As our HOA communities grow and develop, so will the need for property management companies. In this day and age, the growth of HOAs is increasing at an unbelievable rate. Did you know, Homeowners' Associations in the United States number 351,000, with an average of 22 new associations forming daily? In addition, property management companies have also seen a growth rate of 2.5% within the last few years!
Another significant part of a property management company's success is the property managers that oversee their clients. Depending on the size and type of management company, property managers can be responsible for as many as 6-15 communities at one time. Not to mention the day-to-day operations, communication, and the vast number of meetings required to do their job. Property management companies that take more of a team approach will often divide managers into teams of 5-6 to oversee as many as 50 associations at one time.
When managing multiple properties under one roof, the expectation level can be overwhelming and often different for every management company.
Take, for example, the idea of a school. You have the principal (the management company). Your vice-principal (a leading manager that oversees multiple managers), next is the teachers (the property manager), then the PTA (the Board of Directors), and finally the students (the HOA community members).
As a property management company, the example of a school structure is multiplied by 10, leading to more time and money. An advantage to management software is that it allows you to manage your communities in a more data-driven and productive way, all while saving time and cost in the end.
Collecting data is another considerable perk that comes with creating a data-driven property management company. Collecting data allows a management company to obtain accurate data across all communities and locations. In addition, the amount of research and collective data that are obtained can be utilized to provide a better experience for their clients.
As a way to better understand the importance of a data-driven management company, let's explore TownSq Business — a data-driven enterprise solution built specifically for property management companies and their communities.
TownSq business works as a platform that allows managers to manage their entire portfolio from one application. Being that most managers and management companies are known to manage multiple communities simultaneously, TownSq Business enables management companies to integrate TownSq into their clients' HOA business. As a result, all parties including the HOA and property management company are integrated as one.
TownSq business works as a one-stop headquarters for all your HOA management needs. TownSq works as a centralized place where managers are able to visualize and access all information in one place vs. having to manually gather every community's information. Unlike typical management software, TownSq Business takes into consideration the factor of convenience and optimized performance.
One of the largest struggles that property managers often face is the lack of streamlined communication and time spent creating announcements between multiple properties — especially when the announcement is the same one for every property. The purpose of TownSq business is to not only help eliminate this problem but also help all parties involved streamline communication between different properties — no matter the circumstance or geographic restriction.
The benefit of data intelligence allows management companies to track managers' performance and satisfaction, along with their performance as a manager of their community. Tracking KPI's are a large part of the success that leads to managing a well-rounded property management company.
Tracking metrics - KPI (key performance indicators) are metrics that help manage and measure a company's performance. These are important for a data-driven management company.
When it comes to tracking metrics, it's important to take specific factors into consideration — one of which is establishing a list of KPIs that will be most important to your business and community.