Strategies for saving money are always welcome, especially today when everything is more expensive than we’d like it to be.
If you know that your California HOA or condo association needs the support and resources of a professional management company but you’re not sure how to budget for it, we have an idea for you.
Consider virtual HOA management.
Virtual HOA management is a fantastic opportunity for money-conscious boards who know what they need but don’t have unlimited budgets. With virtual management, we can empower your board to manage the on-site activities of your community. We handle the rest. This gives you flexibility, support, and resources that you need to improve the way your HOA board and your entire community operates.
Most importantly, virtual HOA management companies save you money. Let’s take a look at how this type of management structure helps your bottom line.
Virtual HOA Management vs. Traditional HOA Management
Traditional, full-service HOA management is often on-site. That means, you have property managers in your community, working alongside the board of directors. This can be extremely beneficial, especially if you like the hands-on, interpersonal dynamic between your HOA board and your property management partner.
It’s also expensive. Communities with premium properties and very high needs will often require this type of attention, and they can usually afford to fund it.
With a remote or virtual HOA property management team, your association is likely to get about 80 percent of the services you receive under the traditional model. But, it comes with a much lower price tag. There’s also more flexibility in terms of the scope of work you’d like.
When you work with a virtual HOA management team, your HOA board will still conduct meetings and organize the action items that come out of those meetings. Your property management team won’t physically be there to run the meeting.
Some of those action items out of the meeting, however, may be delegated to your property managers. Tell us how to help and what to do, and we’ll take care of it expertly and efficiently. At Hill & Co., we generally find ourselves providing services such as accounting, organization, and the execution of plans and agendas when we provide virtual property management to associations and boards.
Virtual HOA has Lower Overhead
How does virtual management keep your expenses down?
There’s lower overhead.
Demand for virtual management increased significantly during the worst days of the pandemic. HOA boards wanted to access all of the resources and experience professional HOA management companies could provide without bringing them onsite. With the virtual management model, we can provide the expertise and strategic guidance you need in a way that’s safe and flexible.
There are hundreds of good reasons to do business digitally whenever you can. This extends to HOA management. We aren’t driving to and from your community, which frees up more time to support the needs of our clients. We need fewer staff members and less office space. There’s less waste. There’s not as much administration that’s needed when you work with virtual companies.
When we spend less time, money, and other resources delivering the services you need, we pass those savings along to your community. Our lower overhead means we can keep your property management fees much lower.
Investing in HOA Management Technology
Virtual HOA management also saves you money and reduces your expenses because we’re able to leverage all of the innovative technology we’ve invested in.
This allows us to:
- Collect dues, fees, and assessments from your homeowners more conveniently. They can pay online through a secure portal and those funds are deposited into your HOA account much faster.
- Communicate instantly and more transparently with you and your homeowners. Virtual communication allows us to document everything that’s discussed, reducing the potential for expensive mistakes.
- Information and data can be collected and shared seamlessly. Our online systems, accounting platforms, and software allows us to provide you with the information you need right away. That saves us time and it saves you time. As you know – time is money.
We use our association accounting software to automate bills for the HOAs we work with. When you have recurring costs like landscaping services and waste disposal, we don’t have to write out checks individually. Our software allows for automatic payments to your vendors. This saves you money because it saves us time. It also saves you money because it means we never miss a payment or make a late payment. Why waste money on late fees and penalties?
Technology helps us avoid errors and keep all of the work we do for you transparent. Because we’re working virtually, we’re completing everything online – where you can review, monitor, and approve it.
Virtual HOA Management is Adaptable
The COVID-19 pandemic really showed our industry which companies were prepared to be flexible and which were not going to make it.
Those companies that could immediately begin working remotely did just fine. It was business as usual, and our clients continued to benefit from our outstanding customer service and property management plans.
Those companies that did not have the technology in place or the ability to adapt were not able to stay in business while working remotely. They ran into too many difficulties and they couldn’t do the digital work that was required.
When something unexpected happens, you will lose a lot of money if your property management partner isn’t equipped to lead you through that crisis. You can’t have the professionals you trust floundering. It’s not good for your association and it’s not good for your homeowners.
At Hill & Co., we’ve been managing HOA communities virtually for years. We understand how to meet and exceed your expectations while delivering the best possible management services for a fraction of the anticipated price.
When you’re ready to invest in virtual HOA management for your California association, please contact us at Hill & Co.