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NO TIME TO WASTE
By
Rafael Aquino
Published October 27, 2021
This coming year we can expect to see many
changes to association laws that will impact condo associations for
years to come. The conversations are being had on whether to permit
associations to waive reserves in its entirety, as done in the past,
and possibly increasing the required percentage. Further, there are
talks about certain reserve items such as structure/waterproofing,
which will be mandatory reserve line items (no possibility of
waiving.) While these changes will have a financial cost for some
associations, I do believe it is necessary.
Those associations that aren't sure where they
stand financially based on reserves should consider getting a
reserve study. You don't want to wait until new regulations are
imposed to start turning the wheels and start understanding how you
will approach these new requirements. It is better to begin
communicating with your residents immediately.
Certain associations will find themselves in a
very tough position because the cost to get everything up to
standard might surpass what the residents can afford or are willing
to pay. So, what do you do in the situation? In some buildings, the
only other option will be to sell the entire condo to an
investor/developer. Often, residents don't like the sound of that,
but it's the best option in some instances. My team and I have been
involved in two condo terminations, and in both cases, the owners
received more than the actual value of the unit, so it was a win-win
for all parties.
Change is coming, and it will be here before you
know it. If you sit on a board, make sure you take these potential
changes seriously and are being proactive.
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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
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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
www.ManagedByAffinity.com or call 1-800-977-6279
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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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