Challenges Facing
Homeowners Association
Management
HOA management companies face the same challenges that
any other office faces in addition to some unique obstacles.
By Glen Syvertsen, Director of Sales
HOA management companies face the same challenges that any other office faces. Challenges such as; finding and keeping the right people, time management, and utilizing the proper software to get the most from everyone’s contributions.
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.
“70% of the total waste in offices is made up of paper and as much as 30% of print jobs are never even picked up from the printer. Even worse, 45% of printed paper ends up in the trash by the end of the day. When you consider that the total amount spent annually by U.S. companies on printed documents is $120 million, it’s clear that there is a lot of pointless printing in modern offices (and a lot of wasted money).1”
(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.
Whichever company or solution you choose, do yourself a favor and look into partnering with someone to help automate this time and resource consuming process.
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.