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