Diversified Association Management

Diversified Association Management is a full service residential homeowner’s association management company serving communities in Colorado Springs and surrounding areas since 2005.

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Living in an HOA

When one purchases a home within a homeowner’s association, the sense of community should already be upheld and welcoming for any new home owner.

Diversified Association Management not only helps maintain the standards for each HOA, they create the community within their everyday lives as well. Being a community is sustained by each homeowner following the rules and regulations to continue creating the vision of the HOA. These policies range anywhere from convenient enforcement, architectural control, and most importantly the collection policy of assessments.  

Once Diversified Association Management is hired on to an association, it becomes our job to uphold these policies. The collection policy is of most important to make sure each homeowner is aware of their assessments being delinquent if applicable. Assessments are put in place for the expenses the association incurs to make sure the community’s appearance is up to standards, maintain recreational amenities and in general, to create a beautiful hometown for their homeowners. 

Not all collection policies are the same, but most assessments are due on the 1st of the month. Some Associations give a grace period for each homeowner to pay their assessments. If payments are not received after the grace period given, a late fee may be applied as well as interest. A delinquent homeowner will then be notified of their missed payment. It is Diversified Association Management’s responsibility to communicate with the homeowner of past due balances. The law then puts the ball in the homeowner’s court to communicate with the HOA/management company in terms of paying their assessment.

Communication is key within a community; Diversified Association Management keeps that door open.  

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HOA Budgeting

It is that time of year again to start putting together a budget for the next year. Thankfully, Diversified Association Management is here to help!

A budget for an Association is just an estimate on how much the Association anticipates will be spent on particular items for the year ahead.

There are many factors to consider when putting together a budget as amounts fluctuate and there is not always a contracted amount.  So, it is best to look at historical data when working on an Association budget.   You should keep in mind the Board’s “wish list” and incorporate any as you are able to. You should definitely add past unbudgeted items (ie, graffiti removal) and separate repair items from maintenance items that were not factored before (ie., gutter repair versus gutter cleaning).  

1. Create your income line items. These should include only guaranteed income such as: • Assessment income • Bank account interest

We do not recommend budgeting late fees and interest to Associations as that is not guaranteed income.  You never want to rely on paying the bills with a questionable income source.  

2. Create your expense line items. These should include the things like: • Utilities • Management and other contracted services (landscaping, gutter cleaning, trash service) • Administrative costs (postage, envelopes, copies, newsletter/website fees, etc) • Maintenance items (gutter repairs, irrigation repairs, fence repairs) • Insurance (we recommend 10-15% increase each year) • Legal (pay attention to delinquencies and if you anticipate working with an attorney on anything next year such as obtaining a loan or amending your covenants) • Reserve contribution (if your contribution is less than the reserve study advises or is less than you are comfortable with – it is time to consider increasing your Assessment)

Of course, you can never tell exactly what could come up the next year, so we always advise to budget a small contingency amount.  Make sure you work closely with your Diversified Association Management manager to prepare the draft budget and review all necessary documents regarding budget notification timelines.  Careful consideration of Assessment increases should be given; make sure it falls in line with the requirements or that you are prepared to go to the owners for a vote.

In the end, you should have a balanced budget with no profit or loss.  This year, we are presenting all of our budgets to include the YTD figures, projected end of year amount and a comparison evaluation from the prior year budget to the proposed budget for next year.  We feel this will allow our Board’s to better understand the budget and assist them in making more knowledgeable decisions when approving the budget.

No matter what your budgeting needs are, Diversified Association Management can help

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June showers bring, July flowers?

With the endless amounts of rain the Front Range has experienced the last few months, we are aware that it can be difficult to keep up with lawn care.  The large amount of water has brought rapid growth in lawns and more weeds than usual this year.  Lawn maintenance and upkeep is a big part of being a good neighbour.  Diversified Association Management works hand in hand with your Association to make sure all homeowners are following the covenants.  To achieve this goal, our Community Managers conduct site visits twice monthly (for most communities) in the warmer months of the year.   Keeping your community well maintained is one of the many benefits of living in a covenant controlled community.  

Remember that if you are doing improvements to the exterior of your property, please contact your manager at Diversified Association Management to see if your community requires an architectural form.  Your community manager can assist you with the architectural process and answer any questions you may have.

Have a great summer, be safe and remember if you have questions in regards to your community,  Diversified Association Management is here to help.

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What do Board members do for their community?

