Running a Management Company

As we find ourselves nearing the halfway mark of 2024, it’s a perfect time to evaluate where we stand with our business goals. Whether you’re surpassing expectations or facing challenges, the second quarter presents an opportunity to pivot, innovate, and drive revenue growth for your community association management company. Based on our 2024 State of the Industry results and spring and summer trends in the CAM space, we’ve compiled a simple three-step plan to get you ready to take your second quarter to a whole new level.

1. Embrace Self-Service Tools for Homeowners

One of the most effective ways to increase efficiency and client satisfaction is by offering self-service tools for homeowners. By empowering homeowners to manage their accounts, submit maintenance requests, and access information online, you can significantly reduce the workload for your managers. This shift allows managers to focus more on engagement and personalized service – after all, managers would much rather receive a phone call from their boards on how to create a killer summer event versus how to pay a bill!

Action Steps:

  • Evaluate Current Tools: Assess the self-service tools you currently offer and identify areas for improvement or additional features. Do you regularly promote your homeowner and board app so that homeowners can self serve reservations, e-voting and more? Or, do you even have such an app to promote?
  • Showcase New Features: With the launch of CINC’s Cephai artificial intelligence – available for free in our apps – every homeowner can have their common questions answered in easy-to-use generative AI. This is something that managers should be loud and proud about, regularly showcasing in board meetings and helping boards create promotional communications through their CINC Community marketing portal.
  • Promote Adoption: Educate homeowners about the benefits of these tools through email newsletters, tutorials, and workshops. The spring and summer season is a perfect reason to highlight reservations booking, which will significantly reduce time for managers. You can also have some fun with digital engagement to bolster spirit for the new season, such as using your online survey tools to vote for the best-looking summer yard.
  • Sell Self-Service: Finally, the self service mobile tools you are able to offer to your homeowners and board members should be included in all of your sales pitches to prospective clients. Showcase them in your pitch deck, and send out emails to your prospects to highlight how you use these tools in your community during the spring and summer season.

2. Evaluate New Revenue Opportunities with Self-Service Accounting Tools

Another way to boost revenue is by leveraging self-service accounting tools that uncover hidden revenue opportunities. For instance, CINC’s RevStream offers addendum billing features that help identify revenue opportunities through vendor relations. By automating billing processes and tracking vendor expenses, you can identify areas where additional revenue can be generated, such as vendor rebates or discounts.

Action Steps:

  • Audit Current Processes: Review your current accounting processes to identify inefficiencies or missed revenue opportunities. Ask your accounting personnel which processes in Q1 were eating up their time and potentially leaving room for human error.
  • Monitor and Optimize: Regularly review reports generated by tools such as CINC’s RevStream to monitor revenue growth and identify areas for optimization. See where you are not accounting for billing owed to you by vendors, and create action plans to get what’s properly owed to you.
  • Brainstorm New Revenue-Generating Ideas: Have you taken advantage of all the ways in which you can drive revenue for your organization? Do you, for instance, take advantage of automated online resale processes, or are you correctly charging your boards for overtime? Brainstorm with your team a few ways in which you can drive more revenue within your organization through quick and efficient ways that can grow your bottom line while also implementing better operational procedures.

3. Spring Clean Your Business

Finally, a new quarter means that you have the ability to clean up some processes that bogged down you and your team over the previous quarter. This exercise will keep you focused on your 2024 goals while also clearing out the noise that erupts with common daily interactions. This is also a great time to review previous and set new quarterly goals with your team. Consider factors like budget, revenue projections, portfolio growth, and client satisfaction when setting these goals. Engage your team in the goal-setting process to ensure alignment and commitment.

Action Steps:

  • Reorganize. Evaluate your workspace, segment email lists, and clear your inbox. These simple tasks don’t just result in a clean desk, but a clear mindset to keep you motivated and focused for the remainder of the year.
  • Focus on summer preparations. Summer is just around the corner, and with it comes increased demand for community services and activities. Ensure your community managers are prepared for the summer season with routine maintenance plans and safety guidelines. Use digital communications to keep homeowners and board members informed and engaged as well – after all, this is the season where community engagement is at an all-time high!
  • Regroup with your software provider. Finally, now is the perfect time to meet with your account manager to recap your Q1 and discuss what’s in store for Q2. Ask them for feedback on your performance, see if you’re properly taking advantage of all the technology available to you, and learn about upcoming product launches that can bolster your organization’s reputation and your ability to drive revenue.

The second quarter presents a valuable opportunity to drive revenue growth and enhance client satisfaction for your community association management company. By embracing self-service tools for homeowners and leveraging innovative accounting solutions like CINC’s RevStream, you can unlock new revenue opportunities and streamline operations. Set clear goals, optimize processes, and prepare for the upcoming summer season to maximize revenue and ensure success in Q2 and beyond.

For more on how to focus on revenue growth for your community association management company, check out our list of 24 ways to drive revenue in 2024.


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