Association Management Services

Village Realty provides management for owners associations in Dare and Currituck Counties in North Carolina. Our services include all functions necessary for the day to day operations and long term planning for the developments. Our management services can be broken into three primary categories; financial management, administrative duties, and maintenance. Our management fee is based the provision of the services listed below.

Financial Management

Village Realty provides financial management for the association. All operating funds are kept in a trust account and managed according to the guidelines set forth by North Carolina State Statute and the North Carolina Real Estate Commission. Village Realty researches rates and make suggestions for the investment of other funds and these funds are invested and managed as directed by the Board.

Financial services provided include assistance in the annual preparation of budgets for the association, the review and assessment of the current reserve study for the Association and suggestions for additions or updates, the preparation and collections of accounts receivable, the implementation of the official collection policy, processing and distribution of accounts payable, and the preparation and distribution of monthly financial reports. Village Realty also works with the Association’s accountant to provide necessary information annual tax preparation and year-end financial reports.

Administrative Services

Village Realty provides complete administrative services to the Association. Correspondence with owners including meeting notices, association information, new owner welcome packages, and contact information is provided thorough the management company. Notices and reports will be provided as requested by the Board. The Property Manger acts as the contact point for owners and as a liaison between the Board and the general membership.

A representative of Village Realty attends Board Meetings and takes minutes. The official records of the Associations are maintained in the property management office. Annual Meeting notices and financial statements are prepared and distributed in accordance with the by-laws of the association. The Property Manager assists the Board in coordinating meeting schedules in accordance with the by-laws. The actual cost of postage and office supplies is charged to the Association in addition to the monthly management fee.

Regular weekly property tours are conducted. During these inspections property management staff check for non-compliance issues, items in need of maintenance, and general upkeep of the landscaping, grounds, and other property. A log of these inspections is maintained and is available to the Board as requested. Management addresses non-compliance issues directly with the owners. Matters which are not able to be resolved through management are referred for legal action with the approval of the Board.

Maintenance Services

Routine maintenance services are provided by Village Realty at an hourly rate. Maintenance and Repair projects considered beyond the scope of routine maintenance are bid out to at least three contractors when possible. Sub-contractor services such as landscaping are bid as directed by the Board. Village Realty presents the bids and Management recommendations to the Board to make the final decision on the contractor selection.

Routine maintenance is performed year round and Village Realty Service Personal are available seven days a week for regular maintenance and emergency calls. A twenty-four hour emergency number is provided.

Property Management Services:

• Annual dues collection, enforcement of the collection policy, bill payment, maintenance of the Association trust account including making regular deposits.
• Provide regular monthly financial reports to the Treasurer of the Association (or others as directed by the Board), advise Treasurer on allocation of assets and notify of maturation of invested funds etc.
• Provide year end financial information as needed to the Association’s accountant for tax preparation and audit.
• Provide record-keeping for association minutes, keep current copies of all governing documents, rules, and regulations and provide to owners as necessary.
• Prepare and distribute meeting notices, agendas, and packages for Board, Committee, and Annual Meetings per instructions of the Board and By-Laws.
• Attend Annual Meeting, Board of Directors meetings and Committee meetings as requested. Record and distribute minutes of meetings as requested.
• Oversee the landscape and mowing contractor and check to see that specifications provided in the landscape contract are followed and additional work is completed as requested.
• Oversee the pool maintenance contractor to ensure that the required daily service is performed to specifications provided and that the pool and pool area are kept in a manner which provides a safe and relaxing environment for owners and their guests.
• Oversee other subcontractors as needed for routine services. Review contracts with vendors for routine services, negotiate contracts as necessary, and provide recommendations to the Board.
• Receipt and preliminary review of plans for Architectural Review. Meet with builders and/or owners to ensure compliance with Association Guidelines. Advise Board accordingly for final review.
• Provide documentation for Architectural Review process, send confirmation or denial letters, check for compliance.
• Provide weekly property inspections. Reports from inspections will include recommendations on maintenance needs and reports of non-compliance issues observed and actions taken.
• Act as contact point for all owner compliance issues. Enforce Association rules and guidelines per policy set forth by the Board.
• Coordinate with professionals employed by the Board of Directors: accountant, attorney, engineer.
• Review and recommend replacement reserve schedule updates.
• Review and recommend insurance coverage for the Board of Directors and the association.
• Additional tasks as assigned by the President or representative of the Board of Directors.
• Maintenance of Common Areas such as roadways, dumpster areas, and entranceways is provided on a regular basis at an hourly service fee.
• A 24-hour emergency number is provided for owners.

For More Information:

• Association Management
• Management Services
• List of Current Associations

Contact:
Emily Lewis, Property Manager
Phone: 252-480-2224 ext. 4307
Email: E-mail