Frequently Asked Questions
What can Invsco Management Company offer us that other management companies do not/cannot offer?
We pride ourselves on the personal attention given to the Board, unit owners and residents of our Associations. Thorough property inspections are performed with the results and solutions presented to the Board. Our management is that under the most challenging circumstances. We can add value to your property. Because we are smaller, we can provide personalized attention from the president of the company who will be hands on and being proactive instead of reactive.
With our background of capital improvements for properties, we can work with you on projects for the enhancement of your property and increase the value and desirability of your property.
We are familiar with time constraints and are most sensitive on completing projects on time, within budget and making sure the work is done in accordance to the specifications.
Why would we hire a developer management company?
Because of the expertise and knowledge of overseeing properties from fruition, the experience and training is very intense that most other management companies do not have.
With our experience in condominium conversions, we work with Boards on common area improvements that will enhance the value to the units along with competitively bidding out this work, oversee capital repairs and obtain proposals on general maintenance contracts to get the best service for a reasonable price. We provide superb service and provide proper guidance.
American Invsco has past and current lawsuits, why would we be affiliated with a company with this background?
There are no lawsuits against Invsco Management Company. We are all aware that American Invsco is a condominium developer and many lawsuits are not justified which are either dismissed or not pursued. To this extent, lawsuits are merely the nature of the business.
American Invsco's conversions have had a huge number of foreclosures by individual unit owners you sold to, why would we want to affiliate ourselves with you?
The foreclosures relate to the current economic climate which many condominium associations are faced with at this time. American Invsco has been in business for 40 years and only recently has this become an issue which has affected most developers throughout the country.
What happens if Invsco Management Company gets involved with new American Invsco condominium conversions, how will that impact us?
You will continue to receive the personal attention as you always have from Invsco Management Company. Also, with every new project we learn something that we can bring back to your Association.
How do you handle accounting, monthly reporting, etc.?
A complete set of financial reports are provided on a monthly basis. They are prepared by a CPA firm that specializes in condominium management accounting independent of Invsco Management Company. The costs of these services are already included in the management fee. Assessments and other charges are billed monthly to the unit owners, and deposited into a bank lock box for safety and efficiency. There is no commingling of funds and all condominium associations have separate bank accounts. We also offer direct payment of assessments for the convenience of the unit owners. Our employees are bonded along with the CPA firm used.
Can you provide bulk purchasing at a savings to the Association?
Yes, we vigorously bid out all work and supplies to make sure each Association gets the best price and service available. We work with many vendors and suppliers to obtain the most competitive price.
Are all condominium funds in separate bank accounts?
Each condominium association has its own separate bank account. There is no commingling of funds.
How do you handle reserves and the investing of reserves?
All reserves are kept in separate accounts where only the Board members are signers. Our banking relationship with Harris Bank which has the CDARS (Certificate of Deposit Account Registry Service) program will benefit the Association on their investing those funds. The CDARS program allows you to place your investments in multiple financial instruments that are all FDIC insured. Harris Bank provides all CDARS investments with one consolidated statement to make your life easier. All reserve funds and interest are reflected on the monthly financial statement and balance sheet. Invsco Management will assist the Association and Board on investing those funds with the Board making the final decision. Also, the Board members are the signatures for the reserve accounts(s).
