Solving the Aging Infrastructure Problem

After Surfside, community association boards are actively looking for solutions to the aging infrastructure problem. It’s a delicate balancing act between what homeowners will bear in costs and the needs of the property.

You’ve heard the standard advice – “Get a Reserve Study”. And that’s a good start. But It’s not enough. Champlain Towers had a reserve study. And it still collapsed.

Why reserve Studies Fail

Why? Because the only job the reserve study performs is to help the board set the amount of the reserve contributions for assessments. It is an entire engineering study whose sole purpose is to culminate in a number. Then it goes on a shelf, never to be seen again. It’s the most expensive paperweight a community owns.

But it doesn’t have to be that way.

Strategic Planning is the Solution

To solve aging infrastructure problems, you need more than just a contribution number. You need a strategic plan that comes from a Living Reserve Study. That means taking all of the elements from your reserve study, mapping out replacement needs, maintenance schedules, a financial plan to pay for it, and a project management strategy that will allow you to implement that plan on time and on budget.

All of these tools are available commercially, but they are not integrated or designed to work specifically for community associations. I encourage you to take a look at SmartProperty’s and see how it can help you get a valuable return on the investment of your reserve study with active inventory management, capital planning, and project management that are all integrated with your reserve study, helping you establish a plan and stick to it.

Learn more in this short video that shows you SmartProperty’s asset management and strategic planning application.