Are you ready to start a business in an exciting industry? If yes, then being a homeowner association manager is the perfect place for you to start. By starting your own HOA property management company, you can help a community thrive beyond its imagination while earning a comfortable lifestyle for yourself as well.

It doesn\’t matter whether or not you have experience running a business. Your knowledge of managing homeowner\’s associations will take you a long way in this field. Here\’s how you can start and manage your own HOA property management company:

Understand the HOA Industry and the Rules in Your Location

First and foremost, do your due diligence and ensure you understand how local homeowners’ associations operate in your area. Even if you are well-versed in it, it will benefit you to analyze your local area again and refresh your knowledge about the industry as well.

As you begin learning more about the HOAs in your local area, try to narrow down the needs and requirements of these associations. This will help you understand how you can fill a gap and address the needs of local HOAs. 

These include:

●     Community maintenance

●     Collecting resident fees and bill payments

●     Managing finances of the HOA association

●     Processing resident work orders or support requests.

●     Creating a channel of communication between the association and its residents.

Furthermore, it is important to have an in-depth knowledge of the local laws and rules governing the communities. At this stage of your research, you must also narrow down the type of associations you\’d like to serve. These could be anything between the range of gated communities to high-rise buildings.

Type of Communities

○ Single-family HOA – Single-family homes are a type of detached family homes and hence, their most important needs are processing HOA fees, keeping residents informed, and keeping track of violations.

○ Gated communities – These communities follow strict regulations to control the pedestrian flow and are characterized by closed walls and perimeters. Their needs include security, package tracking, and vehicle tracking.

○ Luxury condos and High Rise Buildings – These are buildings with multiple units that may or may not be owned by different individuals. Their requirements include managing amenities operations and reservations.

○ Other types of communities you may be in the best position to manage include active adult communities, golf communities, or townhomes.

Size of the Community

Next up, you must decide what community sizes you can manage. This will depend upon the services you\’re offering and your workforce. If this is your first time stepping foot into the HOA industry, then it\’s best to start slow and pick up a smaller community to work with.

This will help you to understand what a community demands and how you can improve your working efficiency as well. Once you\’ve got a hold of your chosen community, you can move on to the next steps.

Differentiate Yourself

A great way to succeed in your HOA community is to figure out who your competitors are and decide what your ultimate selling point is. This will help you stand apart from the crowd and cater to your target audience better. Here are some of the ways you can make your mark in the industry:

• Service Offering – Define the types of services and the range of services you are ready to provide as a full-time management service.  This can include communication, accounting, planning, budgeting, on-site management, and serving as a direct contact for residents.
• What Sets You Apart – Identify the areas where your competitors are lacking and try incorporating them into your management company. For instance, if your competitor doesn\’t provide legal planning to the association, then you can go ahead and incorporate it into your plan.
• Personalized Customer Service – Due to the advancements in technology, the expectations of people have increased by leaps and bounds. Therefore, people nowadays love to have detailed and personalized customer service. You can provide fast responses to your customers and be on top of resident complaints.
• Expertise – Set an example of professionalism and expertise in your company by truly putting the needs of the community association and the residents ahead of your own.
• Staff professionalism and expertise – Will you require staff to have a professional certification in community association management? It\’s important to encourage staff members to get accredited through local trade organizations or the Community Association Institute (CAI). CAI offers professional certifications and courses to help managers stay updated in the field.

Company Name and Branding

Once you\’re done with the above principles of starting a company, you need to hit the accelerator on your company’s branding. Ensure that the name you choose has a click to it and can make a connection with your potential customers. Remember that your brand name must be easy to remember and identifiable.

Create Your Website

Your HOA management company should have a website of its own to reach out to your target audience on a larger scale and find more leads for your business.

Optimizing your website as per the latest search engine trends will help your target audience to find you easily on the internet and give you an edge over your competitors. Furthermore, it is also important to include a section on the website about your contact information.

Leverage Technology

The latest property management software can be your best friend in sailing your way through the HOA industry. An HOA software like Pilera can help you store resident information, keep track of residential requests and maintenance, view important community documents, communicate with the residents, collect dues, and pull up reports.

As your company grows, find software that will accommodate your growth through portfolio management capabilities. This will enable your staff to multitask much better. Furthermore, Pilera makes this digital transition easier for your company by providing special start-up pricing.

