When LBPM took over management of this property in 2010, there were serious issues that needed to be addressed: inadequate reserves, substantial collection problems, contentious board meetings and unfiled tax returns, among other matters. In fact, the association had been unable to reach a quorum for a proper election in seven years.
LBPM Revives Large 280-Unit Homeowner Associations
LBPM went to work, reforming and enforcing consistent collection practices. Delinquencies ultimately fell by 60% and reserves increased by over 400% due to the significant increase in collections. Working closely with the board of directors, we were able to provide structure and order to their regular meetings, and even assisted with bringing annual elections into compliance with the association bylaws. Ultimately, LBPM directed the revision of all governing documents to reflect current laws and regulations.
We take great pride in undertaking such a substantial turnaround effort, and all credit goes to the team-centered approach we employ both in-house and with the board.
Find more real-world turnaround stories at property management case studies.