ASSOCIATION RESERVES LAUNCHES ASSOCIATION INSIGHTS & MARKETPLACE PROVIDING CONDO AND HOA RATINGS SERVICE AND FIPHO™ HEALTH SCORE
First-ever national database provides independent assessment of financial, physical, and operational health of association-governed communities
WESTLAKE VILLAGE, Calif., June 8, 2022 /PRNewswire/ -- Association Reserves Inc, the nation's leading provider of Reserve Studies, today announced the launch of Association Insights & Marketplace (AIM), an online database that identifies over 400,000 association-governed communities, including condominiums, co-ops, and homeowner associations. Using AIM, Boards of Directors can learn their FiPhO™ health score at no cost, by claiming their association and providing financial, physical, and operational details.
"The collapse of Champlain Towers South in Surfside was an extreme example of how an older condominium with underfunded reserves, deferred maintenance, and conflict between the Board and Owners can be a recipe for disaster," said Robert Nordlund, PE, RS, AIM's Co-Founder and the Founder and CEO of Association Reserves. "Pioneering the FiPhO™ health score was the natural extension of three decades of subject matter expertise in the area of reserve funding."
Similar to a FICO® score that measures consumer credit risk, the FiPhO™ health score, a term coined by AIM, distills the financial, physical, and operational health of an association to a single number. Providing the score is the solution to improve the overall health of these shared-ownership communities, as well as to help interpret a vast array of real estate disclosures for the benefit of shoppers, buyers and real estate agents.
Short video summary of AIM and FiPhO
"This new FiPhO™ health score gives Boards and Owners an independent evaluation of the association's state of affairs from a trusted industry expert," says Adrian Adams, Esq, Founder & Managing Partner of Adams|Stirling, a premier law firm representing common interest developments throughout the state of California. "Transparency benefits boards, owners, future owners, and the businesses that serve them."
"We are finding overwhelming support for this new way to qualify the financial health of associations," explains AIM Co-Founder, Cathy Schrader, PE, "As the site reaches its full utility, homebuyers and real estate professionals will be able to search for an association, compare the FiPhO™ health score of different properties, and make better-informed purchase and sale decisions."
The FiPhO™ health score is featured in an in-depth report that normally sells on the site for $49.99. As an introductory offer, AIM Reports will be available complimentarily until Labor Day 2022.
Paul Grucza, CMCA, AMS, PCAM, the Director of Education & Client Engagement at CWD Group, a condominium management company based in Seattle, WA participated in the beta testing and described the AIM site as "an exciting new concept where Boards can begin to execute more critical thinking regarding the condition of their community."
About Association Insights & Marketplace
Association Insights & Marketplace was founded in 2022 to introduce unprecedented transparency and forever change the way people think, talk, and make decisions about association-governed communities. The vision of AIM is to reset industry expectations, remove the current culture of distrust, and provide actionable insights for the benefit of boards, buyers, and the businesses that serve them. Learn more at www.ourFiPhO.com
About Association Reserves
Established in 1986, Association Reserves Inc. is the nation's leader in Reserve Study preparation. From their sixteen regional offices across the United States, they have performed over 70,000 Reserve Studies for every type of association-governed community imaginable —from condominium and homeowners associations, to common interest developments, co-ops, planned unit developments, and timeshare and vacation ownership resorts. Their clients represent tens of thousands of boards and millions of owners residing in apartment-style condos, townhouses, skyscrapers and sprawling master associations. Learn more at www.reservestudy.com.
MEDIA CONTACT:
Julie Chase
[email protected]
202.997.8677
SOURCE Association Insights & Marketplace
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