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A CRUCIAL TURNING POINT FOR ASSOCIATION
By
Rafael Aquino
Published November 8, 2023
As the South Florida
real estate market ascends to record highs, an undercurrent of
change signals a crucial turning point. Property values have soared,
but the landscape is shifting with rising interest rates nearing 8%,
which are set to recalibrate the enthusiasm of buyers and the
strategies of sellers.
Concurrently, new
legislative mandates require condo associations to hold reserves for
buildings over three stories to ensure structural integrity and
safety. This necessary measure introduces a new financial dynamic
into the market.
Compounding these
challenges is the sharp increase in insurance costs, with premiums
doubling for many associations. Such financial strain is not just a
budgetary line item; it's a potential harbinger of broader economic
impacts within the community.
In this environment,
foresight and strategic financial planning are not just
valuable—they're imperative. Leadership, whether through a board of
directors or a property management team, must be proactive, not
reactive. Insightful management is essential to navigate and prepare
for these evolving dynamics.
A key aspect of
strategic planning is budgeting for 'bad debt,' anticipating the
possibility of increased delinquency as costs rise. Incorporating
this into the annual budget helps ensure that the association can
maintain its financial balance and avoid sudden fiscal shocks.
In response to these
challenges, Affinity Management Services offers a proactive step: a
financial health survey of your association's financials. This
survey is designed to assess your current financial position and
help prepare for the coming years. By understanding where you stand
now, you can make informed decisions to navigate the future
successfully. If you want to learn more, don't hesitate to contact
us.
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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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