LESSONS TO BE LEARNED

By Darlys Walker

Published March 12, 2014

Delinquency rates continued to decrease over the past 24 months for many Florida Associations, despite bank efforts to pay as little as possible in delinquencies. Management is often caught in the crosshairs of managing a community’s income, processing expenses and collecting past due funds from banks. If no money comes in, no money goes out, which can result in disconnection of utilities and other essential services.

Case and point-A 374 unit Florida Condominium Association with only 90 units sold to individual owners had the remaining 284, and several of the sold units, not paying fees. Declarant walked away, the bank would not complete the foreclosures and the Management Company couldn’t make the property insurance premium payment. The declarant moved out of the country so Management contacted the bank in an attempt to get the insurance paid, as it was in the middle of Hurricane Season. The bank informed Management that they had no intention of funding the insurance premium or expediting the foreclosures.

Fortunately for the unit owners, the Management Firm fronted the funds for the monthly premium, referred a potential bulk buyer to the bank and the remaining units were sold to a wonderful investor who brought the delinquent fees current and even paid for several landscape upgrades out of his own pocket.

You see, this investor understands  that every dollar he puts into the community, not only shows the unit owners his commitment for the entire Association and by ensuring assessments are paid timely , stabilizes and ultimately positively affects property values.

The banks may have all the money, but they certainly could stand to learn a lesson about business management.

Darlys Walker, Founder and CEO of Condominium Concepts Management, Inc. (CCM), is recognized for her straight talk, subject matter expertise, and valued insights regarding real

state management, leasing, and HOAs. Her company serves a diverse portfolio of properties, from 16-units up to 600 as well as large mixed-use developments.  

   From its beginnings in 2000, CCM has become a well-respected asset manager and now works with over 100 associations with 16,000 units served by over 300 employees. Darlys and her team deliver resources and responsiveness through six regional offices - in Orlando, Miami, Jacksonville, Charleston, Nashville and Atlanta.

   Darlys Walker is best known for her passion and precision, understanding that the only difference that matters in today's demanding marketplace is service delivery ... doing what is promised and what is right. She knows that every community serves two masters ... the property owner/developer and the resident/homeowner. "If we are not equally responsive to both, we are not doing our job," she states.  

   Her clients say it best: "Darlys really knows her stuff" ... "at the top of her profession and it shows in the caliber of her clients" ... "delivers quality resources that match up well with needs and expectations that are really rigorous."  

   She is a licensed Real Estate Broker in four states, holds an Associate's Degree in Marketing and has earned the Accredited Real Estate Manager designation from the Georgia Institute of Real Estate Management. Also she is one of few certified as a Lead-Based Paint Abatement & Removal Trainer in Georgia.

   Darlys Walker and her team have been selected to manage the condominium conversion process and day-to-day operations for many of the Southeast's most high-profile condominium communities including luxury high-rises, mid-rises and garden-style homes. Most recently she has been recognized as an expert in 're-versions' of communities from condominiums to leased homes, as well as repositioning projects. A visionary and a tireless perfectionist, Darlys demonstrates hands-on leadership, working individually with each client and staff associate to achieve defined business outcomes and satisfaction.  

  For more information about Darlys Walker and Condominium Concepts Management, Inc. please visit www.condominiumconcepts.com.

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