Guides Blog

The Revenue Revolution: Finding New Income Streams in Community Association Management - CINC Systems

CINC SYSTEMS — Thu, 30 Nov 2023 05:00:00 GMT

Introduction

In today's evolving landscape of community association management, the reliance on base management fees is no longer as sustainable as it once was. Management companies are facing increasing financial pressure as these fees fail to cover the growing demands of their services. In this ever-changing environment, the question that looms large is, "Where can we find more revenue?" The need to explore innovative avenues for revenue generation has become imperative, leading management professionals on a quest to discover new and sustainable sources of income. This comprehensive guide will offer insights, strategies, and solutions to unlock fresh revenue opportunities within the realm of community association management.

Condo and HOA Emergency Management

CINC SYSTEMS — Mon, