In 2015, FirstService Residential assumed management of Sanderling Condominium, a 318-unit condominium in Centreville, VA. Located thirty minutes west of Washington, DC, Sanderling consists of 13 separate buildings of garden-style units.
FirstService Financial proactively reviewed the association’s reserve portfolio and identified an opportunity to help them significantly increase interest income to help their bottom line. Additionally, Sanderling had some FDIC-insurance breaches that represented a credit risk. By late 2015, the board agreed to move their deposits into our partner banks, doubling their interest income to $8,000 per year.
In late 2016, Sanderling engaged FirstService Financial to assist in procuring a loan for a pipe replacement, roof replacement, and balcony and breezeway projects in six of the community’s buildings. Together, these projects totaled $5 million, and FirstService Financial successfully placed 15-year debt at competitive rates to help alleviate the upfront burden of a special assessment.
After the loan closed in 2017, FirstService Financial revisited the reserve portfolio and produced a proposal to generate $33,000 per year in interest income, quadrupling the current total annual interest earned. Just five months later, FirstService Financial recognized an opportunity to capitalize on the recent rise in interest rates and invested even more funds, increasing the association’s total income by another $3,000 per year.
These multiple touchpoints demonstrate a sustained focus on continuously delivering value, and by working closely with FirstService Residential’s management team, that effort was reflected in the resulting NPS score for the community.