Article Index
- Overview
- Tips for Advanced Property Management
- Ensure Streamlined HOA Financials
- Experienced Property Management Staffing
- Effective Technology and Communications
- Legal and Regulatory Compliance
- Frequently Asked Questions
- Connect With Us
Overview
Check out this video to learn more about how HOA boards can set out to create a shared vision for their community!
The term "advanced property management" can encompass a wide range of strategies, depending on the specific context and your goals as a board member. To give you the most relevant suggestions, it's helpful to understand what areas of property management you consider "advanced."
Your property management partner should deploy a variety of strategies and have the depth of resource, experience, and knowledge to deliver exceptional, next-level service for your community’s residents and board members.
Effective property management is the process of overseeing operations at a building to ensure the property runs smoothly. In general, the goal of property management is to maximize the building’s net operating income. However, to accomplish this, a good manager needs to balance a variety of priorities from addressing tenant complaints to scheduling building maintenance.
This article will explore strategies, tips, and elements your property management partner should have at their disposal to manage your property effectively and ensure a superior resident and board experience.
Tips for Advanced Property Management
HOA management is not a one-size-fits-all approach. Adapt these tips to fit the specific needs and goals of your community.
An effective property management strategy includes:
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Communication with residents, staff, and vendors
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Organized and efficient time management
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Positive community environment
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Long-term goals for property improvement
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Resident engagement and retention strategies
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Quarterly property inspections
Being a successful property management partner means continual education and development, regularly sharing information with residents through newsletters, community meetings, and online platforms. Further, it's important to create channels for residents to voice concerns, and suggestions, and participate in decision-making. Additionally, the promptness in which property management specialists address resident inquiries and concerns quickly and efficiently is critical.
Community engagement and events are another crucial element to an effective approach to your property management strategy. Hosting social gatherings, community service projects, and educational workshops to foster resident engagement and build a sense of belonging is key.
Resident committees are another tool to establish and encourage resident involvement by forming committees focused on specific areas like landscaping, social events, or security.
Another tip is to invest in continuous learning. The dynamic nature of the property management industry necessitates ongoing education. Advanced courses and professional certifications enhance your skills and knowledge, directly benefiting property management practices.
Focused efforts on property maintenance, resident screening and retention, and due collection policies will further contribute to increased community property value. By utilizing practical, legally compliant, and efficient management techniques, management companies can create a positive experience for the boards and residents they serve.
Ensure Streamlined HOA Financials
Ensuring streamlined HOA financials requires a multi-pronged approach addressing organization, automation, and transparency. Here are some key approaches to keep in mind
Organization:
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Standardize processes: Create clear and consistent procedures for collecting assessments, paying vendors, and tracking expenses.
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Chart of accounts: Establish a standardized chart of accounts to categorize income and expenses accurately.
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Regular reviews: Conduct regular reviews of financial statements to identify and address any discrepancies.
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Documentation: Maintain clear and accurate documentation for all financial transactions.
Automation:
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Accounting software: Utilize dedicated HOA accounting software that automates tasks like collecting dues, generating reports, and tracking budgets.
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Online payments: Offer residents multiple convenient options for online payment of assessments.
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Automatic reminders: Set up automated reminders for late payments to minimize delinquencies.
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Recurring payments: Enable automatic recurring payments for recurring expenses.
Financial Transparency:
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Financial reports: Make monthly and annual financial reports readily available to residents on a secure platform.
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Budget meetings: Hold regular budget meetings to discuss income, expenses, and upcoming projects.
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Q&A sessions: Address resident questions and concerns regarding finances openly and honestly.
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Transparency portal: Consider creating an online portal dedicated to financial information, budgets, and spending details.
As the property management leader, FirstService Residential’s financial arm – FirstService Financial – our in-house team of financial professionals provides a full range of cash management, treasury and investment solutions to help support our clients.
To ensure you’re optimizing your HOA budget, staying in compliance, and enhancing property value, it’s critical to:
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Conduct regular audits to ensure financial accuracy and compliance with legal requirements.
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Develop a reserve study to plan for future capital expenditures and maintain adequate reserves.
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Consider hiring a professional accountant or financial advisor to manage complex financial matters (or lean into a property management company like FirstService Residential that has the depth of resources to do this for you!)
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Compare your financial performance to similar HOAs to identify areas for improvement.
By implementing these strategies, you can achieve streamlined HOA financials, promote transparency, and foster trust among residents. Remember, consistent effort and open communication are key to maintaining healthy financial management for your community.
Experienced Property Management Staffing
Having an advanced property management strategy means always providing your community with answers and peace of mind via a strong support system that includes:
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Accounting team
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Community support teams
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Operations leadership team
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Specialized admin team
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24/7 Customer Care Center
A company can also make it easier for management teams to communicate by using a secure technology platform to centralize residents’ accounts and financial information. This way, even when your current manager isn't available, you will have a team of equally informed associates at your service to keep your community running like a well-oiled machine.
Effective property management staffing rests on several critical components:
Recruitment and Hiring:
Creating clear job descriptions helps to define roles and responsibilities clearly, outlining required skills, experience, and certifications. The HR team of a stellar property management partner will perform a targeted search on behalf of their clients and place the focus on attracting candidates with relevant expertise and cultural fit for your community. Further, they should also implement a comprehensive screening process. A thorough screening process should evaluate qualifications, background checks, and references.
Training and Development:
Advanced property management companies invest in staff development programs covering resident service, legal compliance, maintenance procedures, and technology use. They also cross-train to enhance flexibility and knowledge across various aspects of property management. Further, experience property managers will attend industry conferences and obtain certifications. HOA management companies should support staff participation in industry events and certification programs for professional growth in order to stay effective.
