HOA/Community Association Optimization
As the economic uncertainty of the next 6 months and 4 year periods approach, community association management companies and self-managed HOAs may see increased business challenges.
There's the dual challenge of self-managed associations funding their operations or acquiring top quality services from an association management company.
And given HOA fees have been rocketing in many states, raising them further is not going to be popular with residents. That's where optimization comes in as a top priority for 2024/2025.
The best route for any mid-sized HOA is via an HOA management software platform. Automating payments and accounting, improving communications, serving boards better and integrating your entire business on one platform removes a lot of friction. Electronic payment systems are a key benefit for reducing workloads, and letting you redeploy your staff to where they're really needed. A full, comprehensive platform removes friction and focuses your work.
The opportunity has never been better for any HOA/Community Association business to succeed and prosper.
The Top Trend in 2024
HOA improvement and optimization might be the top trending topic as budgets get squeezed, taxes rise and as residents demand changes and controls on rising fees.
In fact, resident satisfaction is believed to be the top driver of improvement plans this year. Yet, serving them better likely means improving many areas of management.
Today, let's explore a mix of optimization improvements to keep your association running much better.
The first task is always optimizing finances and payments.
Of course, using ManageCasa's professional level accounting and reporting tools, you'll discover the sources of cost leaks and poor performing service provision, and begin automating all payments.
Cost-Side Optimization
Renegotiate Service Contractor Fees: Are vendor contract costs for landscaping, security, road maintenance, building maintenance, trash removal, pool maintenance, a real source of pain? Be proactive and refer to performance stats with them and how to optimize their work to lower fees, rather than threatening to request alternate bids from other service people.
Energy Efficiency: With fuel and electricity costs rising, energy expenses are significant. Improve building insulation, use programmable thermostats in the office and community center and ensure LED lighting is installed everywhere.
Resident Powered Maintenance: For small repairs or maintenance tasks, some homeowners may have valuable skills to offer in exchange for a reduced HOA fee or other incentives.
Review Association Insurance: Review your HOA insurance policy's coverage for unnecessary features.
Work Flow Automation: Digital management software (ManageCasa™) platforms provide an all in one dashboard to streamline your entire organization. So upgrading to a comprehensive platform makes good sense. Without the new platform, optimization may not be possible.
Revenue-Boosting Strategies
Amenity Revenues: Amenities like a community swimming pool or hot tub, pickleball or tennis courts, or a fitness gym, and digital service amenities can have user-based fees.
Organize Community Events: Host events like movie nights, block parties, fund raisers, or yard sales and use the money to fund improvements or new amenity purchases.
Rent out Common Areas: Community centers and swimming pools could be rented out for events like birthday parties, group education or business meetings.
Late Fees: Apply late fees for unpaid HOA dues or violations
Advertising on HOA Property or the Community Portal: Local businesses are desperate for visibility to local consumers and will pay well for any exposure.
Putting Together Your Optimization Plan
One important task involves performance tracking. With a modern digital management system, you're better able to track and monitor your optimization tactics, from monitoring operations costs to staff time spent on tasks to assessing contractor costs.
Managing in the light, not the dark is the way to build confidence in staff as well as the board. Coming up with supportive data is so crucial for proposing changes.
And knowing how to present your ideas to residents/board members persuasively is just as important. An improvement plan is worth little if it's not accepted by your homeowners or residents.
Explore your biggest problems ahead, and head them off with your evolving creative association optimization strategy. It's well worth the effort.
Find out more about how launch an HOA or POA in Tennessee, Florida, Georgia, North Carolina or South Carolina.
Contact our sales team at 1 415 800 1245 to find out how ManageCasa™ is pivotal to professional grade association management.
Explore more association management optimization topics here on the ManageCasa blog: Automate HOA Payments | Best Association Software, Power of Community Portals, Leveraging Association Amenities, Modern Association Management, Efficient Association Management and Manage Your Association in 30 Minutes per Day.
