In the complex world of community management, innovative solutions can make all the difference. SmartProperty, a leader in common area asset management systems, has transformed how communities plan, manage, and maintain their assets. Through a series of success stories, we highlight how partnering with SmartProperty has brought about remarkable improvements in financial planning, operational efficiency, and community satisfaction. Here are some standout case studies showcasing the impact of SmartProperty’s platform.
77 Hudson: Realistic Capital Planning for a Luxury High-Rise
Overview
Location: Manhattan, New York, NY
Type: Luxury High Rise
Size: 420 units
Challenges
The board at 77 Hudson was struggling to keep maintenance fees in check while maintaining the financial health of the community. They were also concerned about potentially over-assessing homeowners due to an outdated reserve study that scheduled over $8 million in capital improvements within a two-year span.
Solution
By leveraging SmartProperty’s live forecasting tools, the board was able to create a new capital plan with realistic replacement costs spread over a longer period. This prevented the need for drastic fee increases and ensured more accurate financial planning.
Impact
1. Homeowners’ Savings: Residents were able to retain an additional $96,560 while funding reserves at a sustainable level.
2. Financial Stability: The community achieved a balanced capital plan without overburdening homeowners with excessive fees.
Trilogy at Glen Ivy: Managing Vendor Costs and Assessment Increases
Overview
Location: Corona, CA
Type: 55+ Retirement Community HOA
Size: 1,317 Homes
Operating Budget: $4.5 million annually
Challenges
Faced with rising vendor costs, the board at Trilogy at Glen Ivy was contemplating a monthly assessment increase of $15 per homeowner. The potential increase was a significant concern for residents, and the board needed a solution to balance costs while meeting homeowners’ expectations.
Solution
Using SmartProperty’s live forecasting and special assessment risk analysis tools, the board ran multiple funding scenarios and optimized cost allocations. This approach allowed them to reduce the planned monthly fee increase from $15 to $8.
Impact
1. Homeowners’ Savings: The reduced fee increase saved homeowners $79,000 collectively.
2. Community Satisfaction: The board successfully maintained the community’s financial health while keeping homeowners content with manageable fee increases.
Texas Condo: Extending the Life of Aging Infrastructure
Overview
Location: Texas
Type: 60-Year-Old Condo
Challenges
A 60-year-old condo with an aging plumbing system faced skyrocketing costs due to frequent water damage, mold, and mildew. The cost to fully replace the failing system was projected at $4 million, creating a $1.5 million shortfall. Special assessments were imminent, and securing a loan was not an option.
Solution
SmartProperty’s platform, along with expert advice from their engineers, helped the community develop a strategic plan incorporating preventative maintenance to extend the remaining useful life of the plumbing system. The plan included ongoing camera-based inspections, testing, and Hydro-Jetting.
Impact
1. Cost Savings: The preventative maintenance plan cost only $30,000 per year, significantly less than the reactive measures previously in place.
2. Extended Asset Life: The life of the plumbing system was extended by eight years, smoothing out reserve expenses and avoiding the need for special assessments.
These success stories illustrate how SmartProperty’s innovative platform can revolutionize property management. By bringing reserve studies to life, providing detailed financial insights, and enabling proactive maintenance and planning, SmartProperty empowers management companies to achieve financial stability, enhance service value, and ensure long-term community satisfaction. Partnering with SmartProperty can turn challenges into success stories, demonstrating the transformative power of advanced asset management systems.