Come Up with a Pricing Plan

You need to develop a pricing plan that will include administrative expenses, legal expenses, HR & payroll. Ensure that the pricing is a round-figure monthly fee so that your pricing is easy for customers to understand.

Typically, management companies charge $10-20 per unit per month, according to All HOA Management. Depending on the location and the needs of the community, what you decide to charge HOAs can vary accordingly.

Marketing of Your Business:

Marketing your business will help spark an interest in your company amongst your target audience. Digital marketing tools like social media can play a huge role in expanding your business and your reach. Another important marketing strategy is to be listed on search engines such as Google and Bing or review sites such as Yelp so potential customers can find you.

Conclusion

Even though starting your own HOA property management company might seem like a daunting task at first, developing a plan to help you identify potential customers and your service offerings can help you get off to a good start. 

Leveraging HOA software from the start can help you organize resident requests and communication so you can steadily grow your company.  HOA management platforms such as Pilera can help make things easier for you. So, begin your journey in the HOA industry today with the latest technology right by your side!

Community Association Management Companies (CAMs) play an important role in managing administrative, accounting, financial, and maintenance tasks for the communities that have hired them. However, when servicing clients, CAMs face various challenges, such as resident dissatisfaction, overburdened managers, and dissatisfied boards. These issues often arise from a lack of forming and maintaining strong connections with their communities. That’s where a CRM comes in.  

This blog post will look at the top challenges management companies face, how a CRM can address these challenges, and why implementing a CRM is vital. Thus, we will equip you with the correct tools and knowledge to improve resident happiness, board connections, and management efficiency.

Challenges that management companies are currently struggling with

Low Retention Rate 

Community Association Management companies often struggle with low retention rates. This issue primarily manifests as most HOA communities leave their current management company within two years, opting to either self-manage their community or sign on with a competing management company.  

This revolving door phenomenon forces CAM companies to seek new clients to replace the clients they have lost. This adds extra strain to management companies because they spend more time acquiring new sales. Moreover, high turnover in community management can undermine the trust and satisfaction of existing clients, who may perceive it as instability or lack of value in the services provided.  Focusing your efforts on retention becomes vital through strong client relationships, proactive communication, and demonstrating value to ensure long-term satisfaction. 

Eroding Resident Trust 

Many management company interactions center around payment requests, invoicing, collections, and handling violations. Over time, the transactional nature of these relationships can make residents feel less valued, unheard, and unsatisfied. As trust erodes, residents may become more hesitant to participate in community activities, resulting in strained relationships and possible disputes.

Board Doubt and Oversight

Board members may often raise concerns about the value they’re getting from your management services. They want to be certain that services are efficient, jobs are completed on time, and communication is clear. Thus, a lack of proper management of community issues or communications can strain the board-management relationship. 

Operational Inefficiencies

Community Association Management companies frequently face inefficiencies, such as manual processes, data in different places, and communication gaps. These inefficiencies can result in delays when responding to resident issues and inconsistent or poor service, all leading to increased workloads for managers. Additionally, operational efficiencies lead to more unpredictable schedules and stress for managers.

Limited Resident Engagement 

Creating a sense of community and encouraging resident participation is important for a well-functioning community. However, management companies often struggle to keep residents informed. Limited communication channels and a lack of personalized interactions can all hinder building an engaged community.

Outdated Technology

Leveraging the latest technology is important for delivering exceptional customer service.  However, several management companies are tethered to outdated systems. Being stuck in the past technologically can throw a wrench into your communication, data management, and operational efficiency.  This ultimately diminishes the quality of services you provide to communities.

How CRM can help CAMs build better connections

By leveraging an industry-specific CRM, management companies can streamline operations, build resident trust, and improve board relationships. Let\’s discuss how CRM built specifically for the CAM industry can help your company.  

1. Track resident interactions and provide support

With a CRM system, management companies can easily track resident interactions and provide efficient assistance. Here\’s a deeper look at how CRM may solve these key concerns:

Centralized Data Management

CRM enables management companies to keep all resident-related information in one unified platform. This includes residents’ contact information, communication choices, service requests, support requests, payment history, and unit information.  

