CommonArea Financial Hits Major Milestone with 10K Communities
CommonArea Financial Reaches Milestone with 10,000 Communities
CommonArea Financial, known for its innovative solutions, recently announced a monumental achievement: its flagship platform, ReserveBuilder, now boasts over 10,000 communities actively utilizing its services. This growth highlights the company's commitment to revolutionizing financial operations for Community Association Management Companies and the residents they serve.
Transforming Community Association Financial Management
Designed specifically for the needs of the Community Association industry, ReserveBuilder empowers associations to optimize reserve fund earnings, enhance financial compliance, and improve operational efficiency. Management Companies benefit from new financial service offerings that can significantly boost their profitability.
Pioneering Loan Placement Functionality
With the recent introduction of loan placement functionality, CommonArea is changing the landscape of capital project funding for communities. This enables community boards to explore financing options and secure funding for essential projects, such as infrastructure upgrades and roof replacements.
Rapid Expansion and Growth
Since its inception, CommonArea has partnered with forward-thinking Management Companies, implementing the ReserveBuilder platform in over 1,500 communities. This collaboration resulted in the transfer of more than $150 million in association reserve funds to various marketplace institutions during its first operational year. The platform has since scaled to encompass more than 8,700 additional communities across several states, managing a remarkable total of $1.5 billion in reserve funds.
Industry Demand and Market Potential
The Foundation for Community Association Research has reported that about 65% of new homes in the U.S. are situated within community associations, which have been witnessing an annual addition of 3,000 to 4,000 new associations for the past twenty years. This growth reflects the increasing reliance on community associations, with over a third of U.S. housing now falling under their jurisdictions. However, the investment infrastructure supporting this landscape remains fragmented and outdated.
Addressing Industry Needs with Innovative Solutions
CommonArea's swift growth illustrates its responsiveness to the evolving demands of the under-served community association market. The firm provides critical financial tools and cutting-edge technological innovations previously absent in the industry.
Loan Placement Enhancements
Building upon strong user engagement, CommonArea has successfully rolled out its loan placement capabilities. These new features allow community boards to thoroughly assess financing options, promoting faster action on vital improvements while safeguarding reserve fund balances. Recently, participating Management Companies have prequalified loans totaling over $100 million.
Vision for the Future
The CEO of CommonArea Financial, Jared Tunnell, has expressed enthusiasm for the future of these services: "Our goal is to make these powerful tools available to all clients throughout this operational cycle. By addressing both investment and financing essentials through an integrated approach, we are enabling Management Companies to provide enhanced value to their communities."
Streamlining Financial Management
Moreover, CommonArea's platform alleviates the administrative workload for Management Companies by automating compliance tasks and enhancing financial planning tools. This contributes to a more efficient operational ecosystem, offering community associations a higher standard of financial management.
Endorsements from Industry Leaders
CommonArea's platform has garnered praise from users across the industry. Debbie Reinhardt, CEO of Resource Property Management, notes, "The transformation brought about by CommonArea Financial's system drastically improved our Reserve Cash Management program, yielding invaluable financial clarity and operational efficiency for our staff."
About CommonArea Financial
CommonArea Financial stands out as a trailblazer in delivering specialized financial services tailored for Community Association Management Companies. By combining advanced data insights with an exclusive marketplace catering to community association finance, the company is streamlining operations and enhancing financial outcomes. Their extensive industry experience and focus on innovation are setting new benchmarks for community association financial management.
Contact Information
For more information, you can contact:
Emily Kramer Shure
SVP, Business Development
CommonArea, Inc.
800-963-9315
401350@email4pr.com
Frequently Asked Questions
What milestone has CommonArea Financial achieved?
CommonArea Financial has surpassed 10,000 communities using its ReserveBuilder platform.
What is the purpose of the ReserveBuilder platform?
ReserveBuilder is designed to optimize financial management for Community Association Management Companies and the communities they serve, boosting earnings and compliance.
What new functionality has been launched by CommonArea?
The company has introduced loan placement functionality, aimed at helping communities secure funding for essential projects.
How much funds are being managed through ReserveBuilder?
ReserveBuilder manages over $1.5 billion in reserve funds across numerous communities.
Who can benefit from CommonArea's services?
Community Association Management Companies and the communities they represent are primary beneficiaries of CommonArea's innovative financial solutions.
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