Customer Reviews: The Real Deal

beacon-management-services

 

Reviews matter.

When a customer takes the time to voice their opinions, we like to share them.   These are actual customer comments expressed to Beacon Management Services employees in the past month about the quality of service they provided:


Kim, thank you! You are so helpful and responsive!!!

Shawntell, thank you!  You have been so helpful and so quick to respond. Absolute pleasure! 

Haya, thank you for all your help with the Annual Meeting last night. We appreciate how calm and professional you addressed these homeowners.  We also appreciate you inviting the Roofer in to speak to us.  I think I speak for the Board when I say, we are happy you have been assigned to our Community.

Thank you so much for representing the Association this morning, along with Chris, at the sale of this unit. Especially in light of the weather conditions.  We really appreciate you taking this matter over for us.  On behalf of the whole Board, thank you so much!

Chelle went beyond their call of duty in assisting me in a most timely manner (even on Holiday week), which allowed me to get my approval this week.  So many times, we get caught up in our own agenda, that we fail to say THANK YOU.

I appreciate the help with the exclusion for my building, and the tree was cut down a few weeks ago. You are doing a great job!!!!!

Nikki and ZeeAnn have made the whole move a pleasure. The staff here is incredible. From the Front Desk to your office. I just wanted you to know they have made this a better move than I anticipated.

Kristina handles herself in a professional manner never losing her cool. Property management is a stressful job. I truly believe she is an asset to the owners and the community.

I just wanted to tell you how wonderful Kevin has been to work with. He has been able to answer every question on this project. We look forward to getting it wrapped up!

Your customer service staff are doing you proud!   Shawntell and Doug have both been above-par for any company’s CS department and way above par with regard to the management business!



 

For more testimonials and information about how Beacon Management can help you, please call (404) 907-2112 or visit http://www.beaconmanagementservices.com

Beacon Management Services Wins Contract for Second Apartment Community

Beacon Management Services, a leading real estate management company, was recently selected by an investment entity in Manhattan to manage and lease an apartment community in northeast Atlanta along the I-85 corridor in Gwinnett County.  This is the second multifamily apartment community to go under management by the Atlanta-based company.

“Multifamily apartment management represents a rapidly growing business segment for Beacon,” said Lisa Simmons, president of Beacon Management Services. “We’ve been approached by investors seeking a professional Atlanta management partner who can maximize their asset values. We see investor appetite remaining strong for multifamily properties in markets with good fundamentals.”

Beacon Management offers high-quality NOI performance that is sustainable with low volatility. This performance leads to outsized, risk-adjusted returns achieved through its competitive advantages including:

  • Business plan designed to maximize the value of the community and meet the owner’s goals.
  • Thorough understanding of market conditions and trends.
  • Extensive “Value Add” renovation experience.
  • Lease up and planning for lease up and new developments.
  • Due diligence services for acquisitions.
  • Budget development and consultation on funding models
  • Extensive property performance reports
  • On-demand, cloud-based management software

Beacon Management Services LLC is a leading Atlanta property management company which offers comprehensive solutions to residential, multifamily, commercial and mixed use properties. Professional, personalized service found in smaller organizations, coupled with the extensive resources of a proven leader; make Beacon the first choice for real estate management services.

Beacon Management Chosen to Manage Premier Atlanta Development

Longlake HOA

January 30, 2015 – (Atlanta)   Beacon Management Services, a leading real estate management company, was selected to oversee one of the largest residential developments in metro Atlanta.    Longlake is a premier, master planned community in south Forsyth County near GA 400 and Hwy 141 (Peachtree Parkway) with over 500 homes. It counts a private 45-acre lake as one of its prime amenities.

“We’re delighted to have been selected to oversee such an extraordinary project.  After the  Board of Directors conducted a comprehensive bid process, Beacon was chosen to bring operational excellence, financial best practices and value-added services to the community,” said Lisa Simmons, President of Beacon Management Services.

Longlake is designed with the active lifestyle in mind with sidewalks throughout and a premier amenities center overlooking the lake. This includes a fabulous two-story clubhouse; competition sized swimming pool, 6 lighted tennis courts, basketball court, gazebo, fenced playground, and professional landscaping throughout the common areas.

Beacon Management Services LLC is a leading Atlanta property management company which offers comprehensive solutions to residential, multifamily and mixed use properties throughout the Southeast.

Professional, personalized service found in smaller organizations, coupled with the extensive resources of a proven leader; make Beacon the first choice for onsite and portfolio management.

For more information, contact Lisa Simmons at (404) 907-2112.  Visit http://www.beaconmanagementservices.com to learn how Beacon Management Services is changing the Atlanta property management industry.

