“Man, I wish my community association charged me more,” said no resident ever. As a board member, you are constantly looking for methods to keep assessments low without sacrificing the quality of your community. Here are 5 simple ways to help you achieve that goal.
Negotiate better Vendor Contracts
We get it. Your association has hired the same vendors for years, and at this point, why change them? The reality is that most vendor contracts include annual increases that can quickly spiral out of control. Your association may be paying more than you should, even if the quality of your service remains unchanged.
Thankfully, there’s always room for improvement. At Ardent Residential, we strive to make your job as easy as possible. That’s why we take care of vendor contracts and management of those contracts for your community. We are committed to finding the best deal possible—without compromising your services. Contact us at www.MyArdent.com/contact to learn how we’ve been saving community associations thousands per year on predatory contracts.
Collect Delinquent Fees
Nearly every association has a backlog of unpaid fees, at least the ones without an aggressive collection process. Often, it’s the residents who do pay on time that suffer, as the association may need to offset its losses by increasing assessments. It can be difficult, especially for smaller association boards, to tackle the arduous process of collections. Make sure you are working with a management company that has a collection process that is tried and true. As a value add to our clients, Ardent Residential has an in house collections division with a 92% rate of return.
Stay up to date on preventative maintenance
We recently wrote an article detailing the importance of proactive maintenance in your community. By spending a set amount per year maintaining common elements, your community association can drastically lower the cost of replacements in the event of a breakage.
Automate certain tasks
Manual processes and procedures take manpower and money. In the 21st century, though, technology is cheaper than ever! Almost anyone can use simple apps and websites to increase productivity without hiring extra hands. While it might take more time upfront, transitioning data from pen-and-paper to cloud-based services can save associations thousands of dollars.
Does this seem like a lot to implement? Don’t worry! Community association management companies bear the burden for you, securing your property values even in the worst of times. At Ardent Residential, our property managers work diligently to help your association thrive. Learn more about how we can lower your community’s assessments by dropping us a message at www.MyArdent.com/contact.