Tuesday, September 26, 2023

Working with an HOA Management Company to Help Your HOA Save Money

Phoenix hoa management companies are hired by HOA boards to help control an association’s behind-the-scenes tasks. They help with homeowner communications and provide the board with advice to manage an up-and-coming association. Also, they take steps to help the community, in general, save money whenever possible. These include the following:

Investing in Preventative Maintenance

While preventative maintenance requires spending money for investment preservation, it can save an HOA some money down the road.  Preventative maintenance such as fixing potholes or electrical and plumbing inspections help preserve the community’s integrity.  Also, it keeps homeowners comfortable and helps them save money by preventing bigger repairs in the future. 

Eliminating Paper Costs

The cost of printing postcards, flyers, and invoices throughout the ear can eat up an HOA’s budget. A lot of HOA managers save the HOA significant amounts of money in office expenses by using online portals. With these portables, there is no need to use pen and paper for communication and HOA members can make dues payments, review community notices, and check up on violations online. 

Having the Best Vendor Contracts

When an HOA negotiates vendor and insurance contracts without the help of a skilled association manager, the contracts can become an expense the HOA can be stuck with until renewal. A great HOA manager has access to many dependable vendors and know to approach vendor and insurance negotiations. They can help the board review bids and make financial decisions that are within budget and the right choice for the HOA. 

Conducting Budget Reviews

Although your HOA may be making annual budget creation plans, you must still conduct monthly or quarterly budget reviews to make sure your budget can meet the association’s goals. Thankfully, a lot of HOA management companies have connections with reliable financial advisors who can help facilitate reviews for HOA budgets. Such reviews are necessary since unexpected expenses can arise that could be cut from the budget in the near future. By conducting regular reviews, the HOA board is kept in the loop on budget status and prevents the HOA from running low on cash in terms of vendor payments and emergency HOA incident handling. 

If your HOA wants to save money to have some extras it can use for community improvement, ensure you bring in an association manager to help you achieve the board’s financial goals. The best association manager can help members of the board know more about proper management style and how it can become the best.