What are the Differences Between a Condominium Fee & an HOA Fee?

HOA Dues

If you live in a condominium or a community with a Homeowners Association, you are aware that you will see a recurring charge to cover Condo or HOA expenses. In many ways, both fees are essentially the same and help fund the maintenance and upkeep of the community.  The Association can use these fees differently depending upon the type of Association.

Homeowners vs. Condominium Associations.  The major difference between a Condo association and an HOA is the scope of the property that the Association is responsible for maintaining. In a Condominium, each member owns the unit individually but retains joint ownership in the building and its grounds. Links between residents in a Homeowners Association are not so binding: Homeowners individually own their lots and homes, and the HOA owns the common areas. Homeowners have no monetary interest in the common areas owned by the HOA other than ensuring that the Common Elements remain esthetically appealing.

Difference in Amount of the Fees.   Condominium Association fees and HOA fees may vary significantly.  They are based on the funds required to support all the common elements. Because the fees of a Condominium Association will handle the repair and maintenance of the housing units and common areas like pools, parking lots and other areas, they are typically higher than the fees charged by an HOA with a similar amount of homeowners. The individual homeowners bear the costs of maintaining their own homes in the HOA – a cost that is included in Condo fees – so a Homeowners Association usually does not require the level of funding that a Condominium Association does.

Assessments.   For most Homeowners Associations, the fees are assessed uniformly, with each lot owner to pay an equal share of projected annual budget.  System evaluation of a Condominium unit is not as clear. Condo owners often have different percentages of ownership in the building, with larger units having a higher proportion of the property. The costs of the Association are not divided equally between each owner, but paid in proportion to the percentage of ownership.

Fees vs. fines.   Many Condominium and HOA statutes provide the Association with the power to impose fines on members.  But, the Associations must use fees and fines for different purposes. An Association uses fees (assessments) to cover the fees for maintenance and upkeep of their community. Fines are used as a punitive measure to encourage all residents to follow the rules put in place by the Covenants and By-Laws. Because they are not a stable source of income, fines are not typically used to pay for routine maintenance.

For more information on how Beacon Management Services can assist your Homeowners Association or Condominium Association in the metro Atlanta area, please call: (404) 907-2112 (o) or email Lisa Simmons at lsimmons@beaconmanagementservices.com.   If you have a question or simply want to chat about your community, we offer a no-obligation consultation that is informative and educational.   Our complete list of services is available at: www.beaconmanagementservices.com.

Thank you for your time!

Basic Facts About Condominium Associations in Atlanta

 

A Condominium is a type of property, usually attached, where owners own their unit and a portion of private land that sits on the facilities such as swimming pools, surrounding landscape and clubhouses. All Condo buildings have associations policies governing the condominium project, allocation of routine maintenance costs, and collect monthly, quarterly or annual association dues. The “assessments” that each owner pays goes to the payment for the construction, insurance and maintenance of the community. All condo owners are members of the Association.

Covenants, Conditions and Restrictions of the Condominium Association

Everyone who buys a Condominium will receive a set of Covenants,Conditions and Restrictions(CC &Rs). Before signing the contract, the selling agentmust disclose what the rules and regulations of the Association encompass. There may be restrictions on pets roaming free, parking for overnight guests, or types of landscaping owners can put on their patios or balconies just to mention a few.
Structure of the Association

All Condos have a Homeowners Association that enforces the CC & Rs. The Homeowners Association is a legal entity that has enforcement powers to collect fees, enforce rules and regulations, or put liens on homes or even initiate foreclosure should owners become delinquent in paying Association dues. Residents who want to make an exception to the CC & Rs have to ask permission. If they want to alter the appearance of the unit from street view.

The Board of Directors

The Condominium Association has a Board of Directors whose members are owners of units within the Community. In the case of a project under construction, the builder includes the majority of the Board until all units are sold. The unit owners elect the members of the Board at the Annual meeting, and Associations must have a President, Secretary and Treasurer under Articles of Incorporation.

Professional Property Management

Most Condo projects use external vendors (Property Management) to oversee the maintenance of landscaping services, pool suppliers, and construction in order to maintain the exteriors and roofs of the buildings. Many Condominium Associations choose to turn all the management of Association over to a property management company that chooses, monitors, and pays vendors to maintain the property. The management company reports directly to the Board of Directors and attends Board meetings as specified by the contractual agreement between the Property Management Company and the Condominium Association.

Reserve Funds

All community owners have to pay monthly or annual fees to cover the costs associated with maintaining the property. Associations also have accounts known as “reserves”. These funds are used in an emergency and for routine updating according to the Reserve Study. An Association can anticipate overhead cost, but have no control over emergency situations such as storm damage, legal action for damages, or accidents that may damage a unit and cost extra money to repair.

