Ten Ways for Your Homeowners or Condominium Association to Save Money and Increase Cash Flow

March 15, 2011 - PRLog -- Atlanta, Georgia–If your Atlanta community association is worried about making ends meet in this economy, you are not alone.  But a little creativity and hard work can mean the difference between your Association being able to stay within its budget or falling behind in its bills.   Here are ten things you can do right now to increase your Atlanta community association’s cash flow

1.  Go Paperless. Atlanta community associations with their own website can save hundreds of dollars a year on printing, distribution costs and handling fees to management companies  and can use the website and e-mails for announcements and billing. To reduce paper waste and save the cost of stamps, envelopes and paper, many Atlanta community associations are using the internet to deliver updates to owners instead of mailing newsletters and announcements that end up in the trash.  Associations can charge a small monthly fee for those people who still wish to receive a paper copy in the mail.  Boards can also reduce copying and printing costs by opting to receive monthly financial reports from their Atlanta professional association management company via email, Atlanta homeowners and condominium associations can save hundreds of dollars a year.

2. Give Homeowners With Multiple Payment Options. Providing multiple payment options to homeowners can result in a significant increase in your Atlanta homeowners or condominium association’s cash flow. When you give homeowners the option to pay with a credit card, an E-check, or recurring debit or ach, you make it easier for owners to pay their dues.  Some owners hate writing checks or frequently travel for leisure or business and want to earn miles on their credit cards, or they need to tap into their credit line to pay a special assessment so make sure you provide owners with multiple payment options.

3.  Re-bid Your Vendor Contracts Annually. Rebidding you vendor contracts is a great tool for reducing annual contract costs.  If you are happy with your current vendors, let them know if you receive a lower bid and give them the opportunity to match or beat the competitive bids.  Most vendors want to keep business they have already earned and will work hard to reduce costs when faced with competitive bids.  Make sure you are getting the best service for the money you are paying for services and avoid contracts that auto renew or can only be terminated for cause.

4.  Manage Your Legal Costs. Legal costs are the most likely expense to get out of control.  Oftentimes Boards think that all possible legal expenditures are justified, when they are not.  If you have a seriously delinquent homeowner who may file for bankruptcy or have his house foreclosed on, it may not pay to begin a protracted lawsuit.  A lien may be the most cost efficient and economical solution to preserve your rights against the owner.  You may be better of trying to work out a payment plan with delinquent owners than throwing good money after bad money to cover legal fees.
5.  Control Lighting Costs. Put indoor and outdoor lights on timers or motion detectors to save money and electricity.  And make sure you are using energy efficient light bulbs.  Compact fluorescent (CFs) bulbs use 70% less energy and last years longer than traditional incandescent bulbs. They usually work with existing fixtures and the brighter light they cast enhances security.  Since CFs last ten times longer than incandescent, labor cost savings are significant as well.

6. Landscape to Save Water & Maintenance Costs. Save on water and maintenance costs by replacing your lawn sprinklers with drought-tolerant ground covers where possible. Consider adjusting the sprinkler timers to water one less time a week or better still, install a rain override detector.   Have your landscaping company check your sprinkler heads to make sure you have energy efficient heads.  Consider repositioning sprinkler  heads to remove overlapping sprinklers and eliminate over-watering.

7. Control the Thermostat. Make sure the thermostat in your Atlanta community association’s fitness centers and clubhouse are on fixed or timed settings.  Ask your HVAC contractor to install a lock or other device on your thermostat to limit the amount the thermostat can be adjusted.

8. Negotiate Volume Discounts and Association Rewards for Waste Removal, Cable-TV, Internet and Phone Service. Save your homeowners money and get a reward in return for contracts negotiated on behalf of the association.  Many Atlanta neighborhoods get a monthly check from service providers simply because the association negotiated a volume discount on behalf of the community’s owners.

9. Consider Selling Access to Your Pool or Tennis Courts. Many communities offer seasonal pool and tennis passes to non residents to generate additional revenues for their association.   Or consider selling additional parking spaces to owners who need additional parking spaces.

10. Invest in Preventive Maintenance. Don’t overlook the savings that comes with properly maintaining your association.  Address maintenance issues early on when they are manageable to avoid bug ticket repairs later on.  Develop a regular maintenance checklist and periodic inspection schedule.   Making necessary repairs will save your Atlanta community association money in the long run.

Riverside Property Management is a Homeowners and Condominium Association management company management company proudly serving Roswell, Alpharetta, Buckhead, Marietta and all of North Georgia. Riverside is also an expert Georgia association management company and high rise Atlanta association management company. To find out more about Riverside Property Management and why it is one of Georgia’s fastest growing property management companies, go to www.riversidepropertymgt.com. You’ll be glad you did.

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Riverside is a full service HOA and condo association management company serving metro Atlanta. Riverside leads the industry in customer satisfaction and is the fastest growing hoa and condo property management company in Georgia .