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THE COST OF WAITING: CONDO ASSOCIATIONS WILL FACE
BIGGER CHALLENGES
By
Rafael Aquino
Published January 29, 2025
2025
has arrived, bringing the most significant changes Florida
condominium associations have ever faced. The Structural Integrity
Reserve Study (SIRS) deadline has passed, and the consequences are
beginning to set in for those associations that failed to act. While
some boards may think they can still catch up, the reality is that
the longer the delay, the harder and more expensive, it will be to
get back on track.
The
uphill battle is steep for associations that have yet to complete
their SIRS or adequately fund reserves. Finding vendors willing to
take on last-minute projects will be difficult, and those that do
may charge a premium due to the urgency and complexity of the work.
Engineering firms, contractors, and financial consultants are
already stretched thin, prioritizing clients who took proactive
steps.
Why Delayed Action Creates a Bigger Hole
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Vendor Scarcity & Higher Costs
– Engineering firms and reserve study providers are overwhelmed,
limiting availability. Associations that waited will find
themselves competing for services, often at inflated prices.
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Rushed Decisions Lead to More Mistakes
– Compressed timelines force boards to make quick, reactive
decisions instead of thoughtful, strategic ones. This can lead
to poor contract terms, missed details, and costly errors.
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Increased Liability & Risk Exposure
– Associations that remain out of compliance risk legal
challenges, lender hesitations, and potential insurance
complications. The financial and reputational damage could be
significant.
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Management Firms May Walk Away
– Community association management companies understand the
workload involved in bringing a non-compliant building up to
speed. Some firms may decline the opportunity altogether or
charge a substantial premium to take on the added risk and
responsibility.
Associations that have not acted must immediately engage
professionals to conduct their SIRS, assess compliance gaps, and
establish a funding strategy. The alternative? Higher costs, fewer
options, and an increasingly difficult path forward.
The
bottom line is clear, the longer you wait, the deeper the hole you
dig. Those that continue to delay will find themselves in an
increasingly desperate situation, one that could have been avoided
with proactive planning.
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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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