5 Advantages of Centralized Property Management
As an association manager, it’s important to understand different models of property management. These models each offer unique benefits for different types of property management, from homeowner association (HOA) management to condominium association (COA) management as well as multi-family properties and turnkey properties. By understanding different ways to manage properties for your clients, you can adapt your business to provide superior service.
One type of property management is known as centralized property management. Centralized property management offers several key benefits over decentralized property management. It can increase efficiency, reduce costs, and make property management easier than ever. For the right properties, this model is an excellent choice.
What Is Centralized Property Management?
First, it’s important to understand what centralized property management means. This term refers to a management model where a large portfolio of properties is managed by a single office, rather than individual offices on-site at each HOA/COA.
Many industries use centralized management to streamline businesses. In property management, there are several benefits associated with a centralized management model versus a decentralized management model. If you have an HOA/COA client with multiple properties at different locations, providing a centralized management solution may be the best way to serve their needs.
Below, we’ve compiled 5 advantages of centralized property management:
Advantage #1. Greater Efficiency
First, centralized property management provides greater efficiency. As an association manager, it’s important to find new ways to streamline your business and provide better service for your clients while reducing costs. Efficiency is key to this.
With a centralized model of property management, you can assure your clients that you’re offering the most efficient management available. Because you and your team will be working from one location, you won’t be spread thin across multiple sites. This enables you to increase overall productivity.
Advantage #2. Easier Communications
Good communication is an essential part of property management, whether it’s a large HOA or a smaller COA. With decentralized property management, there are more people involved in managing properties because each property has its own manager on-site. This creates a much longer chain of communication, which makes day-to-day operations more difficult.
For example, let’s say your clients are performing major renovations on a community space within the association’s property. When there’s one centralized office handling all the management duties, everyone involved in the project is reporting directly to them. Time-sensitive issues are handled faster, with less complication.
Advantage #3. More Reliable
Often, a centralized property management model is also more reliable than other management models. Once again, this is because there’s a smaller, dedicated team handling the responsibilities for the HOA/COA.
With centralized property management, you’re more hands-on instead of spreading the work out across multiple employees. This helps you build your clients’ trust. Operating from a centralized model can mean you’re more reliable as a company because your focus is concentrated in one location.
Advantage #4. More Accurate Reports About The Property
Centralized property management can also result in more accurate reporting. Although you may not have individual managers on-site every day at every one of your client’s locations, the information you process for your clients will be more accurate because there are fewer people involved. After all, fewer people means less room for human error.
Whether it’s a financial report or an update on construction projects, your clients can trust that they’re receiving information from you and your team directly, not a large network of temporary or part-time employees.
Advantage #5. Team Accountability
Finally, centralized property management encourages greater team accountability for your association management company. When everyone in your company is working in one centralized location, you’ll form a stronger bond as a team.
This means you’ll be more likely to motivate each other and hold each other accountable. This increased unity will help your company succeed and offer the best possible service to your clients. It also promotes creativity, problem-solving, and innovation within your management business.
Use CINC Systems for Centralized Property Management
If you’re considering a centralized property management model, try CINC Systems. The CINC Systems platform is an excellent choice for any HOA/COA manager, with powerful tools and unique features that can be customized for any management model.
With CINC, you’ll receive three different software platforms in one. CINC Systems helps management companies operate more efficiently, lower costs, and expand their business. For centralized property management, CINC Systems offers:
Integrated Banking Features
With integrated banking features, you can sync all your client’s bank accounts in one convenient software dashboard. This allows you to monitor financial transactions in real-time and see your client’s account balance adjust accordingly.
Integrated banking is an excellent choice for centralized property management because it applies many of the same principles to banking, creating a central dashboard for accounts. It’s an easy, convenient way to help manage your clients’ finances.
Property Management Tools
CINC Systems also offers an array of online property management tools. For example, CINC Systems gives you the ability to create web portals for your clients. With a web portal, you can process work orders online, collect fees, and distribute information to residents.
You can also use CINC Systems to track late fees and violations, upload property photos, manage projects, and more.
Finally, CINC Systems offers cloud accounting for centralized property management. These features allow you to manage your client’s finances from any location; you don’t need to be on-site to collect checks, pay bills, or balance the books.Plus, cloud accounting ensures that your client’s financial data is stored safely on highly secure, encrypted remote servers.
Try A Free Demo Today
To see how the CINC Systems platform can assist you with centralized property management for your HOA/COA clients, click here to request a free demo.
Related Frequently Asked Questions
- How Can Association Management Companies Working with HOA/COAs Benefit from Association Management Software?
- Top 10 Tips When Managing HOA Accounts
- How Association Managers Benefit from CINC’s Accounting Software
- What Is Association Management Company Accounting Systems?
- Is My Association Management Accounting Data Safe When Using Software Tools?