Diversified Property Management works closely with our Board members to ensure that they are fulfilling their fiduciary duty. The state of Colorado has incorporated many laws that govern homeowners associations and Diversified Property Management works hard to stay in tune with the legislature so that the associations we manage are in compliance. The Board is elected by the homeowners at the annual meeting and Diversified Property Management is hired by the board of directors to run the day to day operations of each community.  The Board approves vendor agreements and payments, impose fines against property owners who are not following the rules, approves the annual budget, make legal decisions when necessary, and handles every other function that a governing body needs to do on behalf of the homeowners association subject to the Bylaws and other governing documents. Every owner that buys into a covenanted community agrees to follow the rules set forth by the governing documents. It’s important for the property values of the community that every homeowner understands and abides by the rules.  If you don’t like a decision the Board has made it’s your responsibility to get involved and understand the process. It’s much better to live in a covenanted community managed by Diversified Property Management than to live next door to someone who doesn’t take pride in their biggest asset or who is storing a couch on the front porch because they think it’s not a big deal. Please, next time you see one of your Board members thank them for volunteering it will mean a lot to them.

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It’s Spring-Cleaning Time

March Madness is over, flowers are blooming, the birds are singing and our houses are ready for some spring cleaning inside and out.  Spring cleaning is a practice that allows us to freshen up our homes and get us geared up for the spring and summer seasons.

Part of spring cleaning is removing the clutter you don’t need.  Plan a garage sale.  First, check the regulations for your community on garage sales and advertising with signs.  Please check your HOA rules or contact Diversified Property Management if you need to know the regulations of your community.  

Spring Cleaning Community Events and Yard Sales is another good way to get the homeowners involved.  You know the saying “One man’s junk is another man’s treasure”.  Diversified Property Management could help your HOA spearhead a community yard sale or clean up event.  There are many options to reach the community, contact your community manager at Diversified Property Management for advertising options in the monthly newsletter.

As our lawns finally begin to turn green after a long winter, it’s time to pay attention to it. Give your lawn a good spring cleaning to promote grass growth by removing leaves and debris, gently rake, and aerate.  Your lawn mowing equipment could also need a spring tune-up.  Sharpen the blades on the mower to make summer mowing a breeze!

Spring cleaning is the ideal time, also to check the batteries in your smoke and carbon monoxide detectors.

Diversified Property Management is dedicated to making sure the community is abiding by the guidelines set forth in your HOA Covenants.

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Diversified - New Website Offering

Here at Diversified Property Management we pride ourselves on creating a sense of community. Our current Homeowner websites are a fantastic way to get the documents that are provided by the HOA.  However the overall site is very limited when it comes to interacting with the HOA Board and your neighbors.  Over the last year we have been asking board members and homeowners what they would like to see in a new website from Diversified.  We took your ideas and found a company that could help us build a more robust website that opens up interaction between the homeowner, the Board, and the management company altogether. We are excited to announce that Diversified Property Management will be rolling out this new service over the next six months.

Here are some of the key benefits of the new website:

Messenger Service

Online Forms and Form Tracking

Personalized Web Site Access

Member Home Page

Online Resource Center

Facility Reservations w/ Payment

Event Registration

Multiple Calendars

News, Newsletters & Announcements

Photo Gallery

Online Payment Services

Diversified Property Management believes that this new and innovative change will help bring your community closer together while providing satisfaction to each individual.

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Happy New Year from Diversified Property Management!

We here at Diversified Property Management are very excited for all the opportunities ahead of us in 2015.  I have compiled a list of some of our goals in the year ahead.

Board member communication:  This will be done through our new email system that allows Steve and I to send quarterly or monthly emails to our volunteer Board members. We think this will be a great tool moving forward and believe in the importance of staying in touch with the people we work for.

Vendor/Board member appreciation event: This will bring us all together so we can put faces to names and continue to build strong working relationships between Diversified, the Boards and the Vendors.

Care and share food drive:  Last year we did a care and share food drive with a few of our communities and it was a great success. We will be heading that up again this year as well. We believe it’s important to give back to community, especially to those who are in need.  

Board member and Homeowner education:  Another goal we at Diversified Property Management always strive for is helping create a sense of community.  We do this by Board member and Homeowner education, through classes we provide and our community newsletters. We encourage homeowners to get involved and take pride in their neighborhoods. This will keep your property values up and allow for your family to create great memories for a lifetime to come. We believe everyone should know their neighbors by name because, if you really think about it, in an emergency your neighbors are your first responders.

This is a short list of our goals for 2015.  We look forward to another great year serving the communities we manage.

Best wishes for a happy and safe 2015

Tracy Martin - Diversified Property Management.

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Baby It’s Cold Outside!

If you are new to our beautiful state, welcome to winter in Colorado!  If you are not, you know exactly what to expect.  Beautiful 50 and 60 degree weather one minute and freezing cold, blowing snow the next!  No matter, you cannot deny the beauty of Colorado.

Being a Community Manager with Diversified Property Management for the past 7 years, I have seen my share of preventable disasters that come with the freezing cold temperatures.  Here are a few hints to help you enjoy this merry-go-round of temperatures this season:

When it is below freezing:   

Keep your thermostat at a minimum of 55 degrees.

Do not leave your garage door open during sub-freezing weather.  Any pipes in the floor above the garage may also freeze.

Apply foam insulation to your pipes, which is very inexpensive and can be purchased at any hardware store.

On sub-freezing days, open the cabinets below your sinks and leave the faucets dripping with a slow, continuous stream of cold water.

We at Diversified Property Management hope that you will get out and enjoy this season and all that it has to offer!  Be it skiing, tubing, sledding, skating or snowshoeing, embrace it and enjoy every minute!

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HOA - Fiduciary Duty

What does Fiduciary Duty mean?  How does it effect the Board and the Homeowners Association?  Where would you the homeowner find more information on this subject?  I have put together a quick explanation and bullets that should help.

The Board’s fiduciary responsibility is outlined in the governing documents.  Fiduciary duty simply means the board has an ethical and legal obligation to make decisions in the best interests of the entire association. That’s a small explanation for a very big responsibility.

Fiduciary duty includes a duty of loyalty to the association, which means that board members should never use their position to take advantage of the association. They should never make decisions for the association that benefit themselves at the expense of the association and its members.

Fiduciary duty also includes the duty to exercise ordinary care. This means board members must perform their duties in good faith and in a manner they believe to be in the best interest of the association, with such care as an ordinary prudent person in a similar position under similar circumstances would use

In short, boards must act in the best interests of the association and act reasonably.

Board members fulfill their fiduciary duty by:

Developing and using a formal budgeting process

Establishing and adhering to budgetary guidelines

Making sure the budgeting process reflects the wishes of the association members

Promoting understanding and acceptance of the reserve accounts among the members

Collecting sufficient fees to adequately operate the association

Soliciting bids and negotiating appropriate contracts

Authorizing expenditures

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Diversified Property Management is HOA Management

Diversified Property Management is a full service HOA management company with offices in Colorado Springs and Denver, Colorado.  We have been in business for 9 years and feel we have a solid track record helping Homeowners manage their day to day.

Below you will find some of the many reasons Diversified should be your only choice for HOA management in Colorado.

HOA's are Community:

Flexibility as well as open communication is imperative for a well-functioning HOA community.   Diversified Property Managements business depends on the happiness of residents overall, it is in our best interest to make sure the communities we manage are kept safe, clean, and well-maintained. We are constantly striving to maintain an open line of communication with residents.  We are truly believers in an "open door" policy. All of our staff have direct phone lines and we take into consideration residents' concerns and desires, not just simply tell them to "follow the rules," because they're in place.  

Board Members:

We believe volunteer Board Members are the cornerstone of their communities.  A successful Board promotes the concept of “community”. Living in a HOA brings continuity and order to the association. Diversified Property Management works closely with Board members to facilitate the needs of the association. This includes overseeing fiscal management, vendors, covenants etc.

Vendors:

Diversified Property Management only works with vendors that are licensed and insured.  This gives us the assurance that the vendor is credible and knowledgeable in their field. A well written RFP outlining the scope of work that can be incorporated into a contract and is the first step in hiring the right vendor.  Because we are a locally owned and operated company, we also look to hire local vendors first! We are constantly updating our consolidated list of professionals in order to serve the communities we manage and to meet the expectations of our Boards.

Our Team:

We create and promote a team-based approach in every aspect of our company. Our employees are empowered, not micromanaged.  By empowering our team members, it promotes resourcefulness, creativity, flexibility—an environment that is constantly looking for ways to improve how things are done. We believe this ultimately creates strong work ethic, loyalty and pride.  We are a strong, service-oriented and happy team that genuinely cares for each other, as well as—most importantly—the communities who have hired us to the HOA.

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HOA Budgeting

It is that time of year again to start putting together a budget for the next year. Thankfully, Diversified Property Management is here to help!

What Is a Budget?

A budget for a Homeowners Association is just an estimate on how much the HOA anticipates will be spent on particular items for the year ahead.

Over the years we have seen some Associations get stuck on a budget number being “exact”.  There are many factors to consider when putting together a budget as amounts fluctuate and there is not always a contracted amount.  So, it is best to look at historical data when working on an Association budget.   You should also keep in mind the desires of the Board (ie., social events), as well as  past unbudgeted items (ie, graffiti removal) or just new maintenance items that were not factored before (ie., winter watering).

Budget creation steps:

1. Create your income line items. These should include things like:

Assessment income

Bank account interest

Any late fees/interest charges

Reimbursable legal/collection fees

I personally do not recommend budgeting late fees and interest to my Associations as there is no way to accurately reflect what you will collect.  You never want to rely on paying the bills with a questionable income source.   Diversified Property Management serves as a guide to the Board on budgeting and  will budget how the Association desires.

2. Create your expense line items. These should include the things like:

Utilities

Management and other contracted services

Administrative costs (postage, envelopes, copies, etc)

Maintenance items

Insurance

Legal

Reserve contribution

Of course, you can never tell exactly what could come up the next year, so we at Diversified Property Management always advise to budget a small contingency amount.

3. Balance the budget

Once you have inputted the income and expenses it is time to look at the bottom line.  Are you short income?  Are you over on income?  Now comes the time to make tough decisions as a Board.  Raise assessments, add more to reserves, add more money to other line items, etc.  In the end, you should have a balanced budget with no profit or loss.

No matter what your budgeting needs are, Diversified Property Management can help!

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Diversified is fit for Summer!

At Diversified Property Management we like to have a little fun. We also like a good, friendly competition – enter our 2014 Fitness Challenge. Most of our employees signed up for this year’s challenge which started at the beginning of May and will run through most of August. Each employee enters their daily exercise, health and wellness data into a website which in turn calculates our points. We can log up to 100 points per day divided between the three categories. This year the points were capped in order to give everyone a chance to win and not just the twice-a-day exercisers. It has been interesting to see which Diversified Property Management employees are simply participating and which employees are fiercely competitive!

The Fitness Challenge was kicked off with a few employees participating in a local 5K. We carpooled to the race then had breakfast together. Not only are we getting in shape but we are creating more of a sense of a team – inside and outside the office. We have more exercise based outings planned for the remainder of the challenge

Diversified Property Management’s Fitness Challenge has helped me realize just how out of shape I am! But also, how easy it is to make minor changes that will improve my health and wellness. I started this challenge in it for the prizes. However, I’m finding that I’m enjoying creating new, healthier habits for myself and for the long term. What are you doing this summer to get back into shape, improve your well-being, and/or just get moving more? It’s summer. Get out there!

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Flash Floods - Colorado

Colorado is a state susceptible to flash floods--the effects and intensity of which have only increased in the last year due to the Waldo Fire and High Park Fire burn scars.  As such, Diversified Property Management believes its citizens have an obligation to stay informed. We have assembled some important websites that are great resources for before, during, or after a flash flood:

  Waldo Fire Maps - Maps of various flood risks from the fire damage divided by streets, creeks, etc.

Pikes Peak Region Preparedness Guide - Flash Flood and Debris Flow Brochure

El Paso County Emergency Preparedness & Recovery -  Emergency preparedness and recovery resources specific to El Paso County.

Reverse 911 : This website allows you to sign up for reverse 911 within both El Paso and Teller counties. By doing so the county will be able to notify YOU in case of an emergency, such as your property being evacuated.

Floodsmart.gov - The official site of the NFIP (National Flood Insurance Program). Here you can obtain a flood risk profile, learn what type of coverage you need or what the coverage you already have will cover, and purchase insurance. Please note most flood insurance policies have a 30 day waiting period before coverage takes effect, so don’t wait until you’re under water!

By being prepared for flash floods, such as the catastrophic floods of 2013, we can work together to lessen the burden and risk to our community, including emergency personnel. Diversified Property Management understands how crucial every second can be during these floods, as some of our communities have experienced. These resources will help Coloradans, including Diversified’s many homeowners, stay informed, connected and safe.

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Spring Yard Care

What will you be doing to get your yard going this spring?

Diversified Property Management takes pride in the communities we manage.  We are committed to keeping the common areas clean and beautiful.  We also want to help promote well maintain yards and landscaping throughout the community.

If you have lived in Colorado long you know developing a healthy lawn in the Front Range region can be tricky, especially with the water conservation controls, inconsistent soil quality and the dry heat.

One option for lawn care could be xeriscaping.  It is a great choice for saving water and money, and it doesn’t mean a yard full of rocks and wood chips. There are many varieties of attractive trees, shrubs, flowers, grasses and ground-covers that are drought tolerant and appropriate for Colorado landscapes. You can find some examples on the Denver Botanic Gardens website - www.botanicgardens.org.   There you will find a plethora of programs on a wide range of topics including gardening and xeriscaping.

Yard, landscape maintenance and upkeep is an important part of being in an HOA.  You can take pride in your yard and landscaping and visitors and maybe someday potential buyers will know you take pride in your home.

Please remember that before starting any project on your property, check the governing documents of your association to determine whether there are any restrictions or guidelines to your plans. If you have questions, please contact a community manager at Diversified Property Management.

Good luck and Happy Spring!

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FIRE PREVENTION AND MITIGATION

With the summer upon us, the residents of Colorado Springs know all to well about the dangers of wildfires and the damage they can cause. Here at Diversified Property Management, we understand the importance of fire mitigation and preventative maintenance, as some of our properties were involved or affected by the Waldo Canyon Fire and the Black Forest Fire. The dry and windy conditions we experience on a frequent basis can be a cause for concern for Colorado Springs and the Front Range.  Most of the fires are unfortunately human caused which means in short they could have been prevented.  Diversified Property Management has encouraged the communities we manage in these fire prone areas to mitigate their properties and Association common areas to aid in the fight against fueling these wildfires if and when they occur.  Below are a few helpful and easy tips to remember when mitigating your property or common areas.

Remove dead trees and plants

Do not stack firewood within 15 feet of your home our detached structures

Keep tree branches trimmed back at least 15 feet from your roofline and or chimney

Keep all gutter and roofs clear of pine needles, leaves, and any other debris

Clear downed trees, limbs, branches, leaves from the ground

Remove any scrub oak near the home with a 15 foot (at minimum) radius

Having a defensible space of 15 – 30 feet around the home free of any vegetation is recommended

We here at Diversified Property Management understand the value of homes and property, but most of all we value family and loved ones, so please make sure you and your family have a plan in the event that a fire or emergency does occur. Discuss this plan with your family to ensure everyone knows what to do and where to go in this situation.

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Vendors and our HOA Communities

Here at Diversified Property Management we work closely with the vendors we hire for our communities.  In turn we believe trust is one of the most important connection to have with a vendor.  One of our goals is to use vendors for our associations that represent a good alignment of values, and strong business objectives. The work our vendors do for our associations is a direct reflection of how we operate our business.

Diversified Property Management only works with vendors that are licensed and insured.  This gives us the assurance that the vendor is credible and knowledgeable in their field. A well written RFP outlining the scope of work that can be incorporated into a contract and is the first step in hiring the right vendor.  Because we are a locally owned and operated company, we also look to hire local vendors first! We are constantly updating our consolidated list of professionals in order to serve the communities we manage and to meet the expectations of our Boards.

Each of our Community Managers strive to build long lasting partnerships with our vendors.  We understand not everything will go as planned during a project but we believe a well-established working relationship built on trust, will go a long way in correcting any situation.

Diversified Property Management believes commitment and follow-through are the keys to our success with our Board members as well as our vendors.  This shows in the quality of work that is done at each our our communities.

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Community Management During The Winter Months

Diversified Property Management want to make sure our residents enjoy this beautiful season as much as possible.  Managing Homeowner Associations in the winter months is quite different from managing in the warmer months of the year.  The snow and freezing temperatures add many challenges to HOA’s.  

Snow removal is extremely important to our homeowner’s.  Everyone still has to get to work safely and on-time.  It is our board’s top priority to make sure the roads and sidewalks remain snow and ice free as much as possible.  Check with your manager to find out what the HOA’s responsibility is when it comes to snow and ice removal.  The HOA/homeowner’s responsibility can change from association to association.  For example, the board may have adopted a rule that states the HOA will begin shoveling within 24 hours after the snow has stopped falling but only if there is more than 3 inches of snow.  Anything less than 3 inches is the homeowner’s responsibility to remove.  This is just an example, so please be sure to contact your community manager to find out the rule in your neighborhood.  

Winter also brings some bitter cold temperatures.  It is extremely important to take the necessary precautions when we are subjected to freezing temperatures.

Open cabinets that house pipes when possible

Leave the water dripping slightly

Keep your garage door(s) closed

If you plan on being away from home, be sure to leave your heat on at a temperature of no lower than 55 degrees

Disconnect your water hose from your outdoor spigot.  

So get out there and ski, snowboard, snowmobile and sled until your hearts content!