One of the areas condominium and townhome associations need assistance most is budget.
Effectively running a homeowners’ association budget not only requires accounting and financial planning skills, but expertise in negotiating the myriad of contracts an association requires.
Contract re-negotiation is an area boards often come to Hillcrest Property Management for help with. We have a track record of successfully:
- Bringing condominium, townhome, and homeowners associations out of debt
- Evaluating and re-negotiating new and aged vendor contracts
- Budgeting to enable repairs and property improvements while getting and staying out of debt
Below are a couple examples how we’ve helped Chicagoland properties negotiate contacts and improve their financial position.
Indian Head Park contract re-evaluations
Hillcrest took over a condominium property in Indian Head Park, Illinois in 2017. The association seemed to be paying a hefty sum to a number of vendors. Indeed, their contracts were left as-is for some time. To address this, our property manager reviewed all the contracts in place. Be re-negotiating and finding new vendors, Hillcrest saved the association an exorbitant amount of money. For example, their elevator maintenance contract alone was costing them $3,000 per month for two elevators. The property manager found a way out of the contract, and went with a different company that charges $600 per month for the two elevators. This savings alone allowed the association to reallocate funds to different projects that had been kicked aside for years.
Contract re-negotiations to get out of debt
A 20-unit property in Oak Park was in debt $16,000 when our property manager Lindsay Diaferia took over in 2016. To address the issue, she re-negotiated outdated contracts, and kept close tabs on the financials with the community’s board. Lindsay worked with them to get completely out of debt. She helped them build their Reserves, and they’ve begun working on small maintenance projects that were not, for them, affordable in the past. Plus, they’ve continued successfully with no debt since!
Our Licensed Property Managers are dedicated to the satisfaction of the Associations they manage. They receive comprehensive training and have solid experience in the industry to help them with innovative and responsive planning for all of your Association’s needs. The Property Manager assigned to your Association will act as a liaison for the Board of Directors, provide guidance for project needs and help with other various tasks to help you remain stress-free. Property Managers, and sometimes our Property Inspections Services department, perform building inspections to be proactive about the maintenance needs of an Association.
When it comes to finances, we want you to rest assured we can take care of them for you. Our staff accountants handle the accounts receivable and payable, monthly financial reports, billing statements and closing letters for the sale of a Unit.
At the administrative level, we offer a variety of day-to-day operational services that help your Association run smoothly. Our management software enables us to do that. As part of our administrative services, we also prepare forms and reports for the Board, process and document resales according to Association standards, and maintain governing documents.
Maintenance Management Services
Hillcrest is committed to maintaining the integrity of your community. Our team will develop and administer preventive maintenance programs and inspect the common elements of your association. They will then report any maintenance needs directly to our Client Care department who issues work orders to the appropriate vendors. When the need arises, we will assist in securing qualified contractors and solicit bids for maintenance, capital repairs and the unfortunate unexpected repairs. Along with obtaining the bids, we will review them with the board and schedule the necessary work after the Board chooses a contractor.
Property Assistants & Client Care
To help assist the Property Manager, we have a department of experienced Property Assistants that are available Monday through Friday, 9:00am to 5:00pm. They utilize our management software to assist in accurate record keeping for homeowners. Records include census and parking information, call logs, and more.