Waverly of South Beach
The Waverly of South Beach welcomes a new management company, A&P Management, after approximately 7 years with Continental. Below is letter to the residents from the President of the Waverly of South Beach Association.
Fellow Waverly Condo Residents,
The Board of Directors has chosen A&P Management as our new property management company. This was a difficult decision that was entered into with great care and deliberation. We thought it would be important for you to understand the process behind this decision.
The BOD hired a consultant to provide us with alternatives to Continental Management, our previous management company. Two other highly recommended management companies were considered in addition to Continental Management these were:
- Miami Management
- Atlantic and Pacific Management
Over the course of nine months with the assistance of our consultant, each company presented to the residents interested in participating in this process. Thanks to your input, and the BC (Budget Committee) an RFP (Request For Proposal) with certain requirements was forwarded to each company. This document outlined the expectations we have for The Waverly. Essentially this was a wish list of everything we could ever want in a contract with our management company.
Some of the key points that set A&P apart from the others:
- Management will take full responsibility for the maintenance of our equipment
- Full on-line access to the accounting ledgers for all board members and an infinitely more flexible accounting package than we have now
- 30 Day out clause – with or without cause (compared to a 3 year contract demanded by others)
- Transparency in the Health Care costs for employees
The benefit of hiring the consultant came in two forms that we feel are beneficial for all unit owners. First, we were able to recover over $100,000 from Continental Management as a result of billing errors that were discovered during the review. Second, by choosing A&P Management we were able to reduce the yearly cost of our property management contract by $100,000!
We feel the process was fair to all parties involved and are confident that A&P Management is the right choice for the Waverly. They were the clear choice based on their answers to the RFP questions, where they answered yes to almost every item on our ‘wish list’ – you can see it for yourself by following the link at the end of this letter. We also felt that the presentation they provided really stood out in a highly positive way. Lastly, we met with board members from another property in south beach that changed from Continental to A&P just about a year ago and they convinced us that they were very happy with the change.
We thank Continental Management for managing the property for the last 5 years and we look forward to a smooth transition, to which both companies have committed.
For those of you who are interested in reading the consultant’s report, I have attached a link.
Sincerely,
Peter Richter
President,
Waverly Board of Directors
RESOURCES:
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A&P Management
http://www.apmanagement.net
Link to the full RFP aka “Wish List” and Consultant’s Report
http://mywaverlysobe.com/information/docs/rfp2009.html
Live Realty – Waverly of South Beach Real Estate office. Get the lasted information on available sales and rentals, including recent sales and rental activity. Visit us in the Lobby of the Waverly or at http://www.liverealty.com
