Six benefits of property management for your Texas POA

What happens when you juggle the responsibilities of maintaining a Texas owner's association (COA or HOA) and a busy personal life? Often, the answer is burnout and stress. With numerous responsibilities resting on the board members' shoulders, it's essential to weigh the value of a Texas property management partner. Yes, it's also about cost-efficiency, but more so about getting the support your association truly deserves for its growth, stability, and success.

Many believe the cost of partnering with a large Texas property management company is overwhelming. But if you take a deeper look, you might find that the return on investment (ROI) from expert assistance might just be greater than you thought.
 

Time is Money: The Benefits of Texas Property Management

Your time is invaluable, and when you're lending it to your association as a volunteer board member, you're essentially investing a significant resource into your community. Imagine having to conduct meetings, draft agendas, recruit staff, and manage day-to-day operations while juggling your personal responsibilities. It's draining in the long run, isn't it?

And here is where a company like FirstService Residential can step in as your key partner. A Texas-based property management firm ensures that your board members focus on strategic planning and decision-making, instead of being bogged down by administrative tasks.
 

Mitigating Risk: Comprehensive HR Support

Managing HR responsibilities and potential penalties can be daunting and expensive, especially for self-managed associations. Unwittingly contravening a labor law could lead to a lawsuit or fines. Our article, Risky Business: Texas Staffing for Your High-Rise or HOA, is a great place to find out how a management partner can help you avoid common missteps.

Established Texas property management companies, like FirstService Residential, can alleviate these pain points. As part of their services, they transition your association employees to property management employees, thus eliminating third-party HR costs and reducing potential legal risks.

Economy of Scale: Enhanced Savings

The size of the Texas property management company you choose to partner with can bring substantial financial benefits. Associations gain access to preferential rates for utilities, insurance, and supplies, thanks to the added leverage of a larger company. Think of it this way: your lone association may not be able to negotiate the best rates while bidding for utility providers or elevator contracts. However, when represented by a company managing thousands of other associations, you'll often secure better deals.

A Reputation to Uphold: Excellence in Texas Community Management

Engaging residents, attracting potential buyers, and enhancing property values are critical for every association. In fact, creating the right lifestyle programming and managing amenities require significant industry expertise and time. Time you could be spending on your own home or with your family.

With a property management company, you gain access to a team with the right experience and support structures to elevate your community's reputation. FirstService Residential's dedicated teams offer extensive lifestyle management services that translate into a fulfilling living experience for your residents.

For example: One of the standout services offered by many Texas property management companies is pool management. Maintaining a community pool involves more than just ensuring it looks clean—it requires strict adherence to safety guidelines, proper chemical balancing, and routine maintenance to prevent costly repairs. A management partner can take on these responsibilities, employing certified professionals to handle everything from regular cleaning to compliance with local health codes. Additionally, they can streamline operations by managing lifeguard scheduling, pool permits, and equipment upkeep, ensuring that residents enjoy a safe and well-maintained community pool without the administrative burden falling on the association board.
 

Navigating Complex Finances: Expert Accounting Support

Managing your association's finances might seem simple enough, until you encounter unexpected costs or changes in staff wages. These can impact your budget and potentially destabilize your association. By partnering with FirstService Residential Texas, you gain access to a team of financial experts who can provide specialized support, whether it's with budget planning, delinquency guidance or accounting-related queries. Detailed financial support is one of the most significant benefits of Texas property management.

You many also be missing out on monetizing your amenities. An ethical management company can help your association identify and capitalize on revenue-generating opportunities. They can guide your association in monetizing amenities like restaurants, spas, and event spaces. They also help maximize existing funds and leverage your reserve funds for greater returns.

Even if you have a former accountant on your board or employ a general manager who is well-versed in association finances, having a specialized team can make a big difference when it comes to your financials. This level of expertise ensures that your financial operations are handled accurately and effectively, allowing your association to focus on delivering value to residents and fostering a thriving community.

We offer many free resources to help guide your strategic financial planning. Start by developing a strategic plan for your community, use our BENCHMARK report to check out budgeting trends in high-rise communities around North America, or simply find out if your reserves are sufficient for your Texas COA or HOA.
 

Exclusive Access to FirstService Financial

FirstService Residential-managed associations benefit from the dedicated financial services provided by FirstService Financial, a trusted affiliate offering a wide array of helpful programs. This includes a reserve program, competitive insurance products, and lending services tailored to meet the unique needs of each association. Additionally, the Cash Management team works closely with associations to develop customized short- and long-term strategies designed to enhance financial performance. These strategies aim to replace lower-rate funding accounts, such as brokerage-based money market accounts or sweeps, while reducing the ongoing burden of security and tracking. By focusing on improved asset liquidity and maximizing interest revenue, FirstService Financial ensures associations are well-positioned to achieve their financial goals efficiently and securely.

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The Bottom Line

Deciding to partner with a Texas property management company is a cost-benefit analysis.

The decision may appear complex, but bringing in a team of experts can provide relief, support, and efficient management for your association.  These are the true benefits of property management. By taking into account the value derived from freeing up time, mitigating risk, saving costs, improving reputation, navigating finances, and uncovering hidden opportunities, it may turn out that your choice to engage a property management firm is indeed a smart and sustainable one.

Contact FirstService Residential today to explore this transformative partnership for your Texas association.