HOAleader.com - Tip of the Week - February 25, 2022
Published: Fri, 02/25/22
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HOAleader.com - Tip of the Week - February 25, 2022
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A company is in the process of creating a database that will allow you to sell your community's records to anybody who wants to purchase them, while at the same time evaluating those records to create a score—comparable to a FICO score for consumers—that signals your association's financial, physical, and operational strength.
In this week's tip, we explain that service and offer suggestions for evaluating whether your association should participate.
Association Reserves, a Calabasas, Calif.-based provider of reserve studies, has announced that in March, it's planning to roll out what it calls "Association Insights," an online database the company hopes will eventually include every association-governed community in the United States.
The company said the database will "create an opportunity for boards of the many underfunded associations to generate a new revenue stream from the on-demand sale of their association documents to consumers and provide a means for various stakeholders to make smarter, quicker, and more fully-informed decisions."
The platform will allow associations to upload many of their operating documents for sale. At the same time, the database will analyze the information provided by associations and assign a score that reflects the association's financial, physical, and operational strength.
"We call it a public service because that's what it is," states Robert Nordlund, the founder and CEO of Association Reserves and a registered professional engineer. "It's a way to give associations a way to monetize the information so many people want and that's a thorn in the association's side.
"When someone is refinancing their home, they ask a favor of the management company to tell them the information they need," he explains. "This is finally a way to have a place for them to have their information. It's for the people who want to get the information quickly and inexpensively, and nobody's being bothered by being asked for favors."
What information will the company seek to have community associations upload? "Governing documents, the current budget, the last 12 months of board meeting minutes, the rules and regulations, the reserve study, the engineering report—things like that," states Nordlund.
The question for boards like yours is whether your association should participate in this new platform. Read the pros and cons, according to our experts, in our new article: https://www.hoaleader.com/members/4470.cfm
Best regards,
Matt Humphrey
President
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