For more information on how Beacon Management Services can assist your Homeowners Association or Condominium Association in the Atlanta area, please call: (404) 907-2112 or email Lisa Simmons at lsimmons@beaconmanagementservices.com. Our complete list of services is available at: www.beaconmanagementservices.com.

Thank you for your time!

HOA Assessment Liens – What it Means if You Fail to Pay Your Homeowner Dues

Assessments – commonly known as HOA dues – are the lifeblood of any Homeowners and Condominium Association. Each association has different policies. This is why it’s wise to ask for a list of the HOA rules and regulations.

In general, these are some of the costs that can be covered by HOA or Condominium fees:

  • City Services- Including services such as trash removal, water and sewage.
  • Insurance for Common Areas – This only includes insurance for damage of the outside of the building and the property around it. You still need an individual insurance policy to cover everything inside of the condo.
  • Amenities – including recreational areas such as your pool, tennis courts, and clubhouse.
  • Lawn Care- This includes snow removal, gardening and general lawn maintenance.
  • Pest Control- Most HOAs schedule a monthly inspection from a pest control company in order to avoid pest infestation.
  • Maintenance and Repairs to the Outside of the Building – This includes things such as roof leaks, exterior painting, driveway pavement repairs, etc. It also covers the costs of gym or pool maintenance, if applicable.

Unfortunately, some owners don’t feel it’s their responsibility to pay levied assessments and, as a result, the Homeowners Association will be put in the unenviable position of having to engage in collection efforts against its own residents. While no HOA wants to be a debt collector, board members have a duty to act in the best interest of their community. In most cases this means that Board of directors have an obligation to make efforts to collect these unpaid assessments and, in appropriate circumstances, to foreclose its Assessment Lien against a delinquent homeowner.

A lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. In the context of Homeowners Associations, a Homeowner‘s obligation to pay Assessments levied by a Homeowners Association is typically secured by a lien (commonly referred to as an Assessment Lien) in favor of the Homeowners Association that attaches to each Lot or Unit in the applicable community. An Assessment Lien is essentially a contractual lien in favor of a Homeowners Association that is created by and reserved in the Declaration.

This lien can be secured through the Court Clerk of your County in Georgia. A Board Member can file on behalf of the Association. I do suggest using legal counsel in these situations, however. Many problems can arise if the subjected property is sold or foreclosed upon and for some reason the lien is not satisfied.

Assessment Liens are not to be taken lightly. This is a last resort before judicial foreclosure. This is another way that a professional management company in Atlanta would be able to assist you. We are here to provide insight and direction for the community.

For more information on how Beacon Management Services can assist your Homeowners Association or Condominium Association in the Atlanta area, please call: (404) 907-2112 or email Lisa Simmons at lsimmons@beaconmanagementservices.com. Our complete list of services is available at: www.beaconmanagementservices.com.

Thank you for your time!

Wall Street Journal Reports Increased Demand for Luxury Condominiums in Atlanta

Luxury is Back

Laura Balser and her husband, Matt Smith, bought a penthouse condo for $2.4 million at the W Residences in downtown Atlanta in 2009. For the next three years, they remained the lone occupants of the 74-unit tower.

Because the concierge desk was fully staffed, “we got treated like rock stars,” says Lt. Col. Smith, a member of the Georgia Army National Guard. Occasionally the couple would use the hallway outside their home as overflow space. They let their cats roam, and once Ms. Balser, a principal at human-resources firm Mercer, lined the hall with 200 gift bags that she filled with pens, notepads and other items in a factory-line procession.

The W, which sits near the soon-to-come College Football Hall of Fame and the Center for Civil and Human Rights, went through foreclosure in 2009 and relaunched at the end of 2011, with prices 40% to 65% below the initial pricing, says Erik Dowdy, associate broker at the W Residences in Atlanta. Today, 33 of the 74 units have been sold and seven more are in contract, most of which were listed under $900,000. “At the current rate, we probably have a year or two of inventory left,” Mr. Dowdy says.

After years of excess inventory and virtually empty floors, luxury condos in Atlanta are selling again.

After years of surplus inventory and virtually empty high-rise residences, the market for luxury condos in Atlanta is heating up, albeit at prices below the market’s peak in 2006. In the past six months, 14 new condos for $1 million or more have sold, compared with nine new condos that sold for $1 million or more during all of 2011, according to Haddow & Company, an Atlanta-based real-estate consulting firm. In the city’s overall condo market, inventory has evaporated by 90%; within the past five years, condo inventory has gone from 5,000 units to 500 units, according to Metrostudy, a housing-data firm.

