Financial management is essential in the efficient operation of an HOA. HOAs want to keep dues at a reasonable rate while still providing homeowners with high quality service. With some strategic planning, there are often ways to cut costs without having a negative impact on the community. In a new statement to the press, Kuester Management Group shares ways that HOAs can re-evaluate their spending and make better use of funds.
“Every penny saved counts,” says Bryan Kuester, President of Kuester Management Group. “It may not seem like much now, but it adds up. Cutting a few dollars here and there can allow your HOA to invest more into making the community a better place without raising costs to homeowners.”
One step Kuester recommends is re-evaluating vendor contracts. Periodically check around to see if there are more cost-efficient plans available from other providers. Negotiating for a lower price or for volume discounts can be beneficial as well. “It doesn’t hurt to talk to the vendor and see what type of deal they can offer, especially if they know you’re looking around at other options,” says Kuester.
Going green and managing utilities is also key, adds Kuester. Installing motion sensor lights, thermostats that automatically adjust on a timed schedule, and more energy efficient equipment can create noticeable cost savings. When community areas are not being used, additional money will not be going toward lighting, heating, or cooling.
Kuester also encourages HOAs to stay on top of preventive maintenance. Taking care of problems before they become more serious and ensuring amenities are in proper working condition can reduce risk of emergency expenses and prolong their life.
“Investing money in preventive care and upkeep can save you in the long run,” explains Kuester. “You may be able to get more use out of something before you have to pay to replace it. And when something does need to be repaired or replaced, really do your research to find the best options. You may pay a little more up front but get higher quality results in the end which reduces expenses later on.”
Another option is to use more paperless communications, says Kuester. This saves money on paper, ink, stamps, and more. With more homeowners honed in on technology, they may appreciate these options. A property management group such as Kuester can help HOAs implement these types of strategies and more to better manage their finances.
Kuester Management Group, a division of Kuester Companies, works to protect property values and enhance the quality of life in each of its managed communities. Providing a full range of association management services, Kuester Management Group has worked to foster strong, resilient, and unified communities across North and South Carolina. The company is proud to offer on-site property managers, all zealous for building strong communities meant to stand the test of time. More information is available at www.kuester.com or @KuesterCompany.