Does managing your community feel like a never-ending cycle of paperwork, budgetary surprises, and vendor headaches? Managing a community is demanding enough, but when operational tasks pile up, communication stalls or financial clarity is lacking, the negative impacts create a domino effect through the entire board and community.
When your HOA board works with the right management company, you can focus on strategic initiatives that improve residents' lives while leaving day-to-day operational functions in expert hands. However, if your current management company falls short in areas like responsiveness, financial transparency, or effective resident communication, it might be time to re-evaluate that relationship.
In this blog, we'll highlight signs that indicate it's time to consider switching to a new HOA management company. In this first post, we'll focus on four key areas that can cause friction and prevent your community from thriving.
1. Too Much Time Spent on Operational Tasks
When board members are bogged down by operational tasks, it can impede their focus and efforts on larger goals meant to benefit the community. Too much time spent on repetitive tasks and routine paperwork will lead to delays in important decision-making, reducing productivity, and potentially causing frustration and burnout within the board.Tell-tale signs it’s time to consider a switch:
- Financial reports are incorrect and/or not available in real time
- The board spends time tracking invoices or managing payments.
- Meeting agendas and minutes are frequently delayed or disorganized.
- Operational requests (like document access) require repeated follow-ups.
If these signs sound familiar, it’s time to begin a search for a new management company equipped with the right tools, like purpose-built technology that eliminates manual tasks. With automated workflows and real-time data access, CAMs can handle the operational workload efficiently, ensuring that your board can focus on its strategic vision.
2. Lack of Visibility into Community Financials
Few issues can erode trust within an HOA faster than murky finances. When financial reporting is incomplete, delayed, or inaccessible, it disrupts budget planning and key decisions, and can lead to confusion over how community funds are being spent. Without the ability to see precisely how funds are being managed, boards face serious repercussions, from budgeting setbacks to concerns over potential misuse of funds.What to Watch For:
- Monthly financial statements are incomplete or consistently delayed.
- Board members struggle to access up-to-date financial reports.
- "Nickel-and-dime" charges by the management company and uncertainty around how community funds are being allocated signal concerns of fraudulent use of funds.
- Limited channels for the board and residents for immediate support needs.
Your management company should provide immediate access to financial reports and tools that ensure visibility into every dollar. RealManage's platform offers boards 24/7 access to real-time financial data, guaranteeing no surprises. Timely reporting builds trust and allows boards to make proactive financial decisions.
3. Minimal Value Creation for the Community
If you’re noticing that your management company seems content with “just getting by,” it might be time to reconsider renewal. A management partner that adds little beyond the basic everyday operational tasks significantly limits your community’s growth, leaving larger goals around property values and resident satisfaction unmet.What to Watch For:
- Your CAM rarely suggests new ideas to improve amenities or community engagement.
- Strategic goals around property value and resident satisfaction are not being met.
- The management company offers little beyond basic operational support.
Proactive CAM don't just manage—they lead. Equipped with the right experience and tools, a proactive management company will propose new ideas that align with community goals, such as upgrading facilities, enhancing green spaces, and increasing resident satisfaction. They also help execute the shared vision for the community by connecting boards with vetted and qualified vendors, handling large loss insurance claims, and securing the best investments for the community's future. If your management company doesn't offer these value-added services, it may be time to look elsewhere.
4. Lack of Vendor Access and Vendor Management
From landscapers to maintenance contractors, the right vendors keep your community running smoothly. However, some management companies fail to provide boards with reliable access to quality vendors or proactively manage vendor relationships. When critical community projects are delayed or other problems continue to arise regarding vendor quality or services, it’s often a sign of weak vendor management that may jeopardize community health.What to Watch For:
- The board has difficulty obtaining competitive bids for services.
- Vendors miss deadlines, leading to delayed projects.
- Vendor performance isn't regularly evaluated or optimized.
A strong management company maintains a network of qualified local vendors and actively manages these relationships, ensuring projects stay on track and meet quality standards. Boards should not have to worry about juggling bids or chasing down contractors—proactive CAMs handle these tasks, keeping everything on schedule.
Know When It's Time for a Change
Based on these directives and insights, if your board struggles with operational overload, unclear financials, limited community value, or vendor management issues, it's a sign that your current management company isn't meeting your needs. Your community deserves a management partner that empowers the board to focus on strategic priorities while ensuring smooth operations.
RealManage offers technology-driven efficiencies, expert vendor management, and proactive CAMs dedicated to building stronger, more vibrant communities. If your HOA management company isn't delivering in these areas, it's time to consider a change—and RealManage is here to help. Contact us today to learn more!
