What is process for handling delinquent accounts? How are collections of overdue accounts handled? Monthly delinquency report provided? Seabreeze manages the delinquency reporting, application of late fees, filing liens and potential foreclosures based on the timing of the board approved association collection policy. Delinquency reporting is provided monthly based on the collection policy dates, and reports are provided to the board to review and approve appropriate actions regarding pre-lien, lien and judicial/non-judicial foreclosure in conjunction with the activity by the collection attorney. If the association’s collect ion policy states that the collection processes start when the assessment is 30 days past due, the pre-lien notice is mailed via both regular mail and certified mail to all known addresses and to each individual listed on title. The next step would be to give the Board options to proceed with having their collection attorney record the lien and pursue other collection options, with the appropriate information provided to the attorney by Seabreeze. The lien can only be recorded 30-days after the pre-lien was mailed. The foreclosure process is done by the attorney. Annual budget creation for operations and reserve? Your dedicated financial manager works directly with your Community Manager to ensure the draft budget is prepared timely for review by the board or finance committee. Your financial manager will also work directly with the Treasurer and Finance Committee throughout our partnership offering any assistance the board might need. Seabreeze also ensures your reserve study is prepared timely as it is a vital component of the budget.
Other Fees:
Setup charges None, we see the transition period as an investment into a successful, long-term relationship.
What are minimum monthly service fees Understanding the needs of the building, we propose an inclusive contract with three management options; Option 1: Portfolio management with a monthly management fee of $2,400, Option 2: Portfolio management and a full-time assistant manager with a monthly management fee of $2,000, and Option 3: full-time general manager with a monthly management fee of $1,800. We understand that increased onsite presence and attention is likely needed to get the community back on track, and we have provided these options accordingly. We would partner with the Board to find the right manager fit, accommodating workspace, and any support and/or tools needed for an onsite manager to be successful.
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