The Loyalty Update Plan is a 3-year series of renewing one year flat fee engagements. The plan includes 3 Reserve Studies prepared over 3 consecutive years: (1) Full Reserve Study or (1) Reserve Study Update With Site Visit (WSV) in addition to (2) Reserve Study Updates No Site Visit (NSV), in any order.
Why a 3-Year Reserve Study Update Package?
The 3-year Flat Fee “Loyalty Update Plan” is a popular choice among our clients for seven reasons:
- Boards and Managers benefit from having us “on their team”, rather than just an on again-off again relationship. Over three years we really get to know your property and are in a better position to guide the Association toward being properly funded.
- Associations who perform annual updates to their Reserve Study tend to improve the strength of their Reserve Fund. This means that the risk of Special Assessment is reduced, reserve repairs & replacements can occur in a timely manner, there is less chance of deferred maintenance, and property values are protected.
- Boards and homeowners have the assurance (for three years) that the Reserve Study will be updated despite Board and/or Manager transitions.
- Boards save time by getting a 2-year break on discussing, deliberating, and deciding about hiring a Reserve Specialist
- We save the Boards time and trouble when they can count on us to initiate the update process automatically each year.
- It’s an easy way to make sure the Reserve Study is never out-of-date so that all annual State-mandated reserve disclosures (as applicable) will be “current”
- It stabilizes the budget by locking in a set price for three years.
*Our “flat fee” annual price is based on the “Economy” turnaround time.