By Rafael Aquino

Published May 18, 2022  


This year has turned out to be interesting thus far, and we still aren't even halfway. The overall market has seen losses this year, the cost of all goods and services continues to skyrocket, and salaries can't keep up with these changes. We've seen years of growth; however, the tides are turning, and your association needs to be ready. What steps is your association taking today to prepare for what is to come?


  1. Accounts Receivables - If you aren't doing so already, your association should be following the collection policy outlined in your documents, and you should waiver one bit. Those associations that have been lazy with their collection policy will pay the piper when the market starts to crash because they'll be trying to play to catch up. 

  2. 2023 Budget: Budget season will soon be approaching, and your association should consider reintroducing a "Bad Debit" line item to your upcoming budget. Remember your association is a nonprofit organization, and if the owner stops paying, the rest will need to cover the difference. 

  3. Reserves - Most banks have gotten smarter with their questionnaires, following what Fannie and Freddie are doing. They ask if associations have reserves and what steps the association has taken to ensure the condos they are lending to are safe and have the proper means to make repairs if necessary. Suppose you are an association that doesn't have reserves. In that case, I strongly recommend you consider putting a minimum of ten percent of your operating budget into reserves, so your building is marketable.  

  4. Amendment 2 - Amendment 2 is in full effect, and the minimum wage over the next few years will be $15.00. This will dramatically impact many associations because labor is one of the most significant line items on a budget. The areas of service that will feel the most impact will be landscaping services, janitorial/maintenance, front desk, & security services. Your association should be preparing now and consider increasing the staff pay earlier to avoid staff members leaving sooner.  

  5. Communication - As a Board, you have tough decisions that need to be made; however, you must communicate with your residents about the potential impacts they should expect. The last thing you want to do is blind slide all the residents with an unexpected increase. Doing it in that fashion will create an environment that won't allow for the needed change. The earlier you work with management to communicate the future of the building and the impacts of the market, which you can't control, it will make it a bit easier on all. 


We've all enjoyed several years of being in the sky; however, now is the time to buck up and prepare. You should not panic; you need to prepare. Life is ten percent what you experience and ninety percent how you respond to it.

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As the Co-Founder and CEO of Affinity Management Services, Rafael P. Aquino leads his team to redefine excellence. They serve community   associations   efficiently

and effectively with dedication and passion. Rafael’s energy and positive spirit is the foundation of Affinity Management Services’ company culture, which instills enthusiasm and excitement when providing expert advice to its board members and relieving the day-to-day burdens of running a community association.


Since 2007, Rafael has developed a work culture that values responsive and high-quality services. He has led his team by following a proactive vs reactive philosophy. The same approach Rafael instills in the day to day operations of each association. Today, Affinity Management Services maintains its success and benefits as a result of the foundation Rafael has built and continues to foster by providing educational seminars, continuing education classes for association managers and board members alike.

Rafael and his team help condominium and homeowners’ associations save money and improve their communities. His calm, personable, and service-oriented nature helps him to establish strong relationships with ease. Rafael is known as a sincere and honest leader who looks out for the best interests of his clients and communities, and he strongly advocates for their needs. His role requires coordination and communication, as such he takes logical and intelligent steps to approach challenges head-on.

As a graduate of Florida International University’s electrical engineering program and a licensed community association manager, Rafael’s education and skills equip him with unique insights to tackle complex problems through critical thinking. He understands how each component within a system works together in order to effectively arrive at solutions, techniques, and conclusions. Therefore, as he manages the multiple challenges of running a community association management company, he understands how each property is its own unique system and tailors’ specific services to assure that all their needs are met.

For more information about Rafael P. Aquino and Affinity Management Services please visit or call 1-800-977-6279

Doral Office: 8200 NW 41st ST

Suite 200

Doral, FL 33166

Broward Office: 150 S Pine Island RD Suite 300

Plantation, FL 33324

O: 800-977-6279 ● F: 305-325-4053

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