Latest news with #FirstServiceResidential
Newsweek
11 hours ago
- Business
- Newsweek
What Condo Reform Bill Means for Florida
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Florida Governor Ron DeSantis signed a bill on Wednesday reforming the recently implemented building safety legislation that has thrown the state's condo market into chaos, hoping to offer owners some relief from rising costs. What Problem Is the New Bill Addressing? The Sunshine State—especially its southern region—has been brewing a condo crisis over the past year, as the coming into effect of a law requiring inspections and reserves for condo buildings has led to significant financial burden for owners. The new legislation was passed in the aftermath of the deadly collapse of the Champlain Towers South building in Surfside in June 2021 which killed 98 people. In an aerial view, the city of Miami skyline, where many renters reside in the apartment buildings on September 29, 2021, in Miami, Florida. In an aerial view, the city of Miami skyline, where many renters reside in the apartment buildings on September 29, 2021, in Miami, an investigation found that structural issues with the building and delayed maintenance had led to the tragedy, lawmakers introduced new requirements demanding that all condos three stories or higher undergo regular inspections and that condo associations put aside sufficient funding to conduct necessary maintenance and repair work. While well-intended, the legislation had the unpleasant consequence of raising costs significantly for condo associations and owners. In an attempt to escape rising costs which they often cannot afford, hundreds of condo owners have been trying to sell their properties, leading to a surge in for-sale inventory across the state at a time when demand is sinking. Many are now stuck inside units that promise to cost them increasingly higher fees, while some might even lose their homes because of expenses they cannot shoulder. What the New Bill Signed by DeSantis Changes? House Bill 913, which the Republican governor had strongly pushed for, aims to balance the safety requirements introduced by legislation passed after the deadly Surfside collapse with more financial flexibility for homeowner associations and condo owners. Crucially, the bill does not eliminate the requirement for regular inspections or for the creation of a reserve fund for future maintenance, but it gives condo associations more time to get it in place. "The immediate impact is that condo associations now have much more flexibility and uniformity when it comes to reserve requirements," Robert G. Smith, president of property management company FirstService Residential's South Region, told Newsweek. "Instead of being required to fully fund reserves right away, they can now prioritize urgent repairs first—especially those flagged during inspections." Under the legislation signed by DeSantis on Wednesday, condo associations can temporarily pause reserve fund contributions for up to two years. In short, the new bill "gives associations time to focus on what matters most," Smith said. "It also introduces a standardized format for reserve studies, bringing more consistency and clarity." Additionally, HB 913 allows condo associations to use alternative funding methods, like loans or lines of credit, to meet reserve obligations. "That's a major relief for boards who are feeling the financial pressure," Smith said. Will The New Bill Help Florida Condo Owners? "When it comes to condo safety, this bill gives owners much-needed breathing room," Smith said. "One unique concern we've consistently heard from our boards is the frustration with being required to fund reserve studies that don't reflect real-time repair efforts," he added. "This bill directly addresses that issue by allowing associations to complete critical repairs first and conduct updated reserve studies based on the building's current condition. It's a more practical approach that recognizes the proactive work our boards are already doing—and it clearly shows that their voices are being heard in the legislative process." Juan Arias, South Florida-based director of market analytics at is less optimistic about the positive impact of the bill. "While the law is positive, it is unlikely to drive a significant shift in pricing trends," he told Newsweek. "The headwinds of elevated financing costs, HOA costs, assessments and slower employment gains still remain." While the bill is a move in the right direction, he said, "further extensions to meeting milestone deadlines will remain increasingly unlikely as lawmakers weigh the benefits for current condo owners v. the potential of another building collapse." Kat Amador, partner and real estate attorney with Berger Singerman, agrees that "for many struggling condo owners, the bill doesn't go far enough," she told Newsweek. The bill checks some boxes, she said, but leaves big gaps, especially on how enforcement and affordability challenges will actually be handled. "It puts new responsibilities on DBPR [Florida Department of Business and Professional Regulation] local agencies but doesn't address whether they have the staff or resources to enforce them effectively. Worse, it leaves unresolved the ongoing inconsistencies between agencies," she said. "And while the bill offers funding flexibility for associations, it does nothing for low-income owners who simply can't afford massive assessments," Amador said. "In my practice, I regularly see owners forced to sell below market because buyers discount for looming