| A Community association property management | | | | Time for a checkup - 7 tips for a better year |
| directory website recently commissioned a study of | | | | Associations that plan to switch management |
| 658 community associations across the country. The | | | | companies in early 2011 are already in the process of |
| study was conducted between May 15, 2010 and | | | | researching and interviewing companies in their area. |
| June 15, 2010 and geographically represented 36 | | | | You need to make sure that your business is in the |
| unique states. HOA and condominium board members | | | | best possible shape for taking on new clients. Here |
| were asked a series of questions regarding their | | | | are the top 7 major concerns for property |
| selection of a community association management | | | | management companies to increase their chances |
| company. | | | | with prospect customers in 2011. |
| Details of associations that participated | | | | Review your website! Is everything up to date? |
| The average community that participated in the | | | | Have you checked all the pages to ensure there are |
| study had an average of 240 units of various types. | | | | no errors. Is the information on your website |
| The smallest association had 53 units. The largest | | | | meaningful and does it have a clear purpose? Does it |
| association had 1280 units. 42% of associations | | | | convey the true message of your service and |
| surveyed were identified as single family. 32% were | | | | company? |
| identified as condominium or town home. 26% were | | | | Prepare your presentation! Does your presentation |
| identified as a mix of single family and condo | | | | include the information that sets you apart from the |
| townhome or patio home. | | | | competition? Do you highlight service features that |
| Of the associations studied 78% were identified as | | | | make you different? Do you show snapshots of |
| completed associations with no new home sales still | | | | reports that you offer? |
| existing. The remaining associations were identified as | | | | Have references ready! Do you have references? |
| partially completed with some new home sales still | | | | Have you checked with your references to ensure |
| pending. | | | | they are willing to speak about your service? Do you |
| Of the associations studied the average dues were | | | | also have at least one if not two references from |
| as follows: Those communities identified as single | | | | Community Associations that left your company for |
| family were $58.29 per month. The average dues for | | | | another provider? Many of the potential clients that |
| those identified as condominium and/or townhome | | | | contact you will ask you for not only current |
| were $186.63 per month. The average dues for | | | | customer references but former customer |
| mixed communities was $69.12. | | | | references. Perception is reality! You must invite and |
| 64% of those community associations that | | | | push for any potential client to visit your office and |
| participated in this survey identified themselves as | | | | meet your staff. This creates a very special bond |
| having a pool. 78% of those community associations | | | | with the prospect and will allow you to provide an "in |
| that participated identified that they offered other | | | | person" overview of what makes your company |
| amenities including: | | | | shine above the rest. |
| Parking Covered parking Garage parking Tennis | | | | Contracts mean business! Have you reviewed your |
| courts Basketball courts Picnic areas Walking trails | | | | management contract to ensure it is ready for |
| Biking trails Playgrounds Club house, or community | | | | potential clients? Have you prepared a sample |
| centers | | | | contract you can provide potential customers? Do |
| A few results from the study of associations that | | | | you have a management contract "cheat sheet" that |
| participated | | | | will review the major items of the contract in clear |
| What sources are you most likely to use when | | | | and easy to understand language? |
| selecting property management companies to | | | | Virtual reputation check. Have you searched your |
| consider for your community association? | | | | company on the internet, Facebook, Twitter or other |
| 65% Internet search 12% Word of mouth 9% | | | | social media websites? Have you ensured your virtual |
| Industry organizations (e.g., CAI) 7% Business | | | | web reputation is good as your "real" reputation? |
| organizations (e.g., BBB, Chamber of Commerce) 5% | | | | Have you checked with services like the BBB or your |
| Other 2% Phonebook | | | | local Chamber of Commerce to ensure no |
| What criteria does your association use to select an | | | | outstanding or un-resolved complaints against you |
| association property management company? | | | | company have been filed? |
| 38% Price/Contract terms 17% Breadth of service | | | | Advertise, advertise, and advertise again! Do you |
| options 14% Experience 11% Staff 8% Similar sized | | | | say, "Word of mouth will get the job done for us?" |
| type communities under management 7% Education | | | | Property Management Companies that subscribe to |
| 4% Location 1% Other | | | | this way of thinking normally die on the vine. Today |
| How likely are you to consider new community | | | | you must advertise your company in many different |
| association property management in 2011? | | | | ways. Most companies find that advertising on the |
| 44% Yes 39% No 17% Undecided | | | | internet produces the best results. Each day millions |
| For your community association, what is the biggest | | | | of people search the internet to find companies to |
| challenge you will face in 2011? | | | | provide services. You might consider a website that |
| 52% Financial/Collections/Budgetary constraints 16% | | | | focuses on just Community Association Management. |
| Pending foreclosures 14% Improve community | | | | In addition many use Google Ad Words to help them |
| management 10% Maintaining property values 6% | | | | push web traffic to their website and increase |
| Special assessments 2% Community involvement | | | | visibility. If you want to grow your business you will |
| If you were to rate your current community | | | | need the exposure that advertising can bring you |
| association property management company on a | | | | company. |
| scale of 1 to 10 - 1 being the lowest, 10 being the | | | | With many community associations making a change |
| highest - what score would you give that company? | | | | at the first of the year, advertising now ensures that |
| 15% - 1 to 3 | | | | you are able to maximize your exposure to new |
| 14% - 4 to 5 | | | | clients. Repetition is the key to advertising and is the |
| 51% - 6 to 7 | | | | only way you're going to increase awareness about |
| 20% - 8 to 10 | | | | your company. If you only get one new client your |
| Based on feedback from those that participated it is | | | | advertising efforts have paid off and you will |
| clear that both homeowner associations and | | | | continue to earn dividends on your investment. |
| condominium associations will more than likely | | | | Make 2011 the year you break out and grow your |
| consider a change from their current property | | | | community association property management |
| management company during 2011. It is also clear | | | | company like never before. Follow the above steps |
| that most will use the internet to research and locate | | | | and most of all ADVERTISE your business so you |
| quality association property management companies | | | | can get the exposure, leads, and the results you |
| in their area. | | | | want for your business. |