Unlocking the Advantages of Self-Managed Associations

Local Examples of Thriving Self-Managed Associations Highlight Success

Sunny Isles Beach, [October 27, 2023] – The world of condominium and homeowners' associations is no stranger to the dichotomy of managed versus self-managed associations. While many opt for the convenience of property management companies to handle day-to-day operations, a growing trend in Sunny Isles Beach sees the rise of self-managed associations, and their benefits are becoming increasingly evident.

In a managed association, a property management company takes the reins, handling various responsibilities such as staff employment, training, bookkeeping, and accounting services. Often, they outsource tasks like housekeeping, valet, and pool & beach services to external firms. On the other hand, a self-managed association directly recruits and trains its staff, maintains bookkeeping services in-house, and outsources accounting to specialized firms.

Several prominent buildings in Sunny Isles Beach have transitioned to self-management, reaping substantial rewards. Notable among them is the renowned Acqualina Resorts, which has carved its own path to success. Another is the Pinnacle Condominium, led by its enterprising president, Mr. Luis A. D'Agostino, a seasoned civil engineer, general contractor, and real estate broker.

Mr. D'Agostino's transition of the Pinnacle Condominium from a managed association to a self-managed one has been nothing short of exemplary. Over five years, he assumed the role of property manager and later, general manager, steering the building back to its former 5-star glory. In doing so, he not only increased property values but also maintained affordable condo dues and fully funded reserves.

In an exclusive interview, Mr. D'Agostino revealed how the shift to self-management delivered substantial cost savings, enabling them to avoid maintenance payment increases for four consecutive years. Remarkably, staff members received higher wages and attractive benefits, including Personal Time Off (PTO). With a dedicated payroll of 35 staff members, The Pinnacle Condominium is building its unique brand, creating a welcoming atmosphere for residents who frequently encounter familiar faces.

Efficiency is the cornerstone of their success, as Mr. D'Agostino emphasized, particularly in a bustling place like Sunny Isles Beach. Nonetheless, the transition from managed to self-managed associations is no walk in the park, requiring professional leadership from experienced individuals who understand the nuances of running companies and managing people.

While self-management isn't the norm, several other self-managed buildings in the area have followed suit, including Sands Point, Oceania Towers and Millennium, exemplifying that with the right leadership and vision, self-managed associations can be a lucrative endeavor, providing a personalized touch and substantial savings for both property owners and residents.

In the world of association management, it's clear that self-management is on the rise, challenging the conventional wisdom that outsourcing to management companies is the default choice. Sunny Isles Beach now stands as a testament to the advantages of self-management, with remarkable success stories like the Pinnacle Condominium, Acqualina Resorts, Sands Point, and Millennium leading the way.