3 Key HOA Financial Management Tips to Save Money

Proper HOA financial management is essential for Aurora, CO communities because it keeps your community running smoothly and improves resident satisfaction. Not only does it enable you to run your community association more successfully, but it also helps you avoid raising annual dues — a move that all of your neighbors will appreciate. If you’re looking for ways to reduce costs and keep your expenses under budget, here are a few easy yet crucial financial management tips that can save your HOA money.

1. Adjust Energy & Water Usage

Review your community’s electricity and water bills, and see if there are any ways for you to save. Depending on where your community association is located, you may be able to shop around for providers and negotiate discounts this way. If you’re happy with your provider or only have one option, reducing your energy and water usage can help you save hundreds each month. Switch to drought-tolerant landscaping or water your landscaping at night to conserve water and reduce costs. Turn on indoor common area lights only when necessary, or utilize motion sensors, so lights are only turned on when someone is actively using a specific amenity. Adjust outdoor lighting according to daily sunset times to reduce unnecessary electricity usage, or consider switching to solar power. Implementing some of these simple steps will save your HOA considerable money each month by lowering utility bills.

2. Perform Routine Maintenance Checks

Another way you may be spending unnecessarily is through inefficient, outdated, or just plain broken fixtures. Have your preferred vendor routinely check pipes, plumbing fixtures, windows, and HVAC units to identify any issues causing higher-than-normal utility bills. Fixing any small leaks can add up to substantial water savings, and upgrading to energy-efficient double-pane windows can conserve heat and reduce electricity and gas bills. You should also double-check your meters and ensure that there are no discrepancies between the amount of energy you’re using and the amount you’re being charged each month. 

3. Hire an HOA Management Company

If you feel that your community association’s financial dealings are more complex than your board members can handle, consider hiring an HOA community management company. Most HOA management firms also offer HOA financial management services, so you can focus on the bigger picture and leave the finer details to trained professionals. At The Management Trust, we offer independent financial management services and full-service HOA management. Whether you need annual budget preparation, vendor billings management, fund management, collection services, or all of the above, you can rest assured that your HOA is in good hands with The Management Trust’s expert team.

If your Aurora, CO community association could benefit from professional financial management for 2022, consider the industry-leading experts at The Management Trust. Our community association financial management services are not only included as part of our full-service HOA management program, but they’re also offered independently to community associations requiring only financial management. All of our financial operations are SSAE 116 compliant and are highlighted by our TrustLink proprietary software. To learn more about how The Management Trust can help your HOA thrive, give us a call at (303) 750-0994 or fill out our online contact form today.