An HOA board of directors is the governing body of a residential community. The purpose of an HOA board is to make and oversee decisions regarding community assets and regulations. Most HOA boards are non-profit organizations where each board member serves based on trust. Fiduciary duty requires board members to uphold that trust by acting in the best interest of the community.
If you’ve been in business, even for a short amount of time, you’ve likely heard the terms EFT and ACH thrown around. You may have even heard them used interchangeably. But the truth is, while both of these acronyms represent a type of money movement, they are technically not the same. Here are a few important facts to keep in mind.
One of the keys to success in an industry that’s as fast-paced as commercial property management is staying abreast of the latest trends. Things evolve at a rapid rate, so the ability to shift gears and address the changing demands is essential to remaining competitive. To make things a little easier for you, we’ve done some of the legwork and uncovered four commercial property management trends that we think should be on your radar. Take a look below.
Your HOA board plays a key role in both the short and long term planning within your property management business. In order to fulfill their responsibilities, board members must have access to certain information. In particular, they need details on company financials.
These days, it’s all about the data. And boy, is there a lot of it. In fact, there are 2.5 quintillion bytes of data created each and every day. The problem with that volume of information is that it’s hard to narrow it down to what’s important. And this is a big deal, because if you’re not working with clean, reliable data, it could be costing you money.
Any seasoned executive knows that staying on top of debt collection is critical. Letting accounts go past due and allowing invoices to go unpaid is counterproductive to the success of your property management business. Part of the problem is that many otherwise savvy business professionals fall victim to certain myths and mistruths surrounding accounts receivables. Let’s take a look at a few of these myths and the truth behind them so you can start turning things around ASAP.
How prepared is your property management company for tax time? It’s important, because just one single error could cause infinite and costly headaches down the road. This, coupled with the fact that others are relying on you for timely, accurate records, and this time of year can seem like a nightmare to some. The good news is, with the right strategy, you should be able to get organized enough to make tax season a smooth, stress-free experience for everyone. Here are a few expert tips to get you started.
According to a recent survey, one of the biggest challenges property management professionals face on an ongoing basis is keeping operating costs at a minimum. Obviously, the less you spend to run your business, the more profitable it will be, but knowing that and actually accomplishing it are two entirely different things. Thankfully, we’ve been at this for quite some time and have picked up a few expert tips and tricks along the way. Let’s take a look at a few areas where you can start cutting costs and run a leaner operation moving forward.