Innovative Property Management will have a representative present at all Board of Directors' meetings. Prepare and distribute Board packets to all Board members including the agenda, minutes, financials, bids to review, old and new business and any correspondence. An Innovative Property Management representative will record and transcribe the meeting minutes at no additional cost and we will interact and coordinate with the Association's Architectural and Landscape committees as needed.
A representative from Innovative Property Management will attend annual Association meetings. Innovative Property Management will also assist the Board in voting procedures and in maintaining record changes for new homeowners.
Maintenance Requests and Bids For Services
Innovative Property Management representatives will conduct regular on site inspections. We will develop a punch-list with action items that must be completed within 30 days. This valuable tracking document will be included each month with your board packet. We expect to be held accountable for the follow up necessary to complete the Board's directions to outside vendors in a timely manner.
An Innovative Property Management representative will obtain project bids as required by the board for maintenance and repairs. An Innovative Property Management representative is available to address your property's monthly maintenance priority list and will schedule, monitor, and follow up on your contractor's repairs as needed. The Board and the Director will predetermine the exact effort required and cost. The Director will present to the Board all repair requests and retain contractors and/or engineers as authorized by the Board for property renovations or construction.
Property Management Services
- Homeowner Account Web Access and Payment Options
- Community Web Site
- Obtain Vendor Bids
- Negotiate money
- Monitor projects for the Association
- Day to day monitoring of property contractors
- Compliance letters to owners
- Interpretation of governing documents
- Monitor delinquent owners
- Update reserve study through an expert
- Prepare annual meeting documents
- Process and approve invoices for payment
- Homeowner communication
- Accurate record keeping, and retention of records
Innovative Property Management will prepare and distribute an annual dues coupon booklet and/or quarterly dues statement. Innovative Property Management utilizes a lock box service with Meridian Bank for dues payments. This computerized banking technology enables us to process your Association's income within 24 hrs of receipt, as well as accruing maximum interest on your average daily balance without monthly service fees. Checks returned for insufficient funds are monitored and appropriate action is taken.
Innovative Property Management will monitor status of homeowner delinquencies and act according to the current delinquency policy set in place by the board. Innovative Property Management will initiate legal proceedings for dues not received within the legal time frame through seamless interaction with the HOA's attorney. We will monitor each delinquency and act as a liaison for the Board in addressing all legal concerns and requirements.
Innovative Property Management will pay all Association operating expenses out of the Associations Operating Account. For checks requiring Board approval on non-approved operating expenses as well as reserve expenses, we will obtain signatures on those checks as required each month. We will deposit designated funds into the Association's savings account for reserve build-up. Each month the Association's bank statements are reconciled by computer and provided to the Board.
Innovative Property Management will prepare monthly financial reports reflecting the Association's activity. Financial reports such as a balance sheet, a budget comparison that allows the Board to monitor all income and expenses in relation to projected budget items, check disbursement register, and delinquent/prepaid owners reports to assist in determining legal action decisions on delinquent accounts. We will also assist the Board with budget preparation for the Association. We will compile photography and complete forms with extensive property data necessary for reserve study specialists.
Prepare all necessary financial reports for the Association's audit or tax preparer. Review audits and income tax returns prepared by CPA for presentation to the board for approval and signature. We will prepare annual vendor lists and 1099s for the Association. This is not included in our base fee. We will interact and coordinate with the Secretary of State in maintaining the Association's corporate status. We will coordinate with the appropriate legal firm in amending, rewriting, or interpreting the Association's CC&Rs, By-laws, and Rules and Regulations.