HOA / Condo Management
Thank you for inquiring about Del Val Realty & Property Management ("Del Val"). Del Val provides HOA / Condo Management Services to small and mid-sized communities (typically less than 150 units) in the greater Philadelphia area. By focusing on smaller communities, we are able to help improve your community’s home values. We do this at competitive prices by utilizing well trained staff, software and management systems.
Del Val is a licensed real estate broker and full-service HOA management company with over 14 years of experience and dedicated to providing top notch service to our HOA’s, Owners and Vendors. Del Val currently services over 79 communities with about 3,500 doors.
Del Val will help with negotiating service contracts, owner communications and enforcement, collections, financial reporting and Board training and communications. We provide a vast array of maintenance services to ensure your communities is well maintained 24/7.
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Our services include but are not limited to:
Del Val is the Board’s “Go To” Person
Del Val provides knowledgeable and professional advice to our HOA Boards. We attend and document all meetings, strategize and plan for future needs, and in turn, we are the Board’s action arm.
Del Val is most valuable when looking in on the community, managing contractors and interacting with board members and residents. Del Val’s structure allows us to do just that, by shifting routine time-consuming tasks—from stuffing envelopes for mailings, entering data and writing checks—to our capable administrative team.
To support the Board Del Val will:
- Attends meetings
- Prepares meeting and manager’s reports
- Develops preliminary annual budget
- Organizes the annual meeting
- Oversees insurance review
- Reviews and codes all bills
- Implements operational policies adopted by the Board
- Track financials against budget each month
Superior Community Appearance Takes Vigilance
Routinely examining the common areas and facilities and staying on top of maintenance needs is necessary to keep up the appearance of a HOA or condo community.
To take action involves vendor bidding, contract negotiation and contractor oversight. Del Val excels at these tasks because we know the local providers, their reputation and reliability. We can help ensure that work specifications are detailed enough to secure the most cost-effective bids to do the work and that all bidders are given the same information. Always know, Del Val has no ownership of or affiliation with any HOA or condominium contractors or suppliers.
To maintain and improve your property, Del Val provides:
- Visits to examine the property
- Contractor oversight
- Negotiation with vendors
- Manage association employees
- Facilities maintenance management
- Insurance administration
Effective Communication is Our Strength
When you select Del Val, we carefully choose the right staff with the right experience, skills and communications style to work effectively with your HOA. It is one of the many benefits of hiring a leading organization.
When Board members are surveyed, there is always a direct correlation between the timeliness/quality of the communication from the HOA Manager and the overall satisfaction with the management company. We keenly understand that relationship—and work to have every telephone call and email returned as quickly as possible, all correspondence and reports kept current and every deadline met.
Communication with residents is also important. Helping residents understand the issues facing the community builds support for Board decisions. Also, respectful communications concerning covenant enforcement and violations—and work to resolve specific issues—maintains courteous relations in the neighborhood.
To assure good communications, Del Val will:
- Return calls quickly
- Work with homeowners when complaint arise
- Assistance in enforcing governing documents
- Coordinate, for the Board, with developer, attorneys and government officials
Del Val Maintains Lawful Records and Accounts
Support services handles the day-to-day tasks of preparing agendas, minutes, violation letters, construction lien requirements, filing of annual corporate reports and fees as required in each state.
Every HOA is supported by accounts receivable, accounts payable, collections and closing as well as a general ledger bookkeeper.
Del Val handles meeting notices in accordance with governing statutes as well as homeowner mailings. Computer records are also maintained for designated voters and sign-in sheets and required proof of mailing affidavits for all meetings are prepared. Our requirements of annual business reports are tracked and reports filed and fees remitted.
Key responsibilities include:
- Maintains official records
- Coordinates state & federal tax filings in accordance with CPA instructions
- Handles general correspondence and membership mailings
- Provides 24-hour answering service
Accounting, Postings and Verifications Done Right
Del Val has accounting staff who handle Accounts Payable/Receivable and General Ledger. They provide each Board with clear and concise monthly financial information which meets the requirements of governing documents.
In addition to monthly payables, receivables and financial reports, a system of checks and balances is in place. Payment is only made if invoices are verified and signed by our Director of Operations and, in certain instances, the owner of Del Val.
Del Val’s software links accounting to the support of all other HOA operations. The flexibility of the software allows us to accommodate the varying requirements of an HOA or condominium.
Accounting services include:
- Accounts receivable
- Accounts payable
- Maintain association bank accounts
- Prepare financial reports and keep records
- Notifying homeowners of outstanding balances
- Handling on-site payroll, insurance and taxes
Vendor Management is More Than Writing Checks
Del Val is aware of the dangers of hiring contractors and utilizing vendors without taking reasonable precautions to protect the HOA. Simply stated, vendors can trigger fines, suits, penalties and damage claims unless simple procedures are rigorously followed.
It is standard practice to require W-9’s from HOA vendors to prevent potential fines. Proof of insurance is also consistently enforced to protect against lawsuits. Insurance information is entered into our software system and the vendor is notified upon expiration. Of course, a Board of Directors may waive these insurance requirements. But our software has built-in safeguards to prevent checks from being issued without double checking for compliance.
Our safeguards from adverse vendor actions include:
- Require Form W-9
- Issue Form 1099
- Obtain insurance certificate
- Proper contact information
We Strategize with You to Improve Collections
It is unfortunate that some property owners experience difficulties in paying their association fees. Past due payments become more problematic with certain economic conditions. Del Val is ready to work with the association Board to put together a strategy to:
- lower the rate of delinquent accounts
- increase the proportion of recovered debts
Del Val has a fool-proof system of tracking accounts from the day of delinquency through the lien and foreclosure stages. An aggressive collection effort includes reminder notices each month and notices of intent to file a lien. Should a lien become necessary, title research is performed and a lien filed against the property to protect the HOA’s interest. If the Board’s chooses, Del Val can refer outstanding accounts to the Board’s attorney for legal action.
Collections activity includes:
- Electronic monitoring of all past due accounts
- Multiple notices
- Intent to file lien notification
- Monthly collection report
Set Up & Closings
Accurate Account Set-up Begins Every Relationship
Our staff work with title companies and closing attorneys to ensure that new owners are properly billed for HOA and condo fees at closing. After the closing, welcome packages are mailed to the new owner containing the fee schedule and billing cycle, and any other information the association chooses to provide. Most often governing documents, rules and regulations, after-hours emergency contact information and community manager name and phone number are provided.
Real-time Financial Reports Available Online
Monthly financial reports are the lifeblood of HOA management. Del Val makes sure they are easy to read and always accurate. Boards can get their financial information in real time, 24/7 through our software — an online feature on each HOA. On-demand reports can be retrieved at any time and transferred to Excel for detailed review.
Auditor engagements for year-end financial reports and tax preparation are tracked. When required, the engagements are monitored to completion and the financial report mailed to the membership for maximum transparency.
Records are maintained on an individual homeowner basis (e.g., ledger cards, violations and contacts) and vendors (e.g., billing and insurance). The reports provide the groundwork for financial decisions and indicate the financial condition of the association.
- Balance Sheet
- Revenue and Expense Budget Comparison Report
- Monthly Transaction Register
- Check Register
- Accounts Receivable Report
- Closing Report
- Accounts Payable Report
- Sorted Accounts Payable Purchase Journal
- General Ledger
- Outstanding amounts owed by each home owner