1. September - November: Budgeting
Create and approve your budget and determine what projects you want to complete the following year.
Starting this process well in advance of the coming year enables you to mail the budget to all owners and hold a special meeting to answer any questions about the budget. Your residents will appreciate this meeting.
2. December - February: Planning
Plan your projects and creating all your request for proposals (RFP).
This is generally the slow season for your association, so preparing your RFP during the project off season lets you take the time necessary to create it with care and attention to detail. An early start to creating your RFP also allows the Board plenty of time to review all the project details so changes can be made prior to getting estimates.
3. March - May: Bidding and Contractor Selection
Having approved RFPs ready early in the year gives you a higher probability that contractors will bid on the project.
This is because it is the slow time of year for contractors, so they are more than willing to work on quotes for your association. Submit each of your RFPs to multiple contractors to estimate cost. When all estimates are received, they are reviewed by the Board and the contractor is selected and the project is scheduled. At this time, you can notify your residents of the contractors and project dates to keep them informed about what is happening with the association.
4. May - August: Projects Start and Are Completed
All your due diligence took place and the weather is appropriate, so now is the time for your projects to get completed.
If you wait until now to start getting project bids the good contractors are going to be too busy working with other clients to give you bids.
5. September: Review Unbudgeted Projects
Sticking to your annual budget and operating plan helps provide direction for the association for the year. Now is the time to review the budget and potential projects.
Once all projects are nearing completion it is time to review your financial projections to determine if your association is under budget and has the funds to complete any extra projects this year. If so, there should be enough time to get them done.
Following this timeline is sure to help you get more bids for your projects, get those projects completed on schedule, and have plenty of time to engage residents in your association's operations.
Contact Capital Property Solutions for a Free, Friendly, Property Review, or for new ideas on association management and reducing costs.
Arnold Barzak is a principal partner at Capital Property Solutions, a condominium and homeowners association management company with 25 years of experience in Central Ohio. Arnold has earned his PCAM designation, the highest professional recognition available nationwide to managers who specialize in community association management.
Capital Property Solutions serves the Central Ohio communities of Canal Winchester, Clintonville, Columbus, Delaware, Dublin, Gahanna, Grandview, Grove City, Hilliard, Lewis Center, New Albany, Pickerington, Plain City, Powell, Reynoldsburg, Upper Arlington, Westerville and Worthington.