Frequently Asked Questions
What distinguishes Reserve Advisors from other reserve study providers?
Reserve Advisors focuses on providing superior client service and the most accurate reserve studies. Our experienced engineers apply their knowledge and expertise to your property. And, we provide free phone consultations to answer any questions you may have during or after your reserve study.
Reserve Advisors offers:
- Experienced engineers who conduct your on-site inspection and develop your customized report
- Reports that are comprehensive and include information not found in any other reserve study. Our 30- to 40-page narrative section details our observations and provides recommendations on how to maintain property elements to extend their useful lives
- A proprietary database that enables us to apply current, local costs to repair or replacement projects
- A quality control process where every report is reviewed by our management team of engineers before it's delivered to you
Do you conduct reserve studies in my area?
Reserve Advisors has been conducting reserve studies for nearly 20 years and is the leading provider in the United States. Please visit our experience map to view the reserve studies we've conducted near you.
Who conducts the property inspection?
With Reserve Advisors, you have direct contact with the engineer conducting your property inspection. In addition to having earned professional degrees, most of our staff have also achieved their RS or PRA designations. Before conducting your inspection, our engineer will arrange a meeting with you at the community to discuss the common elements in greater detail and learn if there are any problems or concerns.
What is the cost for a reserve study?
Because our reserve studies are customized for each client, we use a number of factors to determine the cost. The size of the property, age of the property, number of property elements and other variables factor into the cost.
Reserve Advisors offers a complimentary reserve study proposal. Or, if you have questions, please feel free to contact us at 1-800-221-9882 and ask for Nik Clark.
What portion of the firm's business relates to reserve studies?
Reserve studies make up the bulk of our business. Since we do not conduct replacement projects, there is no conflict of interest. We deliver an independent, unbiased reserve study report.
We also provide transition studies, expert witness services and property insurance advice.
How accessible are the firm's personnel?
Our staff is available to provide phone consultation to answer questions or discuss your report at any time at no charge to you.
What resources do you use to estimate replacement costs?
We use only prevailing local costs to determine reasonable repair and replacement estimates. We also apply information from several databases that monitor material and labor costs specific to your city. Our engineering expertise and local contractor information further assures the accuracy of your estimate.
What does your report contain besides the numbers?
You'll receive two easy-to-use preliminary reports and two final reports. Clients appreciate our clear, concise graphs and charts that tell the whole story at a glance. We present your reserve funding plan on one page. Similarly, we provide a concise forecast of project capital costs and timing in one comprehensive table. We can also provide the report on CD or you can upload it from a secure location on our web site.
The Reserve Advisors reserve study includes an easy-to-read narrative of 30 to 40 pages.
The narrative section includes:
- Facts about your property (quantities, condition and history)
- Our observations about the property elements
- Our recommendations and professional insights into how a contractor should conduct a major repair or replacement
Only our narratives contain numerous recommendations on how to maintain property elements to extend their useful lives. We also include details to obtain consistent bid proposals from contractors, saving you valuable time in meetings.
How long will it take to complete the study?
Reserve Advisors will work to complete your report within the time frame you specify. Typically, you'll receive your preliminary report within four weeks of our inspection.
We deliver the final report within two weeks of receiving any changes from you.
When and why should we update our reserve study?
We recommend updates of a study every two to four years. A reserve study update (with or without a site visit) takes into account local changes in replacement costs, as well as actual and expected dates of replacement, and it incorporates any changes in future reserve contributions. These changes can occur as a result of delayed or accelerated projects, extraordinary maintenance, extreme weather, changes in construction methods and materials, and additions and deletions to the property.