What is the Role of a Property Management Company?

The position of a property management company is often misunderstood which can lead to confusion for the homeowners. Your association is governed by a set of documents known as Covenants and Bylaws. These documents create standards for the members; however, your community also has a board of directors. This board consists of volunteer homeowners, just like you, and are elected by the community to represent the total population of your neighborhood. 

Many people do not understand that all of the important decisions are made by the board of directors, not the management company. To fully understand what we do, along with the responsibilities your board is obligated to fulfill when they agree to hold a particular position, we have prepared a list of frequently asked questions.

Investing Association Reserves

In our discussions with boards, Heritage constantly emphasizes the need to build the appropriate level of reserve funds. One question that comes up frequently is how best to invest the reserve funds. The three main goals of investment for associations should be to minimize risk, make sure funds are liquid, and to earn a decent rate of return. Associations can minimize risk by taking the appropriate steps.

First all funds must be placed in a federally insured institution. The Association’s main goal should be the protection of its principle while earning some interest on that principle. For the vast majority of Associations this means investing in money market accounts and CDs. Another major goal of the investment strategy should be liquidity, i.e. having access to your money when you need it. Investing in money market accounts and CDs where appropriate will help accomplish this goal, while also earning interest on the money invested.

The BOD is responsible for choosing its investments. Heritage can provide a list of institutions we deal with frequently and their current rates, but the ultimate decision lies with the board. Once the board makes a decision on investing money, this decision should be communicated in writing to Heritage. Heritage will attempt to do as much of the leg work in getting the account set up as possible. Once an account is set up, the statements should always be addressed to Heritage so that we can properly record all transactions in your financials.

Mosquito Awareness and the Zika Virus

It is easy to get caught up in the hype of any media related news story! The Zika virus, as with the West Nile virus and other mosquito borne diseases should be cause for concern, but not panic. Education and awareness are important in how to react to the current threats.

The Zika virus is related to yellow fever, encephalitis, dengue, and West Nile. The first human case was noted in 1954 in Nigeria; however, in 2015, a large outbreak was documented in Brazil. Presently, in travel related cases, the virus has been tracked within the United States. Generally 1 in 5 people infected with Zika will show mild symptoms. The symptoms can develop over a period of ten days after exposure, and can last up to a week. During its early stage, the virus is present in the blood.

Once a mosquito bites an infected person, the virus can spread quickly to each person that the mosquito bites. One of the most concerning issues being researched involves women in pregnancy. The virus can be passed from the mother to the fetus causing serious birth defects.

Northwest Exterminating’s Green Mosquito Control program consists of monthly treatments during peak mosquito season, April through October, and is guaranteed to reduce the number of mosquitoes in your yard and around your home without harsh chemicals. Our licensed technicians use products derived from flowers and bacteria and apply them only to areas needed, reducing adult mosquito populations as well as mosquito larvae.

Trust the Mouse to Protect Your House! 
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