Even so, it has been a difficult recovery for Atlanta, where luxury condos are relatively new, says Josh Herndon, an associate at Haddow. In the mid-2000s, people who had been living in the suburbs, where land was relatively inexpensive, started moving closer to downtown for the restaurants, sports teams and cultural offerings. That spurred a building boom “inside the perimeter”—the more urban areas within the I-285 beltway. However, many of the luxury towers weren’t completed until 2008, when the U.S. housing market was going bust. By the end of 2008 the city had a nearly nine-year inventory of unsold condos, Mr. Herndon says. The bust forced a number of developments into bankruptcy proceedings, and these companies are just now beginning to regain their footing.

A good example is the St. Regis Residences in Atlanta’s Buckhead neighborhood. In April, Jimmy and Lynn Hayes bought an unfinished 5,000-square-foot, three-bedroom, 3½-bath condo there for $4.1 million. They are in the midst of customizing it and expect their new home to be completed by the end of the year. Mr. Hayes, the CEO of Cox Enterprises, a media company, says he and his wife had been looking to move from a single-family home to a condo for a few years, but wanted to wait until the timing was right in the market.

In February 2012, the developer of his South Carolina home filed for bankruptcy. Although a new owner and reorganization resolved the situation, Mr. Hayes says the experience made him more cautious. “I didn’t want to go through the uncertainty again,” he says.

During the real-estate bust, the St. Regis had contracts for 47 of its 53 units during pre-sales, when the building was under construction, says Douglas McMahon, senior managing director of the Tavistock Group, which acquired the St. Regis in February 2011. But many of those buyers walked away from their nonrefundable deposits during the downturn. That prompted the Tavistock Group to take all available units off the market for six months for upgrades. About $10 million went toward the model residences, redoing the lobbies, private garages and other improvements. In October 2011, the company put the unsold condos back on the market for $3 million to $6 million each; so far 11 have been sold and one is under contract.

The Mandarin Oriental Residences in the Buckhead neighborhood has had a similar story. In 2010, iStar Financial, SFI +2.64% the building’s lender, foreclosed on the hotel and 25-condo residence, then called the Mansion. John Kubicko, iStar’s senior vice president, says the company signed a longterm management agreement with the Mandarin before relaunching it in late 2012.

The building, designed by architect Robert A.M. Stern, allows condo owners to use the hotel spa below the residences, a concierge service that provides wake-up calls every morning regardless of where a homeowner is, direct elevator access to the workout facility and a Del Frisco’s restaurant. Current condo owners include Kenneth Dan-Anyiam, a Nigerian entrepreneur, and S.M. Abu Zaheed Hassan, a prominent plastic surgeon in Augusta, Ga., according to public records. Last month, a two-bedroom, 3,099-square-foot unit went under contract for an undisclosed price to a businessman from Hong Kong. Currently, pricing at the Mandarin, which ranges from $1.46 million to $4.9 million, is 28% below the prices when it was known as the Mansion. Still, 17 of the 25 units remain available.

The lower prices don’t bother Holly and Rick Wolfert, who bought a two-bedroom unit in 2008 for $2.6 million, before market prices tanked. “We never viewed this as an investment property,” says Mr. Wolfert, a retired business executive.

The Mandarin is finishing its latest model apartment, a $2.45 million, three-bedroom condo designed by Harrison Design Associates with Miele appliances, a marble-slab fireplace and a terrace with an outdoor fireplace.

Prices have held up at one Buckhead development, Sovereign, because its owner, Regent Partners, paid off its debt by selling the office portion of the building, says Kristi Torgler, Regent’s director of sales and marketing. Twenty-five of the 82 condos are left, ranging from $920,000 to $2.7 million. Units include Wolf appliances, marble and hardwood flooring, and outdoor terraces. Building amenities include a 5,000-square-foot fitness center, a business club and a wine cellar.

The Ritz-Carlton Residences, which launched in 2010, didn’t go through foreclosure, but did cut prices as inventory lingered. Two years ago, Carole Kirk, a fashion stylist, bought a two-bedroom, 2½-bath condo for $600,000—about 40% less than the Ritz’s original price. Ms. Kirk says she wanted a home after her husband died that was safe and that had staff to help her carry groceries. She says she received several upgrades, such as built-in storage and mirrored walls, free “because it was such a bad time” in the market. She also says she didn’t have to pay homeowner-association fees for two years.

Now things are looking up. In the past six months, Ritz units have been selling for an average of $378 a square foot—much lower than the original price of $650 a square foot, but up from the last six months of 2012, when $371 a square foot was the average sales price. Ms. Kirk does have one gripe about the increasingly full building: “Before I didn’t have to wait for the elevator,” she says.
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