Reserve studies can seem overwhelming at first—but with HomeRun IQ’s intuitive workflow, you can create your first study step by step. Follow these five simple steps to set up your reserve study and share it with your client.
Step 1: Create the Study
Objective:
Start the study by setting up the study details, such as the study type, start date, study length, etc., and basic property information, such as property type, address, property contacts, etc.
Detailed Instructions:
Click the New Analysis button in the top right of the Analyses page
Complete the Analysis Details and Property Information in the Create New Analysis dialogue, ensuring all required fields are filled
Review any pre-populated fields and update as needed
Click the Create Analysis button in the bottom right corner
Review the Analysis section fields and add any remaining details, such as the onsite or inspection date
Review the Property section fields and add any remaining information
Click the Save icon in the top right-hand corner of the Study Editor
Best Practices:
Don't get hung up if you don't have all the information yet. Once the analysis is created, you can change any details within the Analysis section.
Be sure to add a property cover photo (if available) in the Property section.
Support Links:
Step 2: Add the Property Components
Objective
Break down the property into its individual components (e.g., roof, HVAC, exterior) for a detailed and accurate study.
Detailed Instructions
Go to the Components section of the Study Editor for the analysis
Scroll to the bottom of this page and click to download the sample component list called HRIQ Sample Component List - 20 Unit Property.xlsx
Click the Plus (+) Icon to the right of the Components header text and select Import Component List option
Drag & drop the downloaded file (HRIQ Sample Component List - 20 Unit Property.xlsx) into the upload file box in the Import Component List dialogue
Set the Time Units field to Years (if it's not already)
Click the Import Spreadsheet button
Click the Save icon in the top right-hand corner of the Study Editor
Best Practices
Review the HRIQ Sample Component List - 20 Unit Property.xlsx before and after import to understand how the spreadsheet values translate into the product.
Add photos to components by clicking the photo icon in the Component Detail side panel
Support Links
Step 3: Create a Funding Plan
Objective
Develop funding scenarios that show how to meet the property’s long-term capital expenditure needs.
Detailed Instructions
Go to the Funding Plans section of the Study Editor for the analysis
Input key assumptions (e.g., starting balance, previous year contributions, inflation rate, etc.) into the Analysis Financial Inputs form.
Click the Continue button to open the Add Funding Plan dialogue
Input Current in the title and Increase contributions based on inflation Description (optional) in the Add Funding Plan dialogue
Click the Add Funding Plan button to see the modeling view of the Funding Plan
Change the % Change From Previous Year to 3.00% and the Change column value in the Schedule of Changes table to 3.00%. Be sure to click the Check to confirm.
Click the Save icon in the top right-hand corner of the Study Editor
Best Practices
If there is a special assessment in the Current funding plan produced, create a second funding plan called Recommended and increase the first year's contributions until there are no special assessments.
Use the Compare Funding Plans icon (two lines) next to the Funding Plans title to see a comparison if there are multiple funding plans
Support Links
Step 4: Add a Report Template
Objective
Add the report template to your study with all the information pre-populated based on the Components, Funding Plans, etc.
Detailed Instructions
Go to the Reports section of the Study Editor for the analysis
Click the Add a Report button
Click Add Report in the card of the Company Template from the Select a Report Template dialogue
Review the preview for each section, and if necessary, click the Edit icon in the top right to make any changes to the report content for a section
Click the Save icon in the top right-hand corner of the Study Editor
Best Practices
Click the "Page Setup" button to change the margins, headers, and footers for the report.
Click the Menu (3 dots) in the section to access the section-specific settings or perform more advanced actions such as Duplicate, Hide, or Delete a section.
Support Links
Step 5: Share the Study
Objective
Share a PDF of the report to your client or send an invite to their Study Hub in HomeRun IQ
Detailed Instructions
Click the Viewer (clipboard) icon within the Study Editor to go to the Study Hub
Go to the Reports section with the Study Hub and wait for the PDF to generate
Click the Download PDF button above the report.
To provide access to the Study Hub, click the Share icon above the property photo to go to the Access and Sharing section
Input the contact information for your client in table at the top
Click the Add Person icon next to the contact information
Click the Checkbox next to the person in the table
Complete the Subject and Body of the email to your client
Click the Send Email button
Best Practices
Review the PDF Report before sending the report or providing access to the Study Hub
Click the Preview button in the Access & Sharing section to see a preview of the email before sending
Support Links
Final Thoughts
By following these five steps, you can create a comprehensive reserve study in HomeRun IQ—from setting up your analysis or study to sharing a report with your client. For more in-depth guidance, please explore the various sections of the HomeRun IQ Help Center or contact support at [email protected].
Additional Links:
Enjoy creating your first reserve study, and thank you for choosing HomeRun IQ!