Continental Owners Association Management (COAM)
DRIVEN BY EXPERIENCE
Continental Owners Association Management (COAM) is one of the first Homeowners Association Management licensed companies in the UAE, it has more than 22 years of experience gained from its holding company “Continental Real Estate” which is a highly recognized leading company in the real estate industry offering a wide range of property management solutions, provided by a qualified team of real estate professionals. COAM was formed with the vision of leading the “Homeowners Association Management” industry through a bunch of fully integrated services to achieve the following:
- Prepare annual budget, indication of service charge estimation and present audited financial statements and reports.
- Collect the annual maintenance and service charges and all other HOA recoverable.
- Manage, operate and reconcile HOA bank account, monitor cash flows, pay HOA invoices (accounts payable) and collect delinquent dues.
- Manage the HOA reserve in cooperation with board members.
- Develop jointly owned property strategies and implement RERA directives and guidelines.
- Provide agendas and invitations, convene AGM / regular board meetings, record and publish minutes of the meetings held and follow up on recommendations.
- Maintain and update all records of the Homeowners Association.
- Prepare and distribute community notices, newsletters and rules.
- Attend Homeowners’ requirements by implementing an adequate CRM system.
- Assign qualified infield CRM team to maintain high service levels.
- Arrange for the required insurance policy and cover review, renew and initiate claims as required.
- Prepare bid specifications and service providers scope of work.
- Award suitable contracts with board approval and assign QC and QA measure to all service providers.
- Supervise vendors and service providers, evaluate their performance, develop work flow charts, manage work orders, implement procedures and monitor maintenance and repair progress.
- Monitor and analyze utilities expenses and adopt proactive approach to minimize them.
- Perform regular property inspections and maintain inventory of the association fixtures, fittings and equipments.
- Monitor PPM services, insure timely implementation and enforce building rules with essential 24/7 emergency services.
- Manage cost effective procurement of all required materials, parts and equipments.
- Perform all required legal registration and licensing of Owners Association with official departments.
- Appoint lawyers, arbitrators and legal consultants to resolve any legal case, party in default, or resolve disputes between owners, vendors and service providers.
- Legal support to file a lien over a unit where the owner refuses to pay service charge obligations.
- Enforce OA Constitution and update it according to the needs and the interest of the property.
- Issue any required clearance for owner wishing to sell their properties.
- Handle all matters relating to governmental authorities, including filing, attending and following up civil and criminal cases and monitoring new government legislations, fees and rules.