Is Choosing a Reserve Study Provider All About Price?
I found this article thought-provoking. I read the article from the point of view of a professional who has been serving non-profit community association clients for over 30 years.
At Association Reserves we understand board members face a big challenge to budget for the maintenance and replacement of their association’s major common area assets. Boards typically have little knowledge of project costs and when those costs are expected to occur.
A Maryland court recently entered a $1M judgment against the Tomes Landing Condominiums and its management company, MRA Property Management, for providing misleading budgets to prospective purchasers. Read more here.
In the live Q&A session after a one of last week's webinars, one participant asked when it was best to perform a Reserve Study for their association... suggesting that he thought it would be best in the last quarter of a major component's life.
In the Reserve Study industry, the Percent Funded range of 70-130% is described as the "strong" range. So why shoot to be 100% Funded and not the lower (more attainable) target of 70% Funded?
