Vacation Rental or Investment Properties are typically located in Resort Communities that have a set of Bylaws that call for an Administrator to run the affairs of the Association of Owners. The following is a brief overview of the Administrator role.
- Association Bylaws require Annual Election of an “Administrator”.
- Administrators are Elected by “Majority Vote of Assembly”.
- Assembly is the Maximum Authority of the Association of Owners.
- Administrator can be Individual or Corporation.
- “Administrator Fees” are established at Annual Assembly.
- Administrator Sets “Budget” for Assembly Approval.
- Administrator Given “Total Control” for One (1) Year.
- Administrator Establishes “Budget” for Assembly of Owners.
- Confirms “Pro-Rata Share” of Expenses in Bylaws for each Owner.
- Employs Association Staff and Hires Independent Contractors.
- Arranges Employee Insurance, Pension Benefits, and Severance Pay.
- Supervises Working Schedule of Employees, Contractors, and Suppliers.
- Issues “Owner Invoices” on a Monthly or Quarterly basis.
- Prepares Financial Reports for Accounting and Budget Reviews.
- Works with Accountant to Assure all Applicable Taxes are Paid.
Experience & International Network
Holden Sotheby’s International Network takes the role of Administrator as a Company with specialists who focus on the following:
- Community Rules & Regulations
- Financial Planning & Budgeting
- Building & Pool Maintenance
- Landscaping & Gardens
- Employee Payroll & Supervision
- Accounting & Financial Reporting
- Local Vendors & Suppliers
- Interior Property Management
- International Sales & Rentals
- Guest Services & Client Relations
- Website Promotions
- Social Media & Marketing
- Financial Analysis
- Property Trades & Exchanges
Many Developers Build a Project… then walk away.
It is then up to the Owners to elect an Administrator to manage affairs of the Assembly. The results can be positive or negative.
Positive Effects of Good Administration:
- Reduction of Deferred Maintenance.
- Economies of Scale; More Efficiency.
- Peace of Mind; Sense of Pride.
- Increase in Rental Income.
- Repair of Developer Short-Cuts.
- Upgrades for Existing Deficiencies.
- Increase in Resale Value.
Negative Effects of Bad Administration:
- Deferred Maintenance.
- Inefficient Operation – Higher Costs
- Owner Disatisfaction – Experience.
- Negative Perception – Reputation.
- Dis-Harmony Amongst Owners.
- Decrease in Rental Income.
- Decrease in Resale Value.
Economies of Scale
Multiple Projects Under One Team
Multiple Projects under One Team allows the team to be more efficient with Employees, Suppliers, and Independent Contractors. It is easier to schedule work shifts, days off, and vacations — and possibly save on payroll. Administration of multiple projects through a company brings multiple skills to the table. Project Administration can be done by an individual or a company. Benefits of Project Teams:
- More Projects — More Knowledge.
- More Knowledge — More Resources.
- More Resources — Better Decisions.
- Better Decisions — More Efficiency.
- More Efficiency — Better Savings.
- Better Savings — Lower Fees.
- Lower Fees — More Sales & Rentals.
- End Result — Better Lifestyle.
Offices in Dominican Republic
This office is located in Plaza Ocean One in the west-center part of the city. Cabarete Bay is often referred to as the kite boarding capital of the world and the luxury residences lining the beaches are world class and in walking distance to everything. The Cabarete office market area extends from the Puerto Plata International Airport to the west — all the way to the El Catey Samana International Airport to the east. This includes Playa Grande and Cabrera.
LAS TERRENAS OFFICE
The Las Terrenas office is located in the Plaza Colonial in the center of the city. The best landmark is the adjacent Puerto Plaza in the shape of 2 large ships. The Holden Sotheby’s International Realty office is located in front of the 2 boats which have retail shops and hotel rooms above. The market area of the Las Terrenas office extends from the El Catey International Airport to the west — all the way to the tip of the Samana Peninsula to the east.