Super Restoration Q1 2017 Super Restoration Q1 | Page 4

There is probably a pen on your desk right now that cost $ 1.17 . But is it worth $ 1.17 ? It ’ s interesting that price doesn ’ t necessarily determine the worth of something . You have to consider its value . Sometimes the value of something makes the item worth more , sometimes less . For example , if you have dozens of pens available to you whenever you want , the value is very little . But if you don ’ t have one available when you need to sign important papers or endorse checks or sign a marriage certificate , the value of a pen goes up .

Consider the value of your manager to your association . She may be paid $ 65,000 to manage a 300-unit association with a budget of $ 500,000 . But you have to consider her value to get her true worth . In reality your manager is not being paid to manage just the budget . Every association board ( homeowners ’, condominium , or cooperative ) has the same overarching goal ; the same mission statement . ( 1 ) Protect the value of the association assets . ( 2 ) Enforce the documents . The value of the association assets are protected by enforcing the documents . And so around it goes .

When your board hired your manager , it transferred to her its fiduciary responsibility of protecting the value of the association assets and enforcing the documents . That transfer of authority placed your manager in a fiduciary relationship with the association . Because of her CAM license , she promises to look out for the interests of the association first and foremost .

Because of that fiduciary relationship to the association , it becomes easier to compute your manager ’ s worth .

Take the average price of the units in your association , multiply that by the total number of units , add the amount of the operating budget , add the amount of reserves , and add the appraised value of all common areas .

The total is the value of your manager . With that simple computation , you can see your manager is managing a multi-million dollar corporation . True , your association is not corporate American , or is it ?

Just like any other high level executive in a major

Value of Your Manager $ 77.8m

corporation , your manager has to have comprehensive ( or at least a working ) knowledge of :

• Management procedures and techniques

• Accounting procedures

• Personnel practices

• The rules , regulations and standards of the association and the industry

• Inventory and procurement

• Contract relations

• Property maintenance as it pertains to the association

• Current maintenance procedures and practices

• Safety hazards and practices

• Environmental issues

• Insurance

• Taxes

• Disaster preparedness

• Local permitting codes and regulations

• Human behavior ; conflict prevention / resolution

With all this knowledge base , your manager is looking more and more like a high level executive in a major corporation .

You hired your manager so you could enjoy your lifestyle and not be bothered by its management . You have hired your manager because of her scope of action .

Ingenuity

She has to develop solutions to multiple problems and develop controls to prevent reoccurrences .

Analytical Ability

She analyzes budgetary and usage data to determine meaningful trends or problems . Often she presents the data or results to a board not versed or trained in this area .

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