Dowling Properties, LLC

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Scope of Services

 

Our Mission

To provide the highest level of prompt, professional service in order to maintain, protect and enhance the value of each property we manage while developing a partnership that enables the board to fulfill their obligations to the Association.

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Assessment Collection and Tracking

Assist the Board in Long-term Planning Management Services

Accounts Payable

Budgeting

Reserve Studies

Common Area Maintenance

Emergency Maintenance Service Financial Reporting

Insurance Administration  Administrative Services Site Inspections

The purpose of a management company is to relieve the Board Members of the burden of day to day management of the association. The operation of a condominium association, especially in a large complex or building, can be incredibly demanding. Between budgeting, bill paying, inspections, contracting of services, dispute resolution, assessment collection, banking, financial reporting and tax filings, board members who hold full time jobs may be rapidly overwhelmed by the scope of the task.

Hiring the right management company enables the Board Members to function solely as decision makers and then rely on the property manager to insure that those decisions are properly carried out. In addition, if Board Members are not well experienced with what it takes to run an association, an experienced management group is invaluable in providing advice on what to do in any given situation that may arise.

Proper management of your association goes a long way towards maintaining not only the value of the property but insures that you have a viable association that runs smoothly and effectively. Most people who live in condominiums do so because they want to own a home but don't want all the responsibilities associated with a single family residence. Effective management makes hassle free living a reality.


Assessment Collection and Tracking

Situated in River Forest, Dowling Properties will establish, along with the Association Board of Directors, an operating account in a local bank as a depository for collected assessments. Residents can set-up auto payments thru their bank or can pre-write checks for each month that are held until the month due. Residents may also send a check or money order each month by mail or place it in the drop box at the rear door of 400 Lathrop in River Forest.  A record of payments received and current delinquencies is delivered to the Board each month. Assessments are due on the first of each month and are late on the second. A late fee, as delineated in the association declarations, is charged for any payment received after the 15th of the month.

The typical delinquency and collections process is as follows: (This may be modified at the direction of the Association Board)

15 days late: Create delinquency report - Record late fee - Mail owner past due letter with a copy of owner ledger.

45 days late: Mail owner final notice of delinquency with updated statement.

60 days late: Board is notified of pending legal action - At Board discretion, past due account is sent to the Association's Attorney for collection.

All legal fees are charged back to the delinquent owner.

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Accounts Payable

At the direction of the board, our staff will seek and maintain the best price for, acquire, make arrangements for, and pay for out of the operating fund, services including but not limited to:

● Water, waste removal, heating, electricity, telephone, cable or other necessary utility services for the common elements and such services to the Units that are not separately metered or charged to the owners thereof.

● Such insurance as the Association is required or permitted to obtain as provided in the declaration.

● Landscaping, gardening, snow removal, painting, cleaning, tuck pointing, maintenance, decoration, repair and replacement of the common elements and any furnishings or equipment for the common elements as the Association requests.

● Any other materials, supplies, furniture, labor, services, maintenance, repairs, structural alterations or assessments that the Association deems necessary or proper for the maintenance and operation of the property.

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Common Area Maintenance

Dowling Properties, in consultation with the Board, will facilitate with hiring and contracting a local maintenance company to provide landscaping, snow removal and minor repairs to the common areas. Regular inspections of the common areas will be conducted by management personnel to insure that the maintenance contractor is completing his duties in a competent and professional manner. For major repairs (in excess of $500.00) and at the direction of the Board, Dowling management personnel will secure an adequate number of bids to find the best "cost to quality of work" needed and present the bids to the Board for consideration. Management personnel will then insure that the work is undertaken in a timely and professional manner and report to the Board when the work is completed.

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Insurance Administration

Dowling Management personnel will act as a liaison and contact point with the insurance company regarding any claims, changes in policy coverage, and payment schedule.

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Assist the Board in Long-term Planning

Long term strategic planning is an important aspect of the successful operation of a condominium or townhome association. Dowling management personnel can assist the board in creating a viable plan designed to meet the goals of the association in accordance with the guidelines of the Community Association Institute.

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Budgeting

The budget is the lifeblood of a successful association. Dowling Management personnel annually review past expenses and anticipated future expenses so as to present to the Board a comprehensive budget plan that takes in to consideration the need to maintain assessments at the lowest possible level while maintaining the viability of the association. Managers work directly with the Board members to create a budget that works for that particular association so that it can be ratified at the annual meeting.

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 Emergency Maintenance Service

Dowling Properties maintains an after hours answering service for emergency assistance to association residents and follow-up on emergency calls.

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 Administrative Services

To keep accurate and easily accessible records, we:

● Use Yardi® Property Management Software

● Maintain emergency contact information for residents.

● Maintain all relevant information about the sale or lease of a unit.

● Maintain a digital record of association common area keys signed out of our office.

● Maintain digital scans of vendor proposals, vendor contracts, bills, and receipts for the association.

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Management Services

Our firm offer the highest level of responsive and individualized service. Dowling managers:

● Maintain an open line of communication with the members of the Board.

● Provide a prompt response to resident concerns.

● Conduct regular site visits to assess the overall condition of the property and insure that the janitor is performing as expected.

● Assist the Board with long term planning.

● Solicit bids from vendors.

● Provide contract review and oversight

● Attend Board and Association meetings.

● Help organize and administer the election of the board.

● Act as a liaison and contact point with attorneys regarding any legal matters pertaining to the association.

● Facilitate the hiring, supervision, payment, and dismissal of Association employees.

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Reserve Studies

One of the most important things that a condo association should do is conduct a reserve study in order to determine how much money is needed in reserves to cover anticipated future expenses. The problem is, full blown reserve studies can be very expensive and in the present economy most associations don't have the $3000 to $4000.00 or more that a formal study can cost. At Dowling Properties we feel that not having the money to pay for a reserve study is really no excuse for not making an attempt to determine and properly budget for future expenses.

Using the latest in Reserve Study Software, Dowling management personnel are able to work hand in hand with the association members to complete a comprehensive reserve study at minimal cost thereby insuring the future viability of the association and avoiding the dreaded special assessment.

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Financial Reporting

Every month we provide to the Board a complete financial report that includes:

1. A Current Balance Sheet

2. A Month to Date and Year to Date Income Statement

3. A Budget Comparison Cash Flow Statement

4. A Receivables Summary by Account Statement

5. A Copy of the Operating Account Bank Statement

6. A Check Register Statement

7. A Reconciliation Statement

8. Copies of Paid Invoices

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Site Inspections

At a minimum of every six months, Dowling management personnel will conduct a comprehensive inspection of the property and present to the Board a written report of the results with comments and recommendations.

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Copyright © 2001 Dowling Properties, LLC. All rights reserved. Revised: 12/28/10.