When associations talk about making good financial investments, they are often referring to the best rate they can get on CD or other banking products. Community Financials thinks a far more important financial investment a community can make is in itself and its own financial management. Like all good investments, there are significant returns. These returns include building healthy Reserve Funds, decreasing or eliminating delinquencies, and having available funds for when large capital maintenance or improvement projects take place. Investing in good financial management today will have returns for years to come.
Strategic thinking takes extra planning. Where do you want your community to be in 5 years? How about 10 or 15 years out? If you keep doing what you’ve always done, you’ll keep getting what you’ve always been getting. It is time to break that cycle. HOAs and condominium associations that don’t invest in good financial management could very likely find themselves in a bad place. Shortfalls in revenue due to unpaid common fees and assessments, decisions to defer maintenance because the Reserve Account wasn’t funded properly, a rundown property with decreased curb appeal, and below market resale values are just some of the perils.
If you are using a property management company now and they are short on service but long on fees you can certainly save money. Many associations that switch from full management to self-managed save money and direct those funds towards a capital improvement project. But you don’t have to be 100 percent self-managed.
Homeowners Associations and Condominium Associations that go it alone often do so because they think they are saving money. While it is true that they are not paying for professional bookkeeping and accounting services, they may actually be costing themselves money if they aren’t doing all of the right things. Not to mention the risk of doing something wrong that can cost the community dearly. Community Financials takes away the risk, offers top-notch financial management solutions, and costs a fraction of what a full-service management company costs. That is an investment worth making for any community association.
Condominium Associations and HOAs need to invest in good financial management if they are to thrive and survive. Community Financials can help. Get in touch today to discuss how we can provide good financial management as an investment in your condominium association or HOA.