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This application enables community associations (condos, high rise, master planned, HOA, and other deed restricted property owners associations) to take charge of their assets, the costs to maintain them and better prepare for repairs and maintenance. It also gives potential members of those associations a lens in to the overall stability of the association by providing a numerical grade which assesses the assets against the capital on hand to repair those items.
By developing an app using real time data and analytics, the management of assets within community associations can be fundamentally changed in a short period of time.
By developing an app using real time data and analytics, the management of assets within community associations can be fundamentally changed in a short period of time.
When a community inputs their assets in to the tool, they will be provided a baseline age and cost for their repair and replacement of those assets. By connecting their banking info, the tool can real time detect if those items have been repaired or replaced. When a repair or replacement occurs within a geographic area, it will real time update nearby assets to better forecast the funding needed for the association customers who use this tool.
Customer #1
Customer #1
Community associations have assets that require repair and maintenance. Currently these associations engage a Reserve Study, conducted by an engineering firm, to assess the cost for maintenance, which is used to determine how much funding is needed in a reserve account for those repairs.
Customer #2
Customer #2
Consumers who wish to purchase in a community association can use this tool to determine if the property they are purchasing is in a well funded, well maintained organization or if there is potential risk for a future special assessment to fund community maintenance.
Customer #3
Customer #3
Real Estate Service firms can utilize the data provided by the community association to serve as a pipeline to repairs. By leveraging data and analytics, the tool will essentially provide an exact date and value of the cost of repairs. Currently community associations in the US have an annual spend of $90billion.
Customers #4 & #5
Customers #4 & #5
As municipal and educational entities become more heavily scrutinized, this asset can be deployed to help better forecast the cost of maintenance.
This tool could also impact insurability and premiums. For example, if an association is not well funded and has a low score it could be used to determine premiums by major carriers.
Questions?
Questions?
Contact Megan.Keohen@gmail.com
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