Preparing for a capital project with new management
What to look for in a company when the next five years involve real construction.
Evidence, not capability
Every company says it can handle capital projects. Ask for completed projects of similar scope with references, not a description of the service.
How it is priced
Capital project oversight is frequently billed as a percentage of project value. On a $400,000 project a 5% oversight fee is $20,000 — larger than a year of base management for many communities. Whether that is included or extra is a material difference between proposals.
Reserve strategy
Funding plan, whether they coordinate the reserve study, and how they present funding scenarios to owners.
Bidding discipline
How vendor bids are solicited and compared, and what conflict-of-interest policy governs vendor selection.
General information for Board members, not legal advice. State law and your governing documents control.
Statutory deadlines, contract terms worth knowing about, and what we learn from proposals. No sales email, and we do not sell the list.
Start with what you already know.
You know your unit count. You know what your current management does well and what it does not. That is enough to begin.
Free for Boards. No calls until you ask.