Full Management is not Cost Effective for Condo Associations and HOAs with Less than 50 Units
At Community Financials, we often find ourselves rooting for the “little guys”. In a world where condominium associations and HOAs can be made up of hundreds or even thousands of units, the majority of condos and HOAs are smaller in stature. Many have 50 units or less comprising the association. Regardless of size, all community associations are bound by the same laws and require the same amount of attention and detail in their management, whether that management comes from a professional Property Management firm or the self-management model where the association takes on the role of Property Manager. For many associations with less than 50 units, the cost of hiring a full-time Property Management Company is just too exorbitant to be cost-effective. To make matters worse, it is very hard for a Property Management company to price themselves competitively and still make a profit when managing smaller associations. Yet, all of the condo and HOA accounting and bookkeeping must be done. Smaller associations must still comply with local and state tax laws and filings. It seems to be a daunting task. Community Financials to the rescue!
Homeowners in condos and HOAs have expectations that their emails and phone calls to their Property Manager will be answered promptly. If those phone calls or emails go unanswered, they perceive their association is not being properly managed. Board Members often require additional support when dealing with vendors. Vendors often need to contact the association during business hours. In an effort to keep their business profitable, it is not uncommon for a Property Management firm to either not have admin staff at all or to dedicate its administrative and accounting staff to its largest, and most profitable, customers, which can cause service to a smaller association to suffer. Community Financials offers these services and more to all of our clients, regardless of size, at a fraction of what a full-time Property Management firm would cost.
In our experience, we have found that the best option for a smaller condominium association or HOA is to self-manage with the support of Community Financials and get 60% of the work done by our firm. The savings in cost full Property Management is significant and creates a cost-efficient solution for the association. The benefits are immense and the association is protected and assisted by our dedicated professional staff. Get in touch with Community Financials today to learn why we are the best solution for your condominium or HOA with less than 50 units.
