Are you investigating the cost of financial management for your HOA or Condo Community? If you are self-managing you may be paying for things that you’ll save money on. If you are comparing your management company or alternative bookkeeping service there are many items they charge extra for that Community Financials does not charge extra for. Make sure you are comparing apples to apples plus save your community money.
Here is one charge that many communities get billed for that you’ll save:
No monthly bank maintenance fee – check your bank statement, sometimes this can be $10-$25/month. Both of the banks we use don’t charge a monthly maintenance fee. Plus some competitors charge an annual bank fee of $85-$100 -Instant savings!
Here are some of the fees competing services charge for that are included in our service fee:
No on-boarding fee – this can be as much as 1 month’s fee
No fee for an online portal/ basic website – This can be as much as $50 per month extra
No fee for owners to make an online payment by direct debit – others charge a % or $5 fee
No check fees – many services will charge extra for checks, envelopes, postage, etc – not us
No extra charge for ownership transfers – others charge $10 – $150 for each sale / transfer (in addition to resale certificate / escrow document charges paid by sellers at closing)
No extra charge for working with your CPA on year-end tax return or audit production – others charge $250-$350
No extra charge for a new insurance policy administration fee – some charge $295
No extra charge for insurance claim billing administration – others charge 1-5% of the total loss amount
No extra charge for offboarding – some companies charge 1-2 months of fees for the activity to transition your information to a new provider
Rather than choose the lowest “face” cost of the competition choose the best value after taking these fees into consideration. Save money and don’t pay for extras HOA & Condo Financial Management competitors charge. We hope this helps you make a more informed decision for your community.
If you have questions about our service please contact us.
If you’d like to request a service quote click here.