Condo Media - November 2014 - 35

I educate a client to understand it's
in their interests to pay more for it?"
Abel asks. "I don't know any board
members who will say they want to

repeating it to new board members
hearing the message for the first time
and to experienced ones who need
to be reminded of it. That's espe-

Two decades ago, the response to almost any request
for any service was, "Of course we can do that."
Now managers are far more likely to add, "But we'll
charge an additional fee for that additional work."
pay less to get lower quality service.
They all want great service." What is
often lacking, he says, is the willingness to pay for it.
The solution, if there is one, is
to deliver the value message clearly,
consistently, and repeatedly, believes
C. Jerry Ragosa, president of The
Niles Co. Inc. AMO. "You can't assume clients get it." You have to keep

cially true today, Ragosa says, because
boards are extremely cost conscious.
"We're finding we have to spend
more time explaining the value we
add as managers. Our experience, our
industry knowledge, and our vendor
contacts all accrue to the association's
benefit over time." Sometimes boards
accept and welcome that message and
sometimes they don't, Ragosa says.

"That's the yen and yang of dealing
with people."

What the Fee Covers

Management companies may be struggling to varying degrees and in varying
ways to explain their value proposition.
But they seem to be doing a better
job today of defining clearly what their
fees cover and what they don't, no
longer assuming (or allowing clients to
assume), as they did in the past, that a
fixed management fee can be stretched
to encompass every task managers
might be asked to perform.
Two decades (or less) ago, the
response to almost any request for
any service was, "Of course we can
do that." Now managers are far more
likely to add, "But we'll charge an additional fee for that additional work."
Most industry executives use McBride's
definition of services outside the scope
of the management contract as those

More time helping homeowners.
Less time managing finances.
We

knoW there are tWo sides to running your association :

Keeping your homeowners happy and
managing your community finances. It's not an easy balance. That's why we have a team of business
bankers dedicated to community associations like yours. Whether you need to finance a long-term
project or improve your cash flow, they'll know exactly what you need to get the job done. So you can
spend more time helping homeowners and less time managing finances.
See what it's like when a bank lives up to your business needs.
To learn more, contact your personal Webster banker
Dev Singh at 401.688.3314 or asingh@websterbank.com.

All credit products are subject to the normal credit approval process.
The Webster Symbol and Webster Bank are registered in the U.S. Patent and Trademark Office.

Helping Homeowners - Singh
Studio Number: 016992014
Ad Code: WFC-BPB-3935

9/25/14
GD: Jessie
Condo Media

Size: 7.375" x 4.625"
Color: 4C
MM: Joanne Renna

Condo Media * November 2014

Condo Media - November 2014

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