Proposals from Vendors for the yearly budgets, here are some of the things to consider
As Board Members are asking for Proposals from Vendors for the yearly budgets, here are some of the things to consider.
BY ROYALE MANAGEMENT
Budgets take time for any Condo and HOA Community, each year many of the services paid for by these associations come under review at budget season. While its nice to think about cost savings we feel it is much more important to look at workmanship, licensing, scope of work and then Costs. SFPMA and our Members are here for every community, on our Directory finding everything from Services to the businesses that keep your operations up and running to the Legal Experts safely protecting Condo and HOA’s from disputes and Litigation.
Search our members directory, Find a Company Ask for and Request an RFP – Request for Proposal for your buildings Budget.
HERE IS A LIST OF THINGS NO VENDOR CONTRACT SHOULD CONTAIN:
1) An automatic renewal clause. While it’s ok for an agreement to continue on a month to month basis it’s wrong to saddle future board with an obligation to track and cancel an agreement on a certain date or between certain dates to keep it from automatically being extended for an additional term.
2) A right of first refusal. This allows an existing vendor to match the price and terms of any new vendor proposal and thereby force the association to keep them. Most often an association gets proposals from new contractors because they are unhappy with more than the price and terms and giving a vendor a right to stay because they agree to match price and terms, does not solve the problem and can only lead to litigation.
3) Contracts with unnecessarily long terms. While a vendor that has upfront cost for things like equipment like a laundry vendor bringing in new equipment who needs to recover the equipment cost agreement terms should be kept as short as possible. Five years might be ok for the laundry contract but would not be for a landscaping contract in this case a one year term would long enough.
4) Cancellation only for “cause” clause. Proving cause only makes the lawyers richer and can be hard to do. The best solution is to build in a “cause free” ability to cancel with a 30-day notice.
Royale Management Services, Inc
Phone: (954) 563-1269
Full-service, CAM (Community Association Management) licensed, residential property management company, specializing in management, consulting and accounting for Condominium Associations and Home Owners Associations.
“The expansion into Community Association and Home Owner’s Association management was a natural move after a number of our clients serving on condo boards asked for our help with their associations accounting, budgeting and management, due to increasing operating cost and sloppy accounting records maintained by their current bookkeepers and managers.”
Find us on Facebook: https://www.facebook.com/RMSCondo/
Learn more on our Website: http://royalemanagement.com/
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Do you know? Or do you think you know?
I call this lack of systems knowledge. Here’s why it’s important.
Every piece of your building is made up of systems. Each system has pathways and pipes that make that system whole. I love when people generalize the term “plumbing”, when there are really multiple facets of systems that make up the plumbing.
There are domestic water systems, storm water systems, sanitary systems, etc.
Now, with that said, are you waiting until you have a major problem with your system to
Look at it? Like a don’t ask, don’t tell type of scenario?
Problem is, these systems almost always find themselves in peculiar locations, level 5 finished walls, columns with marble on them, walls with expensive finishes etc. Like when the kitchen of the tower club is located above the law offices really fancy conference room. (More on that story later).
The design of these systems is like the veins in your body, they hide discretely under the surface of your skin, and as long as everything is running smooth, no reason to investigate or research right?
Wrong.
Each one of these systems has a life expectancy for failure, and the longer the life, the higher the risk. When you wait till the system is failed, it usually always ends up
Costing more in the end.
For this condo in Fort Lauderdale, they unfortunately deferred maintenance, waited until it was too late, and the entire system needed to be replaced, as an emergency.
Had a thorough camera work up and report been done 5 years ago, they could of budgeted for this, and been more prepared.
As the story goes, just because you can’t see it, doesn’t mean it isn’t there. Underground utilities are a part of your buildings critical infrastructure, you must prioritize it, or it will bite you in the ____.