Challenges Facing Property Management Companies in the HOA Industry
Property Management companies face many of the same challenges other companies face but with some unique obstacles.
By Todd Kohan, Sr. Sales and Relationship Manager
Property management companies face many of the same challenges other companies face but with some unique obstacles. Challenges such as; finding and keeping talented staff, utilizing time management skills and finding the proper software to get the most out of the workday all are shared concerns with many businesses.
Property management companies in the HOA industry, however, face unique obstacles in regards to the documents requested by title companies, banks, lending institutions, current homeowners as well as other various real estate entities. These related groups of professionals are often involved in the purchase of, or the refinance of, a home or property in one of the HOA communities the property management company oversees. Some unique obstacles facing property management companies in the HOA industry include; the collection of resale and refinancing document fees, compiling accounting and financial data, filling out lengthy, time-consuming forms and letters and often times having to wait until the close or refinance of a property to collect payment for the work done at a much earlier time. Manually processing and preparing documents of this caliber often means repeating the same work for each document request.
For property management companies that manage a large amount of HOA associations with a large number of homes, this can be an extremely time-consuming process. Many report spending as much half of their work day on completing and fulfilling each document request that is brought to their attention. The process and preparation of these document requests takes time. Time that would be better spent servicing the needs of the very HOA communities and associations they represent. Another obstacle, 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 filing cabinets or bogging down their servers and hard drives, one thing is for certain; it is a clutter bomb ready 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 is a software solution that can help property management companies both large and small. An ey-to-use, web-base document preparation and delivery system will help alleviate all of the major challenges identified above. AssociationREADY is that software solution. This intuitive software can collect all document fees upfront through their integrated ReadyRESALE system therefore ensuring lost revenue does not stay lost. The ReadyRESALE automated system can also save your back office up to 75% in time and labor resources otherwise dedicated to the preparation and distribution of resale and HOA documents. ReadyRESALE digitizes the process and archives the completed documents greatly reducing the amount of paperwork a property management company has to handle and store. Together with ReadyRESALE, your property management company will recapture the lost revenue and time-saving benefits your company deserves.
Find the solutions to the obstacles your property management company faces and how AssociationREADY can turn your process into profit.
Todd is the Sr. Sales and Relationship Manager at AssociationREADY and can help your property management company automate your processes and save you time and headaches. Todd can be reached at Toddk@associationready.com or by contacting AssociationREADY.