4 Ways HOA Management Can Save Your Association Money

Association management is seen as a service that helps control the behind-the-scenes tasks of an HOA. While a management team does help with owner communications and gives the Board great advice for managing an up-and-coming association, we also take as many steps as possible to help your community save money where it can.

1.   We Help You Invest in Preventative Maintenance

Although preventative maintenance requires some money spent to preserve an investment, it actually saves your association tons of money in the long term.

Preventative maintenance like filling in potholes in the neighborhood or electrical and plumbing inspections of common areas helps preserve the integrity of your community, keeps members comfortable, and saves money by preventing future, larger repairs.

2.   We Eliminate Several Paper Costs

While it may not seem like much on the surface, the cost of printing flyers, postcards, and invoices throughout the year can quickly eat up a good chunk of your budget.

Many HOA management companies save associations thousands in office expenses through the use of online portals.

Online portals eliminate the need for pen and paper communication and offer instant, simple methods for association members to make dues payments, check up on violations, review community notices, and more!

3.   We Ensure an Association Always has the Best Vendor Contracts

When negotiated without the help of an experienced management team, vendor and insurance contracts can become an expense that associations end up stuck with until it’s time to renew.  Even then, they could fall into the same expensive mistake and lose even more money in the next year.

An association management team should come with several reliable vendor relationships and a plan of attack for vendor and insurance negotiations. We can help you review all bids and make sure that your final decisions are both within your annual budget and the best choice for your organization.

4.   Monthly or Quarterly Budget Reviews

While your association may already have annual budget creation down, there should still be monthly or quarterly budget reviews that ensure your budget is on track to meet your goals.

Fortunately, many association management teams have connections with experienced financial advisors that can help facilitate planned budget reviews for your community.

These reviews are important because hindsight is always 20/20. What you may think you needed at the beginning of the year, maybe something that could be trimmed from your budget right now.

Regular reviews not only keep you in the loop about the status of your budget but also prevent your association from running low on cash when it comes to paying vendors and handling emergency association incidents.

Put Your Association’s Budget to Better Use With Goodwin & Company

If your association is ready to save money without having to delve into the complexities of excess accounting, let the team at Goodwin & Company help!

We’ve helped associations of all sizes save money and put it towards the further improvement of their communities.

Contact us today to learn more about our management style and how we can help your association become the best it can be!