As a member of the HOA board, one of your crucial duties is to handle the community’s finances, which includes finding ways to save money. You are responsible for ensuring that the HOA funds are going in the right place and if there is a way to reduce the costs.
Saving money can help build new amenities in the community or start any other beneficial project. For effective money-saving, your HOA can rely on chandler hoa management companies. If you wish to take the step without the help of professionals, here are a few tips that may help you get started.
Tips to save money in your HOA
Digitize.
If you use a lot of printed paper for sending out notices, letters, notifications, or similar things, you probably waste at least a thousand dollars on paper and ink cartridges. Instead, your community can opt for a social media platform or a website where you can send notices and letters at zero cost. You can also upload the governing documents of the HOA so homeowners and potential customers can access them easily.
Review the electric bill.
Some electricity providers may offer discounts for providing electricity on a large basis. If your current electricity company is not providing one, you may reach out to other companies. Finding a discounted price will help you save a lot of money as electricity bills are one of the highest.
Evaluate contracts.
Conducting annual reviews on service contracts may help you identify unnecessary costs. Review all contracts and ensure that your association is getting what it is paying for. If not, it is time to look for another service provider. If you are unhappy with the current services, there is no reason to continue with them. Consider bids and see what the other vendors are offering.
Be cautious about electricity usage.
Even though you cannot find a cheaper alternative, there are still ways you can save electricity only if you are careful. For starters, making sure that the community’s lights in the common areas are turned off when they are not in use can probably save you thousands of dollars on electricity alone.
Hire a management company.
chandler hoa management companies are not just for overseeing your finances and enforcing the HOA’s laws. These professionals can effectively work with the board and give valuable suggestions on saving money. They can replace your current systems with more budget-friendly options. They can also help avoid unforeseen expenses, such as legal guidance, bookkeeping, administrative assistance, etc.
Using these simple tips, your HOA can cut down on various unnecessary expenses and save money for more important things. This way, you won’t have to increase HOA dues and face angry homeowners.
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