HOA management companies face the same challenges that
any other office faces in addition to some unique obstacles.
By Glen Syvertsen, Director of Sales
However, HOA management companies face some unique obstacles in regards to the document requests by Homeowners, Title Companies, and Real Estate professionals involved in the purchase or refinance of a property in one of their managed communities. Obstacles such as non-collection of document fees or having to wait till a property closes or refinances to collect payment for the work done much earlier. Manual processing of document preparation often means repeating the same work for each document request. For a company that manages many associations with many doors, this can be an extremely time-consuming process. Many report spending as much as 20 – 30 minutes on each document request. This is time that would be better spent servicing the needs of the very communities and associations they represent. Another problem, one more tangible in nature, is managing the sheer volume and physical storage requirements of all of that paperwork. Whether a company has years of documents in boxes or bogging down their servers or hard drives, it is still a clutter bomb waiting to explode.
(1) Survey, “Paper Usage Statistics,” Statistic Brain, Oct 2016
Fortunately, there are some software solutions that can help management companies both large and small. A good, web based, document preparation and delivery system can help alleviate all three of the major challenges identified above. A company such as AssociationREADY can collect all document fees upfront through their integrated ReadyRESALE system thereby recapturing lost revenue that some management companies say can climb to 30%. The ReadyRESALE automated system can also save the back office up to 75% in time labor savings. ReadyRESALE digitizes the process and archives the completed documents, which greatly reduces the amount of paperwork a management company has to handle and store. AssociationREADY can do all of this and more.
Glen is the Director of Sales of AssociationREADY and can help your management company automate your processes and save you time and headaches. Glen can be reached at Glens@associationready.com or by contacting AssociationREADY.