Blog
Blog
The Shocking Truth About SIRS & Reserves
In the wake of the Surfside tragedy, Florida’s condominium associations are facing new legislative requirements aimed at ensuring building safety and financial preparedness. The introduction of Structural Integrity Reserve Studies (SIRS) has brought significant changes to how associations manage their reserves. Here’s a comprehensive guide to understanding these changes and best practices for compliance. Understanding SIRS and Legislative Changes The tragic collapse of Champlain Towers in 2021 highlighted the need for stricter regulations on building maintenance and reserve funding. In response, Florida introduced SB4D, mandating milestone engineering studies and SIRS for condos three stories or higher. These studies require associations to reserve for structural components, ensuring they are fully funded and cannot be waived. The importance of these changes cannot be overstated, as they aim to prevent future tragedies and ensure the long-term safety and stability of condominium communities. Key Deadlines and Compliance Associations must complete their SIRS by the
Six Tips For Association Short-Term Rentals This Spring Break
Balancing Community Harmony and Short-Term Rental Policies During Spring Break Spring Break brings an influx of visitors to Florida, and with it, a surge in short-term rental activity through platforms like Airbnb, Vrbo, and similar services. While short-term rentals can provide income for property owners, they can also create challenges for HOA and condominium associations. Issues such as noise, parking, and security can disrupt the community’s peace and negatively affect full-time residents. Here are best practices for managing short-term rentals effectively, ensuring a harmonious balance between rental opportunities and resident satisfaction. Establish Clear Short-Term Rental Policies A well-defined policy is the foundation of effective short-term rental management. Your community association’s governing documents, including CC&Rs (Covenants, Conditions & Restrictions) and rules and regulations, should explicitly state: Minimum rental durations (e.g., a minimum of seven days to reduce turnover). Occupancy limits based on unit size. Requirements for tenant registration with the management
Is Your Association Board Strong Enough? Signs of a Well-Managed Community Association
Florida’s homeowners’ associations (HOAs) and condominium associations play a crucial role in maintaining the quality, safety, and financial stability of residential communities. However, not all association boards operate at the same level of effectiveness – some struggle with decision-making, financial oversight, and communication, which can lead to mismanagement and resident dissatisfaction. At KW PROPERTY MANAGEMENT COMPANY (KWPMC), we have worked alongside hundreds of association boards across the State of Florida, helping them navigate the complexities of governance, compliance, and community operations. A well-run association protects property values, fosters resident engagement, and ensures financial health, but how can you determine if your board is strong enough to meet these expectations? Here are the key signs of a high-functioning condominium or HOA board, common pitfalls to avoid, and how professional management can enhance board operations. Signs of a Strong Condominium or HOA Board Clear Leadership & Defined Roles A strong board understands
Beyond the Greens: How Florida Golf Course Communities Can Enhance Resident Experience & Property Value
Florida’s golf course communities offer residents more than just championship-level fairways—they provide a prestigious lifestyle, high property values, and a sense of community. However, maintaining this level of excellence requires more than just golf course maintenance; it demands expert property management to ensure that the surrounding residential community remains just as attractive and well-kept. At KW PROPERTY MANAGEMENT & CONSULTING (KWPMC), we specialize in managing HOAs and condominium associations surrounding golf courses, ensuring that residents enjoy a seamless and elevated lifestyle while preserving their property investment. How a Well-Managed Community Enhances the Golf Lifestyle A golf community is more than its course – it’s a home and a lifestyle investment. A professional property management company should help create an exceptional experience for residents by focusing on: Preserving Community Aesthetics & Curb Appeal First impressions matter, and the overall look and feel of a golf community should reflect the same prestige
Winning Strategies for 2025 Budget Season
Navigating HOA and Condominium Financial Management: Key Insights Introduction: In a recent discussion, industry experts shared valuable insights into the financial management of Homeowners Associations (HOAs) and condominiums. The conversation covered a range of topics, including budgeting, reserve studies, and the impact of recent legislative changes on financial planning. Understanding these elements is crucial for maintaining property values and ensuring financial stability. With the right strategies, associations can navigate financial complexities and secure a prosperous future for their communities. Understanding the Financial Landscape Experts emphasized the importance of financial stability for maintaining property values and ensuring the long-term viability of associations. They highlighted the need for associations to focus on financial stability rather than solely on maintenance fees. This approach helps maintain property values and ensures that associations are prepared for unexpected expenses. Starting the budgeting process early is crucial. Associations should focus on their top three expenses and be
