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Achieving Financial Stability and Community Engagement
When Keystone Lofts partnered with RISE many years ago, the community was ready to transition to the modern era. They needed a reliable financial partner, a trusted advisor, and the right tools and team to help clean up about 18 months without financials, and had significant delinquent assessments. Through proactive management and obsession with details, RISE reconstructed 18 months of financials and partnered with the Board to create a customized approach to eliminate delinquencies while creating a long-range funding plan.
By using RISE’s proprietary insurance program Keystone saved 54% on building insurance which was able to be redirected to reserves.
RISE worked with this incredible Board to help create financial clarity, while using the hands-on expertise within the community to make building improvements, while fostering a vibrant, engaged environment through collaborative efforts and curated resident events.
Managed by RISE’s Houston HOA management team.
A Community Worth Gathering For
Unique Property
Challenges
When RISE took over Keystone Lofts, the property faced serious challenges, including financial disarray, high insurance costs, and overspending on key projects. Immediate action was needed to restore stability and efficiency. Financial Disarray: Keystone Lofts had gone over 18 months without financial statements and had a backlog of delinquent assessments, creating significant financial instability. High Insurance Costs: The property was burdened with costly building insurance that lacked sufficient coverage, putting the community at financial risk. Aging Infrastructure: Keystone Lofts faced challenges with many large-scale projects on the horizon, including elevator replacements, needing strong expertise and management.
By using RISE’s proprietary insurance program Keystone saved 54% on building insurance which was able to be redirected to reserves. RISE worked with this incredible Board to help create financial clarity, while using the hands-on expertise within the community to make building improvements, while fostering a vibrant, engaged environment through collaborative efforts and curated resident events.
The Keystone Lofts · A RISE-managed community
RISE Key Solutions
By focusing on service improvements, updating governing documents and policies, managing rentals percentages, strong facility oversight, and long-term planning, the Board and RISE worked together to transform the building’s day-to-day operations and set it up for continued success. Below are the solutions that resolved these critical issues.
Saving on Major Projects
The Board worked together with management and residents to save over $100,000 on big projects like new elevators, making sure the community got quality work at a great price utilizing in house experts to oversee the project.
Slashing Insurance Costs
Our insurance experts helped save over 54% on building insurance while actually improving coverage, giving Keystone Lofts better protection for less money.
Clearing Up Delinquent Accounts
Through hands-on management, we were able to bring the HOA’s delinquent accounts down to $0, ensuring everything stays on track financially.
Getting the Finances Back on Track
We went back and reconciled 18 months of missing financials, then worked with the Board to create a long-range funding plan to keep capital repairs funded and the budget stable.
Community Events at the Keystone Lofts
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See the RISE Difference What Partnering with RISE Includes
- A dedicated community manager who knows your community
- Financial statements by the 15th, in-house, accrual basis
- Same-day callbacks and 24/365 emergency availability
- The RiseShield master insurance program