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Frustrated HOA board members launch their own community association management company
Freedom Community Management now serving homeowners associations in Northeast Florida, with support from American Momentum Bank
By: American Momentum Bank
The idea for starting the company was born out of Matias' and Gormley's frustrations with the company that was managing the homeowners association (HOA) in the community where they live. Both served on the HOA board and were displeased with the management company's service.
"We really saw that a lot of existing management companies were not providing quality services, not communicating with homeowners, not following through with board member requests," said Matias, who has a corporate finance background and will be managing Freedom's operations and accounting. "We knew it could be done better, and we partnered up to make it happen."
Also contributing to the partners recognizing a prime business opportunity are the more than 2,000 homeowners and condominium associations currently in Northeast Florida, and the fact that St. Johns and Duval counties are experiencing explosive residential growth.
"Our goal with Freedom Community Management is to help board members be effective decision-makers, and to make sure all calls are answered, all requests are fulfilled and that nothing slips through the cracks for our homeowners,"
Vaughn, a real estate agent with property management experience, manages Freedom's marketing activities.
A key supporter in Freedom Community Management's launch was Tammy Zuknick, vice president, association banking at American Momentum Bank.
"From the first time we met with Tammy, I could tell our service values aligned," Matias said. "Whereas the various other banks we interviewed didn't offer much follow-up, Tammy immediately answered all our questions, and offered helpful information and resources."
Matias also appreciated American Momentum's partnership with CINC Systems for integrated banking software, as well as the bank's lockbox services and expertise in working with associations.
"American Momentum specializes in working with HOAs, and they make it easy for property owners to transact with the community," Matias said. "They also have a process in place to deal with board members constantly changing, which is unusual for a bank."
American Momentum's association banking team has more than 60 years of combined experience serving associations. The bank offers a variety of competitive deposit products, specialized lending programs for capital improvements and insurance premium financing. American Momentum will provide Freedom Community Management with an array of banking services, including CINC Systems' integrated banking, fraud prevention through automatic daily account reconciliation, integrated statements and more.
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