Conservatory Property Owners Association
The Conservatory POA consists of 340 home sites located within a gated, private community nestled along a golf course designed by Tom Watson as well as a nature preserve. The focal point of the community is the one-of-a-kind clubhouse with a nature conservatory encased in glass that is accessible with an optional membership to the Hammock Beach Resort. Conservatory owners enjoy the benefit of private lawn maintenance and a manned access control funded through payment of their quarterly assessments.
Southern States Management Group, Inc. was engaged to provide management services to the POA in 2008 after property values had fallen by a factor of ten during the faltering real estate market. The prevailing theme to services currently being provided by Southern States to the POA is the assumption that the value of home sites in the POA will eventually rebound. As a corollary, the future value of home sites will depend heavily on maintaining the pristine environment and quality of facilities without sacrificing the financial viability of the association. In this regard, great steps have been taken to maintain positive cash flow through aggressive collection strategies and reasonable cost cutting measures.
Dramatically growing accounts receivable balances attributable to unpaid member assessments was easily identified as the predominant obstacle to the effective management of the POA. Immediately upon being contracted, Southern States Management Group began working with the Board to formulate a strategy to accelerate collections. This strategy, which consisted of mass mailings, proactive communication with banks, advertisement of an amnesty period, and lien filings halted the accumulation of delinquencies and contributed to a balance sheet that boasts substantial cash reserves.
An integral component of the transition from the POA’s former management company to Southern States Management Group was the review of all outgoing cash transactions and associated service agreements with each vendor. Working with existing vendors to the extent possible, the POA was able to roll back several services while reasonably maintaining the original vision of the POA. In those instances where existing vendors were unable to accommodate the POA’s cost cutting initiatives, new vendors were solicited based on their qualifications and a revised scopes of service.