Centralizing data has many benefits. It enables your staff to access up-to-date resident information, reducing response times and increasing overall efficiency. It also improves data quality and consistency, decreasing mistakes and redundancies in resident records. Furthermore, having a centralized database allows team members to collaborate more effectively since everyone can access the same data source. 

On-Demand Support through a Knowledge Base

One significant benefit of adopting a CRM system built for the community management industry is the ability to provide on-demand help through a searchable knowledge base. A knowledge base stores important community information, such as frequently asked questions, troubleshooting tips, and community policies and procedures.

Residents have 24/7 access to the knowledge base, allowing them to solve common problems at their own convenience. This eliminates the need for support teams to handle common questions, allowing them to focus on more meaningful or urgent tasks. A well-maintained knowledge base also improves resident satisfaction by delivering prompt and correct answers to their questions, resulting in a more efficient and streamlined support experience.

Efficient Handling of Support Tickets

CRM systems help management companies handle support issues more efficiently. When a resident submits a question or request, the CRM simplifies the process by enabling them to contact the right managers quickly. 

With a CRM, you can keep residents informed about the progress of their requests, and they can communicate back with you, which creates a two-way feedback loop. This approach streamlines support processes by maintaining regular updates and keeping residents informed throughout the resolution process.

2. Communicate with residents

Effective communication lies at the heart of successful HOA management. A CRM system can revolutionize how HOA managers interact with residents, fostering efficient and personalized communication.

Proactive, Multichannel Communication

CRM solutions built for the community management industry enables you to engage with residents proactively through many channels. These channels include phone calls, emails, text messages, postal mail, website notifications, and resident portals. This proactive strategy ensures that residents receive updates, announcements, and notifications in the format that best meets their needs. Moreover, by embracing multichannel communication capabilities, management companies can improve the efficacy of their outreach initiatives, increase resident participation, and establish better community relationships. 

Tailored Messages with Dynamic Distribution Group

CRM systems with communication capabilities provide dynamic distribution group functions, allowing management companies to segment residents according to locations. This segmentation allows management companies to provide relevant and targeted communications to certain groups of residents. For example, management companies can form distribution groups for homeowners, renters, and board members in a specific area for emergencies. Dynamic distribution groups help to enhance engagement, responsiveness, and resident happiness by personalizing communications to the interests and needs of each demographic.

3. Increase transparency and collaboration

Management companies must update board members regularly on the status of community tasks and projects.  Here’s how a CRM improves transparency and communication with your board.  

Collaborative Task Management

A task management system within your CRM allows management companies to collaborate with board members on community-related tasks. Each task can be categorized, prioritized, and assigned to a particular team or board member to ensure everyone knows their responsibilities.  

Email Notifications and Updates

Task management features within a CRM can automate email alerts to board members for task assignments, changes, and updates. This proactive communication keeps board members informed and engaged with community initiatives, projects, and ongoing duties. Email notifications also function as reminders to take action and follow up.

Document Management and Sharing

Within a CRM, document management tools can help management companies store, organize, and exchange key documents, including contracts, rules, meeting minutes, and reports, with the HOA board. Authorized board members may securely view these documents, guaranteeing transparency and quick access to critical information. Additionally, document versioning and permission management improve security and governance.

Reporting and Analytics

CRM systems have extensive reporting and analytics capabilities that provide information on task progress, completion rates, resource allocation, and overall performance. Management companies can generate reports and view information on dashboards to share with the HOA board, highlighting critical data, trends, and successes. These reports provide transparency by offering information about operational efficiency, resident satisfaction, and community initiatives.

5 Features Your CRM should have

Here are the 5 features your CRM should have:

1. Communication

CRM systems should have powerful communication capabilities.  Communication is vital for building connections, resolving issues quickly, and keeping stakeholders informed. CRM\’s communication component offers seamless engagement with residents and board members through several channels like email, phone, text, and portals.

With Pilera’s communication technologies, CAM benefits from seamless contact with homeowners, stakeholders, and the HOA board through many channels. This enables people to select their preferred communication channel, ensuring that timely and relevant communications reach them.

2. Customer Support

CRM systems should enable customer support teams to effectively respond to resident queries, complaints, and service requests. A CRM system with extensive customer support capabilities automates ticket administration, tracks support interactions, and guarantees that issues are resolved on time.

