Securing stability: How condo and HOA procurement services protect your community budget

A key responsibility of board members in residential communities is managing the financial health of their building or association. This duty, while rewarding, often comes with silent pressures that weigh heavily on volunteers who've stepped up to serve their neighbors. Controlling costs becomes not just crucial but personally stressful as board members feel the weight of their community's financial wellbeing on their shoulders.

Every day, communities incur expenses from elevator maintenance to janitorial services, from pool and cleaning supplies to connectivity. Meanwhile, board members find themselves caught in a constant stream of economic headlines and forecasts, sometimes feeling overwhelmed by the need to track market trends while wondering: Should we adjust our budget plan? Are we prepared for what's coming? The barrage of information can be exhausting, yet the responsibility remains.

There are always macroeconomic factors at play that impact prices and are out of board members' control, like possible tariffs or any cost increase for construction or cleaning materials, as well as concerns about inflation or recession. That is why boards can use all the support they can get to obtain goods and services from reputable vendors at negotiated rates for their communities.

With these factors in mind, procurement support can bring significant value. FirstService Residential's extensive purchasing power helps secure favorable pricing on essential services and products, providing HOA and condo boards with powerful tools to navigate economic uncertainty while maintaining financial stability and enhancing the quality of life for residents.
 

Managing cost for residential buildings and HOAs

FirstService Residential's procurement services provide HOA and condo boards with tools to optimize their community budgets despite challenging economic conditions. While boards cannot control macroeconomic factors, they can leverage FirstService Residential's extensive purchasing power to secure favorable pricing on essential services and products.

By consolidating purchases across thousands of properties, FirstService Residential negotiates preferred vendor agreements with significant discounts that individual communities or smaller property management companies simply cannot achieve on their own, creating immediate and sustainable cost savings that directly benefit residents.
 

Energy management solutions that drive savings

One example is programs to save energy, from installing EV chargers to joining programs for collective energy purchasing. For instance, buildings managed by FirstService Residential in New York City are currently saving up to 11% on natural gas costs by leveraging the combined energy use of hundreds of properties to negotiate lower-than-standard rates, rather than using local utilities.

FirstService Energy also helps communities realize substantial savings through energy audits that identify inefficiencies and recommend cost-effective upgrades. Our energy experts assist boards in navigating rebate programs and incentives that can significantly offset the cost of energy-efficient equipment installations. Additionally, our building energy benchmarking services help communities track their progress and comply with local regulations while identifying further opportunities for optimization.
 

Connectivity services: Modern solutions for resident savings

Another example of how boards can drive savings to all their residents: FirstService Residential has partnered with service providers to save residents an average of $800/year per household on their cable and internet per year.

Leading internet and cable providers including Charter, Comcast, and Altice bring FirstService-managed communities best-in-industry services at significantly discounted pricing. As the leader in residential property management, we have leveraged our purchasing power to negotiate advantageous rates, contract terms, and financial incentives that better serve our communities.

What makes our Connectivity Program truly exceptional is that these benefits cannot typically be secured directly with cable and internet providers. The program delivers premium high-speed internet and expanded cable packages at a fraction of individual subscription costs, providing substantial value to residents while enhancing property appeal.

Communities interested in these savings can contact [email protected] to learn if they're eligible for these exclusive programs. Our team can also provide information about specific market availability.
 

Comprehensive vendor partnerships for budget stability

Beyond energy and connectivity, FirstService Residential has established an extensive network of vendor agreements covering nearly every aspect of community operations. These agreements typically include locked-in pricing schedules with predetermined annual increases, providing budget predictability that shields communities from market volatility.
 

Our procurement program encompasses:

• Elevator maintenance services with guaranteed response times and parts availability, protecting communities from unexpected repair costs
   
• Waste management solutions with optimized collection schedules and competitive rates
   
• Fire protection services ensuring both safety compliance and cost control
   
• Pest control programs offering preventative treatment plans at preferred rates
   
• Janitorial and maintenance supplies through partnerships with suppliers
   
• Office supplies and equipment at bulk discount pricing
   
• Paint and building supplies at contractor-level pricing
   
• Food and beverage, especially in amenitized communities with coffee shops, mini markets, or restaurants.
   
• Landscaping services with multi-year rate guarantees
   
• MRO (Maintenance, Repair, and Operations) supplies at volume discounts

The power of aggregate spend

What sets FirstService Residential apart is our immense purchasing power. With approximately 70% of our managed communities utilizing at least one partner vendor, the combined volume creates economies of scale that translate to significant savings for individual communities. This aggregate spend approach means boards can access services and products at rates typically reserved for much larger entities.
 

Peace of mind through economic uncertainty

Perhaps the most valuable benefit of FirstService Residential's procurement services is the peace of mind they provide to boards. While economic indicators may fluctuate and supply chains face disruption, communities with access to our vendor agreements enjoy a level of protection and price stability that self-managed associations or those with smaller management companies simply cannot match.

These agreements have proven resilient through challenging times, including the COVID-19 pandemic, demonstrating their effectiveness in shielding communities from the most severe economic impacts.
 

Accessing procurement services

Board members can easily tap into these cost-saving programs through their property manager. Regional directors are also available to help connect communities with the most appropriate vendors for their specific needs.

Beyond cost reduction, FirstService Residential's procurement programs provide specialized expertise that helps boards manage budgets effectively while maintaining quality. Regardless of the economic environment, this purchasing scale and expertise offer significant value, ensuring financial stability and enhancing residents' quality of life. Boards can navigate economic uncertainty with competitive pricing and peace of mind through these services.

Please keep in mind that each residential community is unique and requires a custom plan with solutions that fit its specific needs.