Teamwork and Communication:
It’s also important to encourage teamwork and open communication among staff members across departments. Ensure internal communications channels are established for information sharing and problem-solving. Further, equipping staff with effective communication skills to interact with residents professionally and empathetically is of the utmost importance.
Embracing Diversity:
Cultivate a diverse workforce that reflects the community demographics and values various perspectives. It’s important to foster an inclusive work environment where everyone feels respected and valued. It’s also essential that your property management partners HR team provides anti-bias training to raise awareness and mitigate unconscious bias in hiring, communication, and decision-making.
Leadership:
Provide strong leadership with clear vision, direction, and support for staff development.
“Create a positive and supportive work environment that fosters employee engagement and satisfaction,” said Jesse DiGiovanni, VP, Human Resources, FirstService Residential. “It’s important to regularly evaluate staffing effectiveness and adjust strategies as needed based on community needs and industry trends.”
By considering these critical components, you can build a property management team that is skilled, motivated, and equipped to deliver exceptional service to your community. Remember, a strong team is the cornerstone of successful property management.
Understanding How to Source Effective People & Talent:
When you need a new manager, how does your management company find the best candidate for your community? Again, it's all about having a "dream team" led by the regional director, backed by trained experts and supported by the management company’s resources.
When the regional director stays in the loop from beginning to end, they really know your community's expectations and personality and can match you with the ideal manager. A key component is having a regional director that can also understand the nuances in the relationships of the community.
Great management companies have consistent onboarding procedures for managers, extensive resources to train managers and develop their skills and a communications strategy to keep residents, vendors and other stakeholders informed. Training resources, such as online courses, hands-on training and mentorship programs, are advantageous for managers to familiarize themselves with the company and gain extensive knowledge and insight from experts in their position. This method alone can reduce community disruption and ensure you receive the same level of exceptional service regardless of who your property manager is.
Effective Technology and Communications
A company can also make it easier for management teams to communicate by using a secure technology platform to centralize residents’ accounts and financial information. This way, even when your current manager isn't available, you will have a team of equally informed associates at your service to keep your community running like a well-oiled machine.
Effective communication is essential, especially when a key member of your property staff changes. A good property management company should keep you in the loop during this process. It’s important to advise your community on staff changes through mass communication channels.
Keeping residents informed through various platforms ensures a better chance of the message reaching them. Once a new manager is selected, schedule a virtual meet and greet for residents to meet their new manager and get acquainted. Utilize these channels to communicate the staff transition process from start to finish:
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Community website
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Email
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Text Message
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Virtual Conferences
When your association is in search of a new manager, the transition of property duties sets the tone for the future success of your community and the ongoing relationship with your management company. Hiring a new manager who has the right expertise and skill set can positively influence your community. It’s important to remember that a fresh perspective can also bring a lot of value to your community and residents.
Legal and Regulatory Compliance
Living in a Homeowner's Association (HOA) community offers many benefits, from shared amenities to a sense of belonging. But maintaining a harmonious and well-maintained environment often hinges on effective HOA compliance.
Here's how both residents and HOA boards can work together to achieve successful compliance:
For Residents:
- Know the Rules: Understanding the HOA's Covenants, Conditions & Restrictions (CC&Rs) is crucial. Don't hesitate to ask the board for clarification on any points.
- Open Communication: If you plan renovations, address any potential violations proactively. Early communication avoids unnecessary conflict.
- Be a Good Neighbor: Respect shared spaces, maintain your property, and address minor issues before they escalate.
- Participate! Attend HOA meetings, voice your concerns respectfully, and participate in community events.
For HOA Boards:
- Clarity is Key: Ensure the CC&Rs are clear, concise, and readily available to all residents.
- Transparency Matters: Communicate openly through newsletters, websites, and regular meetings. Explain the purpose behind rules and how they benefit the community.
- Fairness and Consistency: Enforce rules fairly and consistently for all residents. This builds trust and discourages selective compliance.
- Focus on Education: Offer workshops or informational sessions to educate residents on proper procedures and maintenance guidelines.
- Two-Way Street: Encourage open communication with residents. Maintain a complaint process that's fair and responsive.
Building Bridges:
- Technology can Help: Utilize online portals for residents to submit maintenance requests, access documents, and stay informed.
- Positive Reinforcement: Recognize residents who consistently comply with the rules. This fosters a sense of community pride.
- Work Together: Residents and board members share a common goal: a thriving community. By fostering open communication and cooperation, achieving effective HOA compliance becomes a collaborative effort, leading to a happier and more valuable living experience for everyone.
Frequently Asked Questions
What is the hardest part of property management?The most challenging part of property management is time management, sustainably scaling, reducing costs, retaining quality tenants, and managing your mental health throughout it all.
What is most important to a property manager?
As a property manager, great communication skills are something you'll want to hone over time. That's because you're the key point of contact for everyone involved with the property. When a tenant has a problem or complaint, they call you.
What are your weaknesses as a property manager?
Strengths include resources such as financial, or human resources (your staff), and technology such as your property management software. Weaknesses include internal elements such as debt, areas where your workflows or training need improvement, and other pain points in your day-to-day operations
What are the strenghts of a property manager?
A strong property manager should have exceptional communication skills, both written and oral. They should be able to convey to you (and residents) what's happening at the property at any given point in time.
Connect With Us
An advanced property management strategy is vital for a community to be successful. It protects the interests of both property owners and property managers by defining roles, responsibilities, and expectations.
When thinking about the strategy and vision for your HOA, it's advisable to consult with professionals who specialize in real estate to ensure that your creating a blueprint for success. By doing so, you can embark on a property management partnership with confidence, knowing that both parties are on the same page and well-prepared for the responsibilities ahead.