The landscape of community association management is evolving, and as we enter 2024, management company executives are presented with an unprecedented challenge – are management fees enough to sustain profit?

The revenue revolution is underway, meaning that business owners need to be a little more creative in their approaches to driving growth – especially as insurance costs and other expenses continue to rise. So if you’re looking for some inspiration on how to jump-start your revenue for 2024, try these ideas:

1. Increase App Adoption: Increase the number of homeowners who utilize their mobile apps for payments. This improves efficiency for your organization and reduces customer service time. What’s more, your associations receive funds faster and you don’t have to pay for so much paper!
2. Charge Mailing Fees: Speaking of paper, why pay for it at all? Charge boards for mailing fees, including postage, envelopes, and more.
3. Board Meeting Minutes: Be sure you’re charging your boards if your managers stay past the agreed-upon time-frame for a board meeting, or if they want to meet with their manager during off-business hours.
4. Addendum Billing: Automate your addendum billing so that you’re consistently billing for all the fees owed to your organization without having to consider every single cent yourself. Our tool, RevStream, has improved revenue for companies by up to 30% per year.
5. Evaluate Manager Efficiency: Where is your management team spending more time than needed, and can their work be automated? Use project management tools such as CINC’s Portfolio Manager to review the project workload and efficiency of your team.
6. Resale Packages: Resale packages offer pertinent information about the association to the homeowner, including financials. This is a common tool used by management companies to generate extra revenue while providing necessary information.
7. Diversify Products/Services: Is your management company proficient in accounting, or can you offer pay-per-use services for your homeowners? Consider ways in which you can diversify your offerings based on specialties within your organization.
8. Increase Digital Brand Presence: Boosting your brand will surely lead to boosted revenue! Enhance your online brand presence through digital marketing tactics that are easy to implement, such as a custom-branded website and mobile app.
9. Exclusive Vendor Partnerships: Establish exclusive partnerships with vendors, such as landscaping or maintenance services, negotiating deals that benefit both your management company and the vendors.
10. Online Education and Workshops: Host online educational sessions and workshops for board members, covering topics like governance, financial planning, and community engagement. Charge a fee for participation.
11. Elevate the Customer Experience: Prioritize exceptional customer service to enhance the overall customer experience, leading to positive reviews, referrals, and repeat business. Measure your success through common customer service strategies, such as an NPS score.
12. Go Mobile First: Prioritize mobile solutions for your management team. When they can do everything on the road, it saves them time and keeps them focused in the community with their homeowners, therefore increasing customer stickiness.
13. Research AI Tools: See what AI in the CAM space – such as CINC’s Sunny AI – can streamline processes and enhance efficiency while also improving the homeowner experience. It’s yet another way to boost your brand’s reputation and increase retention.
14. Customer Referral Programs: Encourage customers to refer your business by implementing referral programs, rewarding both the referrer and the new customer.
15. Revenue Share: Generate a new stream of revenue through a share on a third party integration, such as e-voting and accounts payable.
16. Rental Management: If you’re finding that many owners within your association are renting out their properties through short-term or long-term services, consider charging for the management of the rentals as a new stream of revenue for you.
17. Invest in Management Certification: Employee turnover is extremely costly on any business. Show that you’re invested in your managers by supporting them in certification programs – and that PCAM will only help your organization’s service and reputation!
18. Virtual Assistants: Consider which administrative functions can be outsourced to a virtual assistant, which keeps productivity up while dramatically reducing labor costs.
19. Automated Reconciliation: Reduce chances for fraud, human error, and time by ensuring you are able to automate your budget reconciliation on a day-by-day basis.
20. Emergency Preparedness Planning: A natural disaster can be extremely costly if an association isn’t ready for the unplanned. Ensure that everyone has a solid emergency preparedness plan so that you protect your bottom line.
21. Invest in Marketing: Many management companies have been increasing their marketing spend to be more competitive in this growing industry. Use our ultimate marketing guide to help you build a proper plan to grow your business, and if you’re a CINC client, ask us about our CINC Community services.
22. Keep Fraud in Check: One of the most financially disastrous event that can happen to a management company is a cyberattack. Ensure that you are keeping homeowner data secure, and that your team is properly trained on working in a secure fashion.
23. Let Go of the Unmanageable: While portfolio growth is important, sometimes an association just isn’t the right fit. Don’t be afraid to let go of a client who is causing unnecessary time and stress – which leads to unnecessary costs.
24. Focus on Community: Finally, remember why we’re here – to make community living a great experience. Focus on ways to enhance homeowner engagement and work within your local communities to drive camaraderie that leads to greater client retention and brand awareness.

The Revenue Revolution in HOA/COA management for 2024 is about embracing innovation, community engagement, and value-added services. By incorporating these 24 strategies into your management approach, you can navigate the evolving landscape and position your management company as a leader in revenue generation and community satisfaction. For more in-depth ideas on revenue generation, check out our comprehensive guide.