Pilera’s help desk function simplifies customer service for management teams. It enables managers to provide superior customer assistance by leveraging automated processes and knowledge base, increasing resident satisfaction.

3. Operations

A CRM system with strong operations management capabilities simplifies work assignment, scheduling, and tracking. It allows management companies to handle maintenance requests and track repair progress quickly.

Pilera’s operations management tool helps Community Association Management (CAM) improve task management, maintenance, ACRs, violations, and more.   It also empowers collaboration with tools such as ticket assignment, automatic email notifications, and automatic audit logs.

4. Resident Engagement

Engaging residents is critical to creating a lively community and encouraging involvement in events, projects, and decision-making processes. Your HOA CRM should incorporate resident engagement features like community portals, event management, and surveys.

Pilera’s resident engagement portal offers residents a unified platform for accessing community information, participating in debates, and learning about future activities.

5. Board Collaboration

A powerful CRM should have comprehensive board collaboration tools to promote effective governance and decision-making. It allows CAM businesses to create, allocate, and monitor jobs, handle architectural modification requests, and provide reports demonstrating workload and work completion progress.

With Pilera’s board collaboration tools, CAM companies can enhance transparency, improve collaboration, and streamline operations, leading to better governance, informed decision-making, and a more cohesive community environment.

From Transactions to People-First, with CRM designed for CAMs

In conclusion, a CRM system is critical for Community Association Management organizations to manage challenges. An HOA CRM system streamlines communication, provides efficient customer assistance, optimizes operations, increases resident participation, and allows for smooth board cooperation. These capabilities enable CAM businesses to strengthen resident connections, increase transparency and confidence with HOA boards, streamline operational procedures, and provide superior services to their communities. CAM businesses can overcome barriers, increase efficiency, and achieve long-term success by utilizing a CRM system like Pilera while maintaining a flourishing and connected community.

About Pilera

Pilera Software is the premier community and property management software that has helped thousands of community managers enhance communications, operations, client support, engagement, and voting.  Book a personalized demo to learn how Pilera can help improve efficiency and reduce costs. 

Turning prospective HOA and condo associations into clients can be overwhelming and pose a challenge for management companies.  With the property management market becoming more consolidated and saturated with many players, small and mid-sized management companies are finding it difficult to compete.  Many management companies who have lost out on associations learned that upon asking their communities about their decision-making process, the associations loved what they did, but another company had resident-facing software that they needed.  A resident-facing software can prove to a powerful selling factor and give companies an edge over the competition.  Pilera Software is one such management platform that empowers HOA and condo companies to gain more prospective clients by providing them with management and resident tools to more efficiently operate the community. 

Self-service resident portal

In the age of digital information, residents expect to receive up-to-the-minute news and perform various tasks quickly.  Residents will appreciate having a self-service resident portal that allows them to manage updates and occupants in their unit, pay their dues on time, submit service requests, get instant answers from a knowledge base.  This central portal also helps them to stay connected to the community through upcoming events, communication, and the resident directory.

Customer service

Customer support operations are at the heart of any community operation.  Quality customer service results in happy residents and board members that will want to retain your services in the long-run.  Pilera’s help desk product helps managers to stay on top of customer support through ticket creation, assignment, and follow-up dates to ensure nothing falls through the cracks.  The ability to collaborate on a ticket ensures that correct information and direction are being given whereas comprehensive audit tracking keeps everyone knowledgeable on a support ticket.

Property and common area maintenance

One of the most important functions of a community manager is to maintain or increase property values through the specific units (association-responsible) and common area maintenance.  The tracking of work orders from creation to completion allows managers to stay organized and accountable for their work while keeping their co-workers and residents in the loop.  Email notifications to residents reduce calls to the office and allow managers to work on more important projects for the community they’re managing. 

Do you have the tools right for you?

Many of our clients have shared their experience using Pilera’s suite of community management tools and say that the tools have made it easier for them to have a conversation with prospective associations and eventually land their business.  Having the right set of tools that is available 24×7, customizable, and reliable is vital for enhancing your customer support operations and meeting resident expectations. To learn more about how Pilera can benefit your communities today, connect with us at [email protected] or read more about our client’s success stories.