When Keystone Lofts partnered with RISE, the community was facing financial challenges, including 18 months without financials and significant delinquent assessments. Through proactive management, RISE not only reconciled the financials and eliminated delinquencies but also implemented a long-range funding plan.
Achieving Financial Stability and Community Engagement
By saving 54% on building insurance and over $100,000 on major projects, RISE brought financial stability and quality improvements to the community, while fostering a vibrant, engaged environment through collaborative efforts and curated resident events.
0
$0 Delinquency Rate
Achieved and maintained a $0 delinquency rate for HOA accounts through active financial management and reconciliation
Achieved and maintained a $0 delinquency rate for HOA accounts through active financial management and reconciliation
54
Insurance Rate Reduction
RISE’s insurance program saved the community over 54% on building insurance premiums while improving coverage, ensuring financial efficiency and protection
RISE’s insurance program saved the community over 54% on building insurance premiums while improving coverage, ensuring financial efficiency and protection
100
Capital Projects Savings
Collaboratively saved the community over $100,000 on large-scale projects, such as elevator replacements, without compromising on quality
Collaboratively saved the community over $100,000 on large-scale projects, such as elevator replacements, without compromising on quality
Transforming Obstacles into Achievements
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.
Overspending on Capital Projects
Keystone Lofts faced challenges managing large-scale projects, including elevator replacements, leading to overspending and the need for more cost-efficient solutions without sacrificing quality.
RISE Key Solutions
By focusing on service improvements, leasing management, facility oversight, and long-term planning, RISE transformed 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
We worked with the Board to save over $100,000 on big projects like new elevators, making sure the community got quality work at a great price.
Learn about ...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.
Learn about ...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.
Learn about ...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.
Learn about ...
