How to Grow an HOA Management Company Without Adding More Staff
How do you grow your homeowners’ association (HOA) management company without adding more staff? Sooner or later, you’ll be asking yourself this question. Good HOA managers eventually reach a point where they’re ready to take on more clients and expand their profits.
However, hiring new staff isn’t always the best move for your business. Growing your company can be like balancing on a tightrope. If you bring on a new staff member before your company can sustain them, your growth will flatline or potentially even backslide. A new hire can help you gain new clients. But the income these clients generate may not be enough money to cover the employee’s salary — or they may cover it, but leave no profit for the company overall.
Expanding your HOA management business without adding new staff is a common question. There’s no universal answer. Every HOA management company is different, so the way you guide your company may not work for someone else, and vice versa. However, there are certain strategies that anyone can implement to grow business without hiring.
Try these five strategies to expand your association management company without hiring new employees for your business.
#1. Change Your Pricing
Begin by looking at your price model. Increasing your prices can make a significant impact on your company’s profits. Similarly, offering a discount or other promotion to new clients can help you acquire more business. These are simple yet highly effective steps.
Look to your competitors. What do other HOA management businesses charge in your area? Do your competitors manage associations that are more or less the same size as your clients? Do you have the same job duties and provide the same services? Try to gather as much data as you can about other association management companies.
Then, it’s time to tweak your pricing. Determine how much you can reasonably raise your prices without upsetting your clients or scaling back on the services you provide. Depending on how many clients you have, you may only need a small price increase to see significant results on your bottom line.
#2. Rebrand with a Specialty
Next, consider rebranding. What sets your HOA management company apart? Most association management businesses offer the same services for their clients: financial services, logistics, operations, and project management for the association and its members. How can you make your approach to these services unique?
For example, if you live in a region that experiences severe winter weather, you could learn about “winterizing” HOA properties and make this your specialty. Then, rebrand as a company that specializes in managing associations during snowstorms and other extreme conditions. Alternatively, your specialty could emphasize some aspect of your company’s “personality,” such as friendly service.
It may take you some time to experiment with your company’s brand. Before rebranding, ask trusted friends, family members, and colleagues for their opinions. You could even do an online poll on social media.
#3. Implement a New Marketing Strategy
Whether or not you decide to rebrand your association management company with a specialty, one way to grow your business without adding more staff is through marketing. A new marketing strategy can be one of the most powerful, effective ways to grow your business.
Depending on your budget, consider buying ads in trade publications in your local market. You could also research the locations of new housing developments and pay for bench ads nearby. This is an opportunity to get creative and think outside the box for how to grow your HOA management company without adding more staff.
If you don’t have the funds for a whole new marketing campaign, you can still grow your company through social media. Create social media accounts for your business and start posting content that relates to your target audience. This can be one of the best ways to acquire new clients.
#4. Build Your Professional Network
You can also help your business expand by building your professional network. Get involved with your community chamber of commerce or attend local networking events. Most regions have regular meetups for entrepreneurs and small business owners, so don’t be shy.
Additionally, you can reach out to vendors who work adjacent to your industry. For example, get to know local carpenters, electricians, plumbers, landscape gardeners, and other individuals whose work relates to homes and apartment buildings. Let them know you’d like to hire them when your clients need work done. This will encourage them to refer you to any associations they may come across in their own line of work.
Some HOA managers also have success networking with real estate agents who specialize in association properties and condominiums. Get to know the brokers in your area. Then, they’ll think of you when one of their clients needs a manager.
#5. Invest in Software
Finally, make sure you’re working smarter, not harder. One of the best ways to do this is to invest in association management software like CINC Systems. With CINC Systems, you can automate many of the daily tasks involved with managing your clients’ HOAs.
For example, CINC Systems allows you to create an online web portal for processing resident payments and work orders. Residents can pay fees and submit work order requests electronically. Then, you can process these items automatically. This is a huge time-saver because you won’t need to go to the bank or deal with excess paperwork.
By reducing the time spent on “busy work,” you free yourself up to do more for your existing clients and add new clients to your roster. This is one of the most effective ways to grow your HOA management company without adding new staff. The price of new association management software is well worth the investment.
Grow Your HOA Management Company with CINC Systems
When you’re ready to grow your association management business without expanding your employee payroll, make the switch to CINC Systems. CINC Systems gives your company powerful tools to work more efficiently and increase profits. Click here for a free software demo.
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