For community management professionals across the country, the time of year is swiftly approaching where we all begin to look back and reflect on the year that was. What were your challenges? How did you overcome them? (And could the co-op have helped?) Please, feel free to discuss in the Innovia member’s group discussion on linkedin (not a member? we’d love to talk).
So what can you do right now to help build the foundation for a more successful 2019? You can start with due diligence. By checking items off your list in a few key areas, you can substantially reduce risk for your business and the associations you manage. From governance and administrative housekeeping to yearly savings – spending even an hour on each of the following items could save you substantial time, money, and stress in the year to come.
Update Your Calendar
Setting aside time to make note of important timelines could be one of the most important things you do when it comes to planning the coming year. When a community association hires your management company – they expect you to stay on top of a wide variety of dates and deadlines. By setting aside an hour or two every year to carefully study governing documents and any other documentation, you can make a substantial dent in your planning for the year – while creating a much clearer picture of the year to come (and deadlines that can’t be missed).
- Annual meeting reminders
- Important tax dates
- Corporate status renewal dates
- Insurance policy renewal dates
- Budget timelines
- Social events
- Preventative maintenance reminders (gutters, equipment, carpetS)
- Open/closing dates for facilities
Double Check Your Professional Licenses
Does your state require that you maintain any specific professional licenses? If it does – are all of those licenses current? According to the Community Associations Institute, 9 states have adopted some kind of formal regulation for professional community association managers (shaded blue).
Review Your Governing Documents
In many locations, state law stipulates when and how new residents and lot owners receive disclosure packages. This can get even more complicated when you’re in a large, master-planned community with many separate neighborhoods (each with their own declarations).
…and Your Vendor Contracts
On top of looking at association governing documents, it’s also smart to revisit vendor contracts once a year as well. On one level, you should assess whether or not your needs have changed over the course of the year. But this is also an important step to avoid pricey auto-renewal mistakes if you are planning on canceling a service or bringing it in-house.
Co-op Exclusive: Streamline Vendor Compliance with VIVE
While you’re thinking about your vendors, it’s also a good time to consider the risk your vendors expose you to. If you’ve never thought about vendor compliance, it might be time to dedicate some time to it. To make the process easier, Innovia co-op has partnered with VIVE, a national provider of verification for vendor insurance, trade licensing, government watch list validation, and document retention for the community management industry.
Looking to streamline vendor compliance? Contact Innovia today.
Evaluate your Assessments
This time of year is also a good opportunity to take a look at your approach to assessments. From the way you handle enforcement of policy to the way you collect dues – are you taking advantage of all the opportunities available to make this critical part of HOA management as hassle-free as possible? For Innovia co-op members, the Community Base app is a great place to start.
Are you using Community Base to stay connected to your residents? The app makes everything easier – from payment and communication to valuable home improvement savings. If you’re a member not using Community Base – getting started is simple. Contact Innovia to learn how.
Community Base is an exclusive member-benefit of the Innovia co-op. To learn more about how a membership could help your management company – get in touch today.
Consider Revenue & Savings
It’s important to periodically take a look at your sources of revenue, your fees, and any income that you might not be tapping into. From putting your reserves to better use with a new banking program to re-negotiating access contracts with cable and internet providers – the opportunities are there.
Co-op Exclusive: Innovia’s Partnership with Sperlonga
Are delinquencies a problem for your associations? With over 1.1 million units across the country, Innovia co-op’s members represent a substantial portion of the community management industry. This scale has allowed Innovia to partner with Sperlonga data to offer members exclusive pricing on the company’s full suite of HOA credit reporting solutions. By incentivizing on-time payment, management companies using Sperlonga’s program enjoy fewer delinquencies month over month.
The Final Word
Whether you’re new to the community management industry or you’re a seasoned veteran, this time of year represents a valuable opportunity to both reflect and to look forward. What are you improving on this year? Can the co-op help? We’d love to know.