ABSCONDING WITH FUNDS IS ALIVE AND WELL

By Darlys Walker

Published September 10, 2014

We’ve all heard the phrase, “There are many ways to skin a cat”. Well make no mistake; there are many ways for Board Members to steal Association money.

Recently our firm assumed Management of a luxury high-rise, who’s Treasurer had removed a $40,000 chandelier from the foyer of the building, claiming, “It was being sent out for repairs”, only to find out it was actually being sold on EBay!

Another Board Member recently admitted that a tile contractor agreed to upgrade the tile in his unit if the common area contract was awarded to his company. Is this considered a kickback or considered a theft? I believe they are one and the same. But wait! Board Members are not the only ones looking for ways to “skin the cat”. More and more, we hear rumors of Management Firms brokering deals with Vendors, Insurance Companies and other Service Providers, where for a “fee”; the Management Company will refer all future business to this particular Service Provider. Again my friend, this is stealing from the Association, and all of its members.

A reputable Board Member would not take the offer of free tile work but instead would ask the contractor to perhaps enhance other common areas or reduce their price, thus benefitting the entire Association as opposed to benefitting personally. Likewise, if a Management Firm can negotiate “finder fees” should they really be negotiating better prices for their Association? After all, someone is paying for it somewhere.

Until the time comes that these white collar crimes are severely punished, there is not much hope of it getting better. Dishonest people will always find a way around the system, especially if the repercussions are minimal.

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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