All Management Firms are Not Equal

What is actually included in your management package?

This is an area that many home owners do not fully understand until they have already signed a long term contract with a management company and it is too late! On paper management solutions can appear identical, but in fact may be very different. For example, "Property inspections", "Your own custom web site", "Collecting of association dues" and other items that you see on all management proposals makes it appear that all firms offer equivalent levels of service; nothing could be further from the truth.

This is the main reason why home owners should never sign a long term contract with a management company. Understanding the need to prove our value each month, FSO Real Estate is the only firm allowing clients to terminate management services at any time! Our focus on producing value is also why the most common feedback we hear from clients switching to FSO Real Estate is related to the vast improvement in customer service and the level of support that we provide. Ask around; nothing comes close to FSO Real Estate in the Washington DC Metro Area!

All property inspections are the same, right?

Unfortunately, no. The idea behind performing routine inspections is to have a building expert analyze the "health" of your home and grounds so that the home owner, and the management firm, are fully aware of all issues and can make educated decisions. Secondarily, the inspections allow the management firm to evaluate the performance of vendors performing onsite work such as cleaning services and lawn care. In order for the inspection results to be useful, however, the "inspector" must be an expert who is trained on all areas of construction.

Did you realize that most management companies rely on their "property managers" or office staff to perform their inspections? These are the same employees that perform the administrative tasks required to support your association; most of whom have no engineering knowledge. How valuable and trustworthy do you expect their inspection findings to be?

FSO Real Estate is the only management firm that employs building engineers to perform their inspections. While this is a considerably more expensive product to deliver, the results are dramatically more valuable and useful for the board. In fact, our inspections are considered nearly equal to those performed by inspection firms costing hundreds of dollars each.

Don't make the mistake of assuming that a check-mark next to "property inspections" on a management proposal means that you will be receiving a useful report. Ask to see a sample! Compare a sample of our inspection reports to an actual report from a competing management firm so that you can be the judge:

What is your strategy for minimizing delinquency rates?

As you are probably aware, the negative effects of a struggling economy are beginning to take their toll on associations. The need for a proven and consistent collections policy will become increasingly more critical over the next few years as the number of foreclosures increase. Delinquencies can impact a home owner in numerous ways; some of which you may not be aware of. Luckily, most management firms have "collecting of rental dues" on their list of responsibilities so there should be nothing to worry about, right?

Did you realize that the treatment strategy followed by most Washington DC Metro area management companies when an owner is late in paying his/her assessment is to send a single letter in the middle of the month? That is the extent of their monthly effort. Many take no action at all. Sound absurd? Just ask them for details! The actual "collecting" of payments from owners when they arrive is only a small piece of what is required to protect your property.

FSO Real Estate's treatment process involves the staged delivery of two automated phone calls, emails and letters to any owner who has not made their payment. The home owner is then notified at month's end with a report of all delinquencies and our suggested next treatments. This requires a great deal of time, effort and cost on our part, but we believe this is the level of service our clients need and deserve. This is also why our clients enjoy unmatched financial results and minimal delinquencies.

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