What is the difference between a large HOA management company and a small HOA management company? The administrative management processes are similar, the pricing is comparable, with the exception of additional fees, and the goal is to grow the business. From the outside looking in, why would it matter to your HOA board? In this article, we will help you take an unbiased look at small and large homeowner’s association management companies and what it means to you.So does small or large really matter in the world of HOA management companies? Basically, during the day to day operations of a management company, the answer would be no. The difference may lie in the perception that the interested client draws from the marketing material presented to them.
If you search local HOA management company websites, a larger company appears to be defined by the number of offices they have throughout the state and neighboring states and their full listing of services which may include real estate sales, commercial property management, rental property management, rental property maintenance, HOA property management, HOA maintenance and the list goes on.
The question a board may ask is, “which business division is profitable, which one is subsidizing the other and is management’s attention on my problems or the problems of another department?” Also, in most cases, the profitable department is probably the HOA management section because there is no licensing requirement in North Carolina or South Carolina and excessive fees seem to be unlimited.
Can a Single Focus HOA Management Company Compete Effectively?
If a board is looking for a personal touch, then a smaller HOA management company with a single focus such as HOA property management only is probably the ticket. Management companies use similar accounting systems, with some having a few more bells and whistles; most utilize a banking system that provides lockbox services; and they all have a specialized staff that handles accounting services.
Technology has provided the bridge to servicing more clients at a competitive cost, leaving the corporate leadership to set a standard of excellence and to treat every client fairly.
HOA management companies that focus only on homeowner’s association management can react more quickly to client’s needs, be more flexible in solving problems and control their costs. When these goals are met, a strong bond of trust is developed with the HOA manager and the board of directors.
Large HOA Management Companies Are Making The Single focus Management Companies Better.
Since we started our HOA management company over 14 years ago, we understand there are more competitors and more newly developed communities. The difference is that with larger management companies, the message that they market is how big they are while spending less time on understanding the client’s needs. What HOAs are looking for is well-trained property managers, limited staff turnover, and consistent communication.
We do not have layers of management to answer to, or pay for, and we do not answer to a corporate owner. The concerns of the HOA are our first priority and we react quickly to changing market conditions. As long as there’s an entrepreneurial spirit, there will be small HOA management companies that do what they do best – provide quality service.
We want to make your board experience easier. Call today to learn more about the effective management style we use and personal service we provide our clients.