Silvercreek
FAQ’s

Question & Answers

Provide a brief overview of your company What is the proposed staffing for our property?
Silvercreek Association Management is a leader in the field of property management of Homeowners Associations. We are part of an elite group of Community Association Management Companies who have earned the Accredited Assocation Management Company (AAMC) designation from Community Assoications Institute (CAI). 

 How many of these are HOA’s versus investment properties?
A manager’s portfolio is dependant on the size of the properties in units/or homes. The larger the property in units/homes will mean the manager will have less properties in his/or her portfolio. Most managers in our office operate with assistants to allow for continuous back-up and typically work with a portfolio of 7-10 properties. 

 What support is provided to managers?
The properties we manage are condominiums, townhomes and planned developments. We do not manage investment properties. We are 100% dedicated to the management of Homeower Associations. 

 Please describe the person you anticipate being responsible for our project using a resume or summary of background.Will financial reports to be received monthly?
Each property we manage is assigned a team of our industry specialists: an assigned Certified Community Manager, administrative support staff, an assigned accounts payable representative, an assigned finance representative, and our biling department. Our Director of Property Managers–PCAM–supervised assigned managers’ activities and is available as a consultant if needed and our CPA on staff, ensures the financials are structured in accordance with Civil Code, and Generally Accepted Accounting Principles (GAAP). We also maintain a customer service department.

How do you handle policies and procedures for delinquencies, late fees, lien placements, collections, etc. ?
All of our community managers are in various levels of certification and enrolled in Community Assocation Institute’s Management Development Program, with CMCA, AMS and PCAM designations. With our team approach to management, the manager assigned to your Association will be highly knowledgeable and backed up by administrative and accounting support. Upon selection of your assigned manager a more in depth management background will be discussed, as you will have an opportunity to meet your prospective manager.

 Will you support the sales process, which information, documents or other data may  be required by lenders, buyers, renters, escrow, brokers, etc?
Yes, comprehensive financial reports are received by the 15th of each month. A demo financial packet is available upon request through the proposal process. 

Are there any charges or fees for this support?
Silvercreek recommends a proactive late fee and collections policy. A late fee is applied to any account that is late past the 15th of the month, unless the documents of the HOA provide otherwise. If an account continues in a delinquent status we highly recommend beginning the legal timeline, which begins with preparation and mailing of pre-lien letter documentation after 90 days of non-receipt of payment. If not payment is received for another 10 days following the initiation of the pre-lien, the Board  will have an opportunity to vote to place a lien on the accounting in an open meeting. Should the account continue in arrears, at $1800 or more, or 90 days delinquent, the Board can vote to start the foreclosure proceedings on the unit, through nonjudicial foreclosure or judicial foreclosure. Your community manager can help facilitate these steps along the way in each case. 

 Will you provide a secure webside for the property to include access to homeowners for information, announcements, financials, etc?
Silvercreek Association Management has an Escrow Department that handles all of these requests. There are applicable fees that cover for the processing of sales which include interfacing with the escrow company, buyer, seller, and real estate agents as well as providing documents requested and ensuring the HOA receives all assessments due at the close escrow. The fees are billed to the seller at market rates. 

 What is your pricing for management service?
Silvercreek Association Management provides a HOA website option to your Association. The website offers a useful tool to provide information to owners such as announcements, governing documents, financials and meeting minutes. 

 Tips to be aware of when hiring a new management company. How can we serve you?
Our goal will always be to meet the budget of the Association. We will speak to you about your service needs and work through pricing with you. In our industry most management companies will charge close to the same monthly fee. It’s the service offered in caring for your home or investment property that will set Silvercreek Association management apart for the same price you would pay anywhere else!

 What types of community associations do you manage?
The company and its employees should be members of a trade group that is working to improve industry standards, such as the Community Assocation Institute. It is encouraged to visit the company’s facilities to check for yourself and assess the overall organization of the office. Meet your prospective manager and members of the management team to be assigned to your property. Learn about the internal checks and balances are in palce to safeguard Association funds. If the company is quoting fees substantially below the competition, find out why. Rates charged by management companies should not vary greatly. Always check references by calling other Association Board Members and industry professionals such as HOA lawyers about the performance of the company. 

Do you offer services for financial management independently?
Silvercreek Association Management is proud to represent over 135 Homeowner and Commercial Associations providing innovative concepts for their development and operation. We remain keenly aware of each of our community association’s needs, making them better places to live.

 Who runs a homeowners association?
Our job is to manage. Seems like a simple concept, but it’s a unique one in our industry. We work with you to establish objectives, then proactively turn your vision into reality. At Silvercreek, we understand that each community has a unique personality that is the sum of the individual residents. That is why each community association we manage is handled in a unique way. Our experience allows us the expertise to manage any type of project, and specialize in everything from Homeowner and Condo associations to Large Scale and Master Planned communities. Are you in a specified Active Adult Community, High Rise, or Mixed Use development? We have a management team that is trained and certified to remain mindful of your goals and maintain your high expectations. For communities that have Declarant involvement, Silvercreek regularly works with both boards and builders to ensure the community flourishes upon completion.

 What happens if I don’t pay the HOA special assessment?
We sure do. Financial management services are not only included as part of our full service management program, they’re also offered independently to community associations requiring only financial management. 

 Can homeowners change the rules?
If you find that a particular rule or set of rules is unfair to the betterment of the community, you can meet with your Board of Directors and request they vote to change it. Read your association’s CC&R’s, which should detail how to propose and pass new amendments. The solution could waver on a specific number of votes being cast or a certain amount of people showing up to a special meeting.

 What are the CC&R’s?
CC&R’s (Covenants, Conditions and Restrictions) describe the rights and obligations of the association and of each owner. The content of the CC&R’s can vary widely from one assocation to another, so make sure you read and understand your specific documents.

 What do fees pay for?
Like any budget, a homeowners association budget is designed to reflect upcoming debts such as utilities, landscaping and administration. The reserve fund is money that has been set aside for future expenses, such as new lighting, fencing, and s treet resurfacing. A rule of thumb is that the bigger the building, the bigger the HOA dues. It stands to reason that when there are more windows, structural elements, and a larger electrical system, there are going to be more maintenance issues. 

 How much are your management fees?
The needs of every association are so different, that is why we cater our services to our clients specific needs. Our pricing is based off of the scope of work for your community.

 What is included in the financial summary and how often are they provided to the board for review?
On the 15th of every month you will receive a full financial report for the previous month, and YTD reporting. These reports include Profit and Loss statements, Balance Sheets, Delinquence reports, Bank Reconciliations, Bank statements.

 Does your company assist in the facilitating of annual audits and tax preparation?
Yes. We will provide the association’s CPA with the proper documentation for them to file for the association. 

 What is your process for collection of delinquent homeowner accounts?
When Silvercreek takes over a new association we work hand in hand with the Board of Directors to determine which delinquent accounts we should pursue. Once the accounts are determined, we will communicate with the owner and they can either pay off their account, or set up a payment plan. If they do not comply with our attempts then they will be handed off to a collection attorney for filling of a lien and collection of funds. Silvercreek will maintain constant contact with the Board of Directors through this entire process. It is your community, we are simply here to guide and folow through with your direction. 

 What process do you have in place to mitigate the impact to the association in the event that a manager leaves your company?
At Silvercreek Association Management we employ a number of Managers that can satisfy the needs of an Association should a particular Manager leave the company. We are always on the lookout for new talent and continuously training Managers for new opportunities.

What assessment payment options does (company name) provide to owners?
Communities being served by Silvercreek have a variety of payment options. Homeowners can pay by check, online via the portal, Bill Pay, the lockbox system, or by Credit Card.

 Is your company a member of any industry organizations?
Yes. Silvercreek is a member of the Community Associations Institute. A global organization dedicated to educating, training and keeping our company up-to-date with the latest trends and legal changes in every state. As well as ECHO, a local non profit organization dedicated to the education of homeowners in Homeowner Associations. 

How are work orders issued and followed up on?
Work orders are issued by the property managers and assistants which are processed in our software. One copy is sent to the vendor, one is kept for the permanent files, one is for the property manager to use for inspections, and the other is for the assistants to use for maintenance follow-through with the owners. Payment information is noted on the computerized work order listing in the monthly financial statements on the work orders that were issued.

 Are letters sent confirming maintenance calls received by owners?
Yes, log and email followup after each maintenance call is received to verify receipt of the call and provide confirmation of their records.

 How are member maintenance calls take and recorded?
Our customer support team takes all of the maintenance and community calls then they log the actions in our homeowners portal. The contractor is then notified of work required and a work order is issued by email. A report of these calls is available each month in the management report.

 Are late notices sent to members for nonpayment of dues according to the collection policy? 
If yes, at what cost?Yes, our demand letter is sent certified per code. The cost for the postage is $25 and is billed to the member. 

 Do you go to an annual budget meeting with the Board?
Yes

 Do you have separate trust accounts and is the management company bonded?
Yes. Each client account is set up in their own name and the funds are not commingled. Our firm carries a bond on its employees. 

 How do you handle delinquent accounts?
A demand letter is sent out per the collection policy of the association. If payment is not made we will recommend in our monthly status report for the Board to approve the processing a lien. Then if payment is still not received then we would recommend the Board to vote on turning the account over to an attorney for collection action (i.e. foreclosure, etc.). We believe that the Association needs to keep on top of delinquent accounts in order to insure collecting the optimum amount of funds to pay for the obligations of the Association.

 Are billings sent on a montly basis to owners?
Coupon payment books are sent to homeowners detailing the payments for the financial year. Statements can be sent in place of coupons books if needed.

 Are bank statements reconciled monthly with copies of the statements to the Board?
Yes. Copies of statements are included in the monthly management report. 

 What type of reports are available for homeowner assessment payments and delinquent account reporting?
In addition to the reports available in the monthly financial package (assessment ledgers, etc.), we also provide for the management report a delinquent status report (updating all delinquent accounts with payments made since financial report were run) and a foreclosure status report which indicates a collection history for action taken by your attorney in collecting the balance due. 

 How often are checks written for payables?
We write checks weekly by computer for all invoices received.

 Do you provide a monthly management report, agenda and coorespondence?
Our management reports are one of the best in the industry and includes a summary of actions during the month, calls received, correspondence sent, bids received, board decisions that need to be made ,etc. Also included are copies of all backup material (correspondence, etc.). The monthly managment packages have an adopted agenda included for guiding the board during the meeting.

 Is your financial package available within one to five days from the end of the month?
Our office provides a full set of financials within the first 15 days of the following month.

 What is included in your financial statement package?
We have a complete finanical package including balance sheet, operating statement, reserve breakdown, budget analysis, check listing, general ledger and work order reports. Our owners ledgers include delinquent reports, assessment ledgers, and detail listings for changes.

 How many meetings per year does your contract include in your package?
Meeting frequency can be scaled to the Associations needs. Pricing varies depending on the commitment.

 Does your staff have experienced department heads to assist your personnel and the Board of Directors?
Our staff is structured to give property managers as much support as possible to assist them in meeting your needs. We have department heads for our Customer Support Representative Team, Accounting Department as well as an Executive overseeing the Property Managers themselves.

 What does your “full mananagment service” encompass?
The best way to answer that is to refer you to the full service management page. Our services are described in detail there. However, please note that there are many other things that are done each day in the course of management that are so numerous that you cannot “list them”. Our philosophy is to conduct ourselves in a professional operation of the community in order to meet the goals and the expectation of the Assocation. 

 

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