Maybe you’re self-managing your community. And maybe things are going just fine. But maybe they could be better...and just maybe, that could happen through full-service property management. Yes, there may be a small investment, but many boards find that what they spend comes back tenfold in greater value to their community. Here are a few surprising ways the cost of hiring the best property management company transforms into a money-saving benefit.
1. Your other costs should go down.
A good property management company should have the experience and expertise to benchmark costs against other, similar properties. They can identify if the rates you are paying for vital services are competitive and can renegotiate the contracts at your community. This could result in across-the-board savings on everything from cable to waste management to utility costs and beyond, as well as ensure your association is receiving the value and service it deserves.
2. Delinquencies turn into revenue.
This is one of the great obstacles for self-managed associations: collecting on delinquent dues. That’s partly because it can be an unpleasant job, especially when you’re dealing with neighbors (and potentially, your friends). A property management company keeps it purely objective and professional, and can help facilitate debt collection services.
3. You could save in ways you didn’t anticipate.
An excellent property management company will analyze your entire operation, often uncovering surprising cost reduction strategies that protect quality of life. One such strategy is energy efficiency; property management companies are often able to find low- or no-cost ways of improving efficiency. This could include fine-tuning boiler systems, replacing outmoded air conditioning units or other equipment with more energy-efficient ones, or recommending strategies to upgrade your lighting systems, all of which will result in effectively saving thousands of dollars in utility bills for your association.
4. You’ll maintain residence values.
With a residential property management firm, the day-to-day operations become more easily handled, with responsibilities designated to specific personnel – this will clear the way for longer-term projects such as painting, street resurfacing and other kinds of building maintenance or upgrades.
5. Your in-house team gets stronger.
Often, the property management company will retain your existing employees. After all, who knows your community better than the people who have worked there all along? Your property management team can recommend ways to strengthen the skills and service level of your association’s staff. You might be amazed at the staff performance enhancement realized with consistent and professional staff training programs and accurate job descriptions provided by a professional management company. Employees typically enjoy more benefits than they have ever had before, and value the ability to learn more in their jobs. Finally, employee pride may skyrocket as they become more efficient and learn new skills. Give them what they need to grow!
6. Your residents will feel more connected.
A forward-thinking property management company can offer dedicated staff that focus on enhancing the lifestyles of your residents. They’ll look at your current culture and the personalities in your community and initiate programs and activities tailored to the residents’ likes and wants. As a result, your residents will feel more connected to one another – and within the neighborhood too. Any board that self-manages its community deserves respect. It’s an incredible amount of work and it takes a special dedication. But sometimes, part of that dedication to the community involves hiring an expert. And oftentimes, boards find that it’s money extremely well spent.
For more on transitioning from a self-managed community to one managed by a professional company, or for real case studies on communities that have done so, contact FirstService Residential.