Reserve Data Analyst aims to be a leader in the industry with a high level of customer service and comprehensive reports which are an invaluable resource for our Clients. When used to their fullest reserve studies more than pay for themselves in cost savings, reduced liability and the reduced stress that comes with budgeting for building and site project expenses.
The long-term budgeting for common areas and facility repair projects is extremely important but also stressful and at times an overwhelming responsibility to a Board or Facility Manager trying to keep everything in order. Utilize our services to reduce the stress, increase cost savings and help place your community / organization on a fiscal responsible path.
We take our work personally which ensures that we do an excellent job on each assignment that comes our way. From the time we receive a new order, to the date of the site inspection and finally delivery of the completed report; we look at each step as an important opportunity for us to provide a level of customer service unparalleled in the industry.
Levels of Service
We have numerous levels of service based on what scope of work is needed to complete a reserve study while also complying with any applicable laws. Typically, a new Client will start with a Level 1 (Full Reserve Study) and move to a couple of Level 3 Studies (Updates) before returning to a Level 2 Study (Update with Site Visit). These ongoing updates to the reserve study ensure adjustments are made to elements of the study; cost figures, remaining useful life of components, inflation, and project completion dates are some of the factors we address in reserve study updates. Over time the reserve study will typically become more accurate and in line with the Client long term budgeting and funding goals.
We also have a Boost-Your-Own-Budget (BYOB) reserve budgeting option which many of our clients have found helpful and cost effective for their reserve budgeting needs. We provide the platform for the report but you bring the data... These studies are put together and reviewed by a reserve analyst but most of the component specific information is supplied by the Client (e.g., component list, measurements, quantities of components, age of components).
Our Full Level 1 Studies are excellent for Clients that have never had a reserve study completed, have had significant changes from past studies or would like a fresh look at things from a different reserve study company.
This is a comprehensive reserve study that from beginning to end offers the fullest in our customer care, the most detailed component analysis, financial analysis, and catered study possible. We will include numerous funding models that meet statutory requirements, our recommendations, and specific goals of the Client such as FHA approval or incorporating special assessments.
Level 2 Studies are considered updates to prior studies and are for Clients who have a prior study they would like us to utilize for the component inventory and measurements but would still like a site inspection to determine remaining useful life of components (are things deteriorating in line with expectations).
This level of service provides savings as we are not taking measurements and inventory of the components (taken from a prior study that must meet National Reserve Study Standards and less than 5 years old) but do perform a site inspection to determine current remaining life of components.
Level 3 Studies are for Clients which have had a past Level I or Level II study and are only seeking a financial update and projects completed update with no site inspection.
The component inventory and measurements are taken from the prior study provided to us (which must meet National Reserve Study Standards and not be older than 5 years) and assumed to be accurate. This study update is for communities seeking to comply with state regulatory & disclosure requirements as well as to remain on top of budgeting concerns related to the reserve account.
The Boost-Your-Own-Budget (BYOB) option is available nationwide and is most suitable for less complex reserve budgeting scenarios (max. of 20 components). In the hands of a person with a higher comfort level and/or experience with reserve budgeting (e.g., project costs, service lives) this can be a very cost-effective approach.
For these reserve budget reports we do not complete a site inspection, and we do not verify the accuracy of the component list provided to us. These reports are not considered reserve studies, but they are very useful for budgeting purposes.
Statutory Requirements For Common Interest Communites
In In recent years there have been many States across the country which have enacted legislation regarding reserve studies, reserve accounts and reserve funding requirements.
Several states including Washington and California have passed laws regarding how often common interest communities must obtain a reserve study while Hawaii has passed specific regulations pertaining to the required levels of funding in a common interest community. These laws are specific as to how often a reserve study must be completed, what levels of service must be done, reserve study contents as well as what must be disclosed to the community membership. The below link provides an overview of the statutory requirements for the coverage areas of Reserve Data Analyst.