Association Information

ASSOCIATION INFORMATION

Finding the right property manager for your Association can be a challenge. You need someone who understands your board and your residents, and can help you run a smooth, financially stable association. 1st Choice Property Management offers full-service property and community management that anticipates your needs and solves your biggest challenges. The firm's primary focus is to provide dynamic management solutions to common industry issues, while presenting clients with the highest levels of customer service. Our managers are trained and experienced in all areas of rental property management and are here to help you navigate through the issues, it will not take us long to understand your community and its needs. 1^st Choice Property Management would love to talk about why we might be the best fit for your community.

Management Service

The following is a list of only some of the services we provide:

Accounts Receivable and Collections

Accept and process all payments from owners, either via check, money order or electronic debit (ACH). Revenue is deposited into the Association's operating account.
Track revenue on a daily basis, follow-up on delinquent owners, assess late fees to delinquent owners.
Advise Treasurer when it is appropriate to place a lien against delinquent owners, and upon Board approval, will process a lien in accordance with MD Civil Code.
Advise the Treasurer when it is appropriate to place a foreclosure against delinquent owners, and upon Board approval, will process a foreclosure in accordance with MD Civil Code.
Answers all calls, letters, and emails from owners in regard to their account. “Account History” printout available upon owner’s request.

Accounts Payable

Accept, review, and process all invoices.
Setup and maintain electronic payments with utility companies.
Checks are processed weekly and sent to the Treasurer with a copy of each invoice and a check register which details all checks processed during the week. Pre-posted envelopes are included for mailing checks to vendors. This can also be done via ACH
Correspond with vendors regarding invoices.
New vendors are checked for licensing and insurance requirements.
Current vendors are periodically checked for licensing and insurance requirements.

Bank Accounts

All accounts and funds are managed (operating, reserve, investment).
Association’s accounts are reconciled on a monthly basis (or in accordance with receipt of bank statements).

Financial Reporting

Provide monthly financial reports to the Treasurer and all Board members who request a copy. Report covers all accounts and includes Balance Sheet, Income Statement, Accounts Receivable Outstanding List and Check Register, as well as additional supplementary material.
Provide monthly delinquency reports to the Treasurer and all Board members who request a copy.

Budget, Taxes, Reserve Study

Manager prepares and submits to the Board a proposed annual budget, approximately 120 days before the fiscal year ends.
Upon approval of the Board, manager revises and mails the approved budget to all owners, with necessary disclosures and rules package as required by MD Civil Code.
Coordinate and process vendor 1099 forms and submit them to the IRS along with annual tax preparation and financial review with the Association’s CPA.
Coordinate with reserve specialists and assist with the annual reserve study.

Escrows and Refinances

Upon request of an owner, escrows and refinances are processed from beginning to end.

Administrative

New owners are provided with a copy of the CC&R’s By-Laws and Rules, as well as a welcome letter.
All incoming and outgoing correspondence from owners and service providers is managed.
At the request of the Board, notices and special mailings will be prepared and mailed to owners.
Hard and electronic copies of all files are maintained and stored.

Maintenance

All maintenance requests are processed and monitored through a work order system. • Routine requests are forwarded to the appropriate vendor for handling. • Non-routine and special requests are forwarded to the Board before proceeding. • At the request of the Board, obtain up to 3 bids on any project over $1,000.00. • Monthly “Work Order History Report” is mailed to all Board members upon request.

Manager

Supervise all activities and duties listed beforehand.
Correspond with Board members via phone, fax, e-mail, and mail.
Function as a liaison between the Board and all other parties.
Attend Board and Membership meetings at the request of the Board.
Perform site visits at the request of the Board, and report on any findings.
Supervise all contracts, including regular service providers, general contractors, utility companies and insurance policies.
Negotiate contracts upon request and approval of the Board. (Manger will not hire or fire service providers without Board approval)
Inform and copy the Board on important correspondence from owners and service providers.
Advise the Board of new developments in the industry and law compliance issues.
Prepare a sample agenda for monthly meetings.
Coordinate with an attorney on legal issues.
Coordinate with the insurance claims office if a claim is filed.
Manager or assistant manager is available via emergency line 24 hours a day, 7 days a week for maintenance emergencies.

Online services

Our website will be set up with a unique access ID and password for your homeowners.
The Association’s Governing Documents, Maps and Minutes will be listed on this site and downloadable by your residents.
Homeowners can pay their dues via credit card online, for a nominal fee.