Condo Media - January 2021 - 17

AN OUTLINE FOR SUCCESS
It is imperative that the scope of a
reserve study be clearly defined before
even seeking proposals from consultants. The following are a variety of
options to be included in the scope of
any request for proposals (RFP):
DEFINE THE PROJECT

Define exactly what is expected of the
consultant. This should be as a result
of discussion by the board and/or building subcommittee to determine what
is needed. It is particularly important
to decide whether the reserve study is
to be based on simply replacing existing components or if upgrades and
improvements should be considered.
As buildings and owners age, priorities
from the common areas may change.

A RESERVE STUDY PROVIDER'S OBJECTIVES ARE THREEFOLD:

To provide a broad perspective on reserve studies; to assist property managers
with a successful presentation of reserve fund studies; and to create opportunities
for more meaningful reserve studies and effective implementation of recommendations. To accomplish that, we suggest the following steps:

1

Ò

The board will select two
to three consultants it
believes to be qualified for
the work and then conduct
interviews, either in person,
by video conferencing, or by
conference call. The objective
of the interview is to meet the
people who will be specifically

The board (or building subcommittee) should
meet with the consultant before actual work starts.

The objective is to refine and finalize the scope of the project, discuss any
specific concerns, and review the asset list. This is also an opportunity
to determine what will be expected of the association (or management
company) and what will be expected of the consultant throughout the
project. Suggested language for the RFP is as follows:

Ò

INTERVIEW THE CONSULTANT

Getting to know the consultant,
the people involved on your project,
and their approach to the project is
imperative to a successful relationship.
The RFP should include a paragraph
such as follows below:

PRE-PROJECT MEETING.

The first step after selection is a meeting with the board
(building subcommittee) to review, refine, and finalize the
scope of this project. At that time, the items to be covered,
the procedures involved, the on-site protocol to be used by
the consultant, and any special concerns of the board (building
subcommittee) will be discussed.

2

CONDUCT AN OWNER SURVEY.
The intent is to give all of the owners the opportunity to express
any particular concerns they might have about the project.

While this may seem risky, it has been our experience that it is actually quite
effective. Such a survey would be accompanied by a letter from the association
providing all of the owners with the scope and limitations of the reserve study
to be conducted and encouraging them to respond to the survey. It has been our
experience that there is a very high percentage of response. Often the response
to these surveys will reveal patterns that relate to association responsibilities as
well as giving owners the opportunity to note areas of concern.
The content of the survey should be reviewed and modified for each specific
project. Also, a letter should be distributed to the unit owners, along with the
survey, explaining the purpose and logistics of the reserve study and the survey.
That letter should be on the association stationery. The survey would be on the
consultant's stationery. The following is text for the RFP relative to this point:

working on our project,
discuss a variety of questions,
and generally understand the
procedures the consultant
intends to use for the project.
A final choice will be made
within one week following
the interviews.

Ò

The consultant
is expected to
participate in at least
one meeting with
the board (building
subcommittee) prior
to commencement
of the project.

The consultant
is expected to
distribute a survey for
use by all unit owners
and compile the
results of that survey
as a part of the
reserve fund study.

The final report
would include a
summary of the
survey findings as
well as any specific
recommendations
or observations
related to the survey.

January 2021 CONDOMEDIA

17



Condo Media - January 2021

Table of Contents for the Digital Edition of Condo Media - January 2021

Contents
Condo Media - January 2021 - Cover1
Condo Media - January 2021 - Cover2
Condo Media - January 2021 - Contents
Condo Media - January 2021 - 2
Condo Media - January 2021 - 3
Condo Media - January 2021 - 4
Condo Media - January 2021 - 5
Condo Media - January 2021 - 6
Condo Media - January 2021 - 7
Condo Media - January 2021 - 8
Condo Media - January 2021 - 9
Condo Media - January 2021 - 10
Condo Media - January 2021 - 11
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Condo Media - January 2021 - 16
Condo Media - January 2021 - 17
Condo Media - January 2021 - 18
Condo Media - January 2021 - 19
Condo Media - January 2021 - 20
Condo Media - January 2021 - 21
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Condo Media - January 2021 - 28
Condo Media - January 2021 - 29
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Condo Media - January 2021 - 40
Condo Media - January 2021 - 41
Condo Media - January 2021 - 42
Condo Media - January 2021 - 43
Condo Media - January 2021 - 44
Condo Media - January 2021 - 45
Condo Media - January 2021 - 46
Condo Media - January 2021 - 47
Condo Media - January 2021 - 48
Condo Media - January 2021 - Cover3
Condo Media - January 2021 - Cover4
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