Newport Estates construction was underway, landscaping was a mess, and no direction moving forward of how to fix issues had been in place. We knew their transition period would be tough because their current company would not provide any of the documents needed until their last payment on June 30th.
Newport Estates put in a notice to end services, but they didn’t have a company to take over--they needed a management company ASAP. Since the current company wouldn’t release anything to us without getting their last payment, we had to transition a community with nothing to provide and a list of issues, including:
We needed to act fast to transition this community and rebuild it from the ground up.
With the help of our dedicated finance department in Dallas, our local team in Ann Arbor, MI, the current board, and our integrated services, we were able to get Newport Estates on track immediately. We started with financials. Taking what little information the board had, we were able to send old reports to Dallas for review. A budget and financial statements for June, July, and August were built and sent to the client within 30 days. The community manager got to work right away to acquire bids for their snow season and to take over their landscaping. Our leadership team followed up with them every Friday during the transition process, which was happening while their agreement was active because they needed help quickly. Because of this rush, we waived their first month’s fee since they had already paid for June at the other company. We moved onto working with the developer to ensure that all homes were completed on the closing date, and welcome packets and new homeowner information got sent on time. We were able to help Newport Estates get back on track and continue to grow in the right direction.
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October 17What Every Board Member Should Know About Financial Reports
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