repair costs. It's even worse when owners can't afford repairs at all, leaving the building tagged as unsafe," she added. "Unit owners are forced to move out, stuck with huge costs for a home they can't use, and hoping someone will buy fast." For Amador, there is still space for further changes to the legislation in the future. "Florida is often informally referred to as 'the condo state' and for good reason. Much of our coastline is developed into high-rise condo buildings to maximize oceanfront views and density," she said. "Several issues such as implementation challenges, funding shortfalls, gaps in enforcement and mandating annual adjustment thresholds for inflation, especially when you take into account the increasing costs of construction and insurance, will likely bring about additional reforms as associations deal with compliance with financial requirements and safety regulations." Are you a Florida condo owner? I'd like to hear your opinion on the new bill and whether you think it goes far enough to help you. Email me at
Cision Canada
4 days ago
- Business
- Cision Canada
FirstService Residential unveils HODA®, a new digital assistant to elevate service for millions of residents across North America
TORONTO, June 16, 2025 /CNW/ - FirstService Residential, North America's leading residential property management company, today introduced HODA®, a proprietary AI-powered Homeowner Digital Assistant built to deliver faster, elevated support to residents, boards, and councils. The global launch follows a multi-market pilot during which residents in 900 communities leveraged the tool to get instant answers to their questions. With a 90% first-contact resolution rate, HODA® sets the industry standard for resident responsiveness. "Our residents' experience in the communities where they live is often shaped by the seamless service they receive," said David Diestel, CEO of FirstService Residential. "As resident expectations rise, we're investing in people and technology to meet them. With HODA®, we are empowering community managers to navigate increasing responsibility with ease, while aiming to deliver the responsive support residents expect and deserve. With this tool, we're harnessing AI and technology to raise the bar for what the future of community management should look like." Fully integrated with FirstService Residential's robust technology platform, HODA® enables residents to get instant responses to their inquiries while still having direct access to its team of experienced associates when they prefer to speak with someone. The tool helps communities operate more efficiently by automating everyday tasks and gives community managers more time to collaborate with boards, councils, and residents on more complex matters, including capital projects. Residents can ask HODA® about account balances, service requests, amenity bookings, community documents, and more. HODA® responds in any language and is available 24/7 to all communities managed by FirstService Residential. "What makes HODA® truly distinctive is that it's not an off-the-shelf tool—it's proprietary, purpose-built, and tightly integrated into our data ecosystem," said Jeff Hahn, Chief Information Officer of FirstService Residential. "Buying AI tools is not enough. The real power comes from combining AI capabilities with a data strategy and innovative business processes that deliver digital experiences which are cultivated, not purchased." HODA® is part of a broader technology-driven growth strategy focused on elevating service delivery to meet the evolving needs of residential communities. By leveraging its scale, infrastructure, and operating expertise, FirstService Residential continues to execute on its vision of simplifying property management. For more information, visit About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across the United States and Canada. The organization partners with boards, councils, owners, and developers with the goal of enhancing the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial, FirstService Energy, and special district teams deliver additional levels of support. Boards, councils, and developers select FirstService Residential to realize their vision and drive positive change for residents in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ andTSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
Cision Canada
08-05-2025
- Business
- Cision Canada
FirstService Residential Acquires Core Real Estate Group
Acquisition expands FirstService Residential's footprint in Edmonton, Alberta, and Western Canada EDMONTON, AB, May 8, 2025 /CNW/ - FirstService Residential announced the acquisition of Edmonton-based Core Real Estate Group. Core Real Estate Group, serving residential properties in Edmonton since 2011, manages more than 15,000 residential units. The acquisition brings the number of residential units under FirstService management in Canada to more than 250,000, reinforcing FirstService's leadership position in property management in Canada. "We are proud to welcome Core Real Estate Group to our organization," said David Diestel, chief executive officer of FirstService Residential. "This partnership with David Brown and his team is key for us as we continue to invest and expand our presence in Western Canada. Together, we will bring new local expertise and our scale to benefit the communities that we serve." "Our shared commitment to customer-focused service and innovation will help us better serve these residential communities," said Glenne Manlig, president of FirstService's