unethical and/or illegal activities, ranging from disallowing board members to be listed as authorized signers on association bank accounts, to the willful embezzling of association funds.

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The list above is not found among national statistics, but rather data compiled from board members who contact IMS, seeking to make a change from their current association manager.  In the majority of these cases, the current condominium association management company has grown too large, losing their ability to properly focus on the client.  This fact is abundantly apparent in our coastal markets, such as Myrtle Beach.  Our research has found that, on average, the typical association manager is assigned between 600 - 1200 doors each, which is simply too much volume for one person to oversee adequately.  Our model is completely different than that of most association managers.  IMS offers a whole office approach to association management, especially for that of larger associations, of 150 plus doors.  Various team members of our offices are assigned to oversee administrative and operational matters.  While there is one association manager assigned to the community, this team member has an entire team at their disposal to assist them with various aspects of managing the association.  

 

Condominium Association Management is challenging and exciting, requiring constant attention, planning, communication, reaction to service requests, and results delivered, without excuses.  Condominium Association Management is the core of our business operation, and as such, the high demand for our partnership continues, across the Carolinas and beyond.  
 
Our level of management involvement and oversight with condominium association management is extensive, and as an association manager, both the Board of Directors and the respective asset holders may expect professionalism and delivery without exception in the following:

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  1. Initial inspection

  2. Five year forecast, and capital improvement projection

  3. Preventative maintenance recommendations and oversight

  4. Detailed year one, and corresponding operating budgets

  5. Cash management program

  6. Powerful and insightful monthly reporting, consisting of as many as 12 monthly reports, in which the board members have instant, 24 hour access to view through their homeowners portal

  7. Assessed billing and collections

  8. Board meeting and minutes coordination.  In addition, at the discretion of the board, IMS will gladly plan, coordinate and send calendar invitations to board members and homeowners for annual meetings.  Also, IMS will prepare and disseminate ballots for the election of board members during annual meetings.  

  9. Attendance of all board and any association meetings

  10. Posting of minutes and any communications arising from # 8 above

  11. Complete property management and supervision of asset

  12. Insurance administration

  13. Communications

  14. Complaint resolution service

  15. Recreation and social programs and services

  16. Identification of, receipt of, coordination, and scheduling of all property services required for the asset, including, but not limited to

    1. Exterior cleaning

    2. Interior janitorial cleaning

    3. Housekeeping

    4. Stocking of common areas, such as swimming pool areas with amenities supplies

    5. Landscaping, and landscaping maintenance

    6. Planting of flowers, and other decorative items, as a part of # 5 above

    7. Pressure washing

    8. Window cleaning

    9. Complete maintenance of the asset, from handyman service, to electrical, HVAC, plumbing, building, replacements, and if an outside contractor should be required (rarely), total oversight of that contractor’s work.

 
Property Inspections - Well-planned, detailed, and on-going property inspections is the cornerstone of property management for these assets.  This is an area where many property managers struggle, and where IMS excels.  In addition to our overriding goal of the maximization of the return on investment for our clients, property inspections are the most important aspect of our business operations.  
 
Managing On-Site Employees - Hiring, training, and management of employees and managers, as required by the needs of the association.  In some cases, the bi-laws of the association allow for the association to employ either W2 or 1099 employees and contractors.  In other cases, the board requests IMS to supply a part or full time, onsite association manager to manage the day to day activities and management oversight of the community.  

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PricingIMS is well-known for providing only completely transparent pricing for our association management partners.  When your service and pricing proposal, as well as management agreements are presented to prospective boards of directors, all pricing is clearly listed, including recurring, and less-often charged fees.  There is no small print nor the surprised billing items many association managers charge their associations.  When the board receives our simple pricing structure, they clearly see the base management fees, as well as any additional fees which are charged on a monthly or less recurring basis.  

Association Best Practices & New Association Onboarding

  • Integrity Management Systems has developed a full-proof, detailed and highly specific set on best practices for our new association partners.  Let's be honest, in the current environment, there are many organizations and individuals currently managing associations who are simply doing things which are unethical and/or illegal.  From no current board members being assigned as authorized signers on association bank accounts, to management companies failing to produce budgets, balance statements, profit and loss reports, documentation of invoices paid, and beyond, boards and associations need the protection of an organization who only does things one way - the right way!  As such, our IMS association best practices protocol offers a step by step process, whereby every new association partner is set up for the immediate protection and success of all individual homeowners in a community.  IMS is delighted to share, and shares these best practices with all association servicing and pricing proposal we submit to would be association partners.  

  • Upon partnering with IMS, it is mandatory that at least one member from the board, along with our CFO/PMIC both are added as authorized signers on all new association bank accounts.  This system guarantees a transparent system of checks and balances for the board, as well as IMS.  

  • Review of association documents is vital to the financial well being, and legal protection of any association.  In many cases, we learn that association documents such as master deeds, bi laws, rules and regulations have not been legally reviewed and updated in years or decades.  In many instances, the new board requests the assistance of our local Myrtle Beach attorney to review, update and file association documents, before, during or after onboarding.  Remember, an association with holes in its governing documents is susceptible to homeowner litigation, paying attorney's fees 

  • Our best practices and new association is seamless and ensures that the association and all homeowners are perfectly provided with all of the information needed during new management assignment and association onboarding.  In our experience, many times homeowners do not like change.  In other situations, collectively, change brings great relief to the homeowners.  IMS has perfected this transitioning over the years, and after the initial first 30 days of onboarding, there are very few bumps in the road for the new association, homeowners, and the board of directors.  

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