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A Property Management Company Serving Condominiums and HOA’s

Wise Property Solutions is a property management company which is the region’s leader in community association management- the only certified and accredited condominium association management and HOA management company with offices in Knoxville and the Tri- Cities, serving the Mountain South. At Wise Property Solutions, we are contributing to our client communities through our commitment to the industry’s best practices and ongoing professional development. Our team of highly trained property managers strives for an efficient, problem-free community with 100% Satisfaction Guaranteed.

Devoted exclusively to the management of community associations, our homeowners association and condominium managers understand the unique needs of each community. We are proud of both our growth and reputation for offering an unparalleled level of professional service. Our services equip and empower board members to effectively lead their associations.

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locally owned, regionally focused, nationally acredited
locally owned, regionally focused, nationally acredited

“...By aligning our association with Wise Property Solutions we are allowing a professional organization with proper training, systems and knowledge to streamline our efforts...saving us time and money...giving more prompt service to homeowners,”

Larry W.
President
Homeowners Association

FROM OUR BLOG

One-Person Shop Jeopardizes Homeowner Associations


Some HOA Boards can credit one person for their success—the person who does 90% of the work.  We see many one-person shops in Tri-Cities, Tenn. where the Board and the community would be completely lost if one thing goes awry with their lifeline. Relying on a single person can mean chaos if that person has to step down without transition time.  Accidents, sickness and other issues could leave your Board in sudden pandemonium.  Rebuilding from the foundation up is a long and painful process.  Here are some tips to minimize the risks.

 

Dual financial signatures: While you may trust the person running your community implicitly, it’s always a good idea for financial transactions to require dual signatures.   Identity theft can happen to an association, and it can happen more easily when there’s just one person in charge. Why put your community go-getter and your association at risk when dual signatures reduce the possibility of fraud and create a backup plan?

 

Back up data: Computer systems crash.  External hard drives stop working, and you may not know it until you try to retrieve a document.  Yet, it’s common for one-person shops and other HOA Boards to rely on a single computer with do-it-yourself periodic backup.  It would be impossible to recreate all your records if a computer crashes, and professionals can’t always retrieve the data.  To lower the risk of data loss, you should have three copies of important data (the original, a backup stored on the premises, and a second backup stored off-site or with an online storage service).  A property management company has systems in place that can also help protect your information.

 

Identify dual location storage: Don’t be lulled into a false sense of security if your community leader stores printed documents of all your records.  Filing all document records in a single location doesn’t protect them from fire, flood, theft or other disasters.  Off-site or alternate storage that is not subject to the same physical threats is a must.

 

Engage a property management company:  A property management company can help you mitigate the risk by implementing the right backup processes. These companies also have system redundancies and a breadth of staff to protect clients’ data.

 

Whether you rely primarily on one person or multiple Board members, you need safeguards in place to protect the association in the event that a designated person can no longer fulfill their responsibilities. Implement processes that will stand up to the worst-case scenarios when someone must pick up the work with no transition. Taking this perspective helps you think through the right processes to protect your Board and your community.



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