Frequently Asked Questions
Over the years, we have encountered many questions relative to professional association management. The following are the most commonly asked questions:
1. What are the benefits of working with Bossshardt Property Management Inc ?As one of the largest and most experienced professional management companies in the Alachua area, Bosshardt Property Management has the ability to provide services to its clients not attainable by a smaller companies or by an individual manager. Bosshardt's professional management provides continuity in operations, single source accountability, multiple levels of expertise in condominium/homeowner association management, price stability, additional levels of liability insurance, better negotiating power with vendors.
2. How is the transition handled ?
Upon being awarded a management contract, Bosshardt Property
Management Inc. immediately begins the transition of management. This
is neither a difficult nor time consuming process. Personnel will come
to the property or your current management companies office to review
and inventory accounting records. Owner names and account balances are
entered into our database and simultaneously a notification letter,
billing reports and
statements are generated. This process generally takes 2 days to 2
weeks depending on the size of the Association.
3. How is the transition of existing vendors handled ?
Bosshardt Property Management Inc. will notify, in writing, each vendor to
fully explain our role as management, and to
notify them of the address and contact changes for the Association. The
Associations Board of Directors continues to maintain control over
which
vendors they are used at the Association.
4. Will the Board lose control ?
No, the Board often will find a greater level of control. The Board continues to function in the capacity of the Association's administrators. All professionals such as the Association's attorney('s) and CPA continue providing their services. The Board also has control over actions of the management company. Bosshardt's function is to carry out Board directives, provide experienced recommendations, set up documented operating systems and procedures and establish a level of continuity in operations and recorded keeping.
6. Will the Board have to put in as much time ?
No. Although the Board ultimately has final authority and responsibility for the operation of the Association, Bosshardt provides many useful tools in assisting the Board in their decision making, such as monthly management reports, dealing with and coordinating vendors and development of certain non-technical bid specifications, detailed accounting reports, etc. All of these functions help alleviate the amount of time required by the Board in the operation of the Association.
7. Will the Association continue to need consultants ?
Probably not, in most cases, a licensed Community Association
Manager can help with most consulting of general management. In the
event of specialized services such as legal opinions, engineering, and
other "professional designations" consultants may be needed.
8. Is there a conflict of interest ?
One of Bosshardt's primary services as a management company is to negotiate and obtain the lowest price for services provided to its Associations without compromising the quality of that service. All goods and services provided by vendors are done in a direct Association/Vendor relation. Bosshardt does not pass any services through our contract and receives absolutely no compensation "kickbacks" in any manner from vendors. Any cost benefit as a result of Bosshardt's vendor relationships is passed on to benefit the Association. In addition to management, Bosshardt also provides other ancillary services such as full maintenance services, real estate brokerage services, title services and financial services. If the opportunity arises where these services are needed, Bosshardt asks the Board for permission to be a bidder. The final selection of a contractor is typically made by the Board of Directors unless other arrangements are made.
9. Do you ever lose a job, and why ?
Bosshardt Property Management Inc. business retention rate is
exceptional. Occasionally, we are asked to leave a community due to a
change
in the Board. There are instances
where there are personality or "chemistry" conflicts and sometimes we
simply do not
meet the expectations of the Board. At no time has Bosshardt Property
Management Inc. ever been asked to leave a property due to Association
finances or any ethical reason.
10. What if Bosshardt Property Management Inc. is asked to leave ?
Should the Board make the decision to terminate the contract
(provided the termination provisions in the contract are met), the
transition process is handled in a professional manner. All
books and records in our possession are inventoried and turned over to
the Board or its designee, including any on going projects, work
papers, schedules, etc. The turn over is held at the office of
Bosshardt Property Management during normal business hours.
11. How does Bosshardt Property Management Inc. make its profit ?
Profit in managing community associations is typically made by a
monthly Management Fee. Services for that fee include
all bookkeeping services (the Association still retains an independent
CPA for its year end audit and tax return), management support,
off-site administrative support, computer support service, and
consulting. At times, there may be additional
fees for ancillary functions that are listed on our management contract
such as court appearances, document revisions, or attorney conferences.
12. What does the Association have to lose?
Absolutely nothing. There are no start up fees. In effect, the Association benefits in areas of increased organization, professional consultation, accounting procedures, supervision etc.
| Bosshardt
Property Management Inc. Community Association Management Division 5522 NW 43rd St Suite B Gainesville, FL 32653 |
Phone:
(352) 240-2713 Fax: (352) 240-2714 Web: www.bosshardtcam.com E-Mail: CAM@bosshardtrealty.com |