operations in Alberta. "As one example, our new communities will leverage our Resident Support Services team and technology to respond quickly to questions from residents, allowing community managers to focus on projects that are important for our managed communities in Edmonton." "We are excited to partner with FirstService," said David Brown, founder of Core Real Estate Group. "Our team will be joining a Great Place To Work® and a company listed as one of Canada's Best Workplaces™. Our customers will benefit from combined expertise, industry-leading best practices, and property management resources, further enhancing the level of service they receive. About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across the United States and Canada. The organization partners with boards, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial, FirstService Energy, and special districts teams deliver additional levels of support. Boards and developers select FirstService Residential to realize their vision and drive positive change for residents in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ andTSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
Globe and Mail
06-05-2025
- Business
- Globe and Mail
FirstService Residential British Columbia Announces Promotions of Edward Lee and Nagry Ngauv
VANCOUVER, BC , May 6, 2025 /CNW/ - FirstService Residential, Metro Vancouver's leading property management company has promoted Edward Lee and Nagry Ngauv to Regional Director, Strata Operations. In their new roles, Lee and Ngauv will oversee the performance and development of strata managers, ensuring continued service excellence for our communities. As supervisors, they will also serve as a point of contact for strata councils, strengthening the connection between clients and FirstService Residential. Lee first joined FirstService Residential in 2016 as an Administrative Assistant and quickly advanced through positions as Strata Manager and Senior Strata Manager. Ngauv joined the organization as a Strata Manager in 2014 and then moved into Community Development in 2018 and was promoted to Senior Strata Manager in 2020. "At FirstService Residential we are dedicated to the professional growth and development of our associates," said Chris Churchill , President at FirstService Residential. "The promotions of Edward and Nagry to Regional Directors are such great examples of this. In all the positions they've held throughout their time with the organization they've exemplified our core values, and I look forward to watching them succeed in their new roles." About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across Canada and the United States . The organization partners with strata councils, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial and FirstService Energy deliver additional levels of support. Strata councils and developers select FirstService Residential to realize their vision and drive positive change in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ and TSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
Cision Canada
06-05-2025
- Business
- Cision Canada
FirstService Residential British Columbia Announces Promotions of Edward Lee and Nagry Ngauv
VANCOUVER, BC, May 6, 2025 /CNW/ - FirstService Residential, Metro Vancouver's leading property management company has promoted Edward Lee and Nagry Ngauv to Regional Director, Strata Operations. In their new roles, Lee and Ngauv will oversee the performance and development of strata managers, ensuring continued service excellence for our communities. As supervisors, they will also serve as a point of contact for strata councils, strengthening the connection between clients and FirstService Residential. Lee first joined FirstService Residential in 2016 as an Administrative Assistant and quickly advanced through positions as Strata Manager and Senior Strata Manager. Ngauv joined the organization as a Strata Manager in 2014 and then moved into Community Development in 2018 and was promoted to Senior Strata Manager in 2020. "At FirstService Residential we are dedicated to the professional growth and development of our associates," said Chris Churchill, President at FirstService Residential. "The promotions of Edward and Nagry to Regional Directors are such great examples of this. In all the positions they've held throughout their time with the organization they've exemplified our core values, and I look forward to watching them succeed in their new roles." About FirstService Residential FirstService Residential is simplifying property management. Its hospitality-minded teams serve residential communities across Canada and the United States. The organization partners with strata councils, owners, and developers to enhance the value of every property and the life of every resident. Leveraging unique expertise and scale, FirstService serves its clients with proven solutions and a service-first philosophy. Residents can count on 24/7 customer care and tailored lifestyle programming, amenity activation, and technology for their community's specific needs. Market-leading programs with FirstService Financial and FirstService Energy deliver additional levels of support. Strata councils and developers select FirstService Residential to realize their vision and drive positive change in the communities in their trusted care. FirstService Residential is a subsidiary of FirstService Corporation (NASDAQ andTSX: FSV), a North American leader in providing essential property services to a wide range of residential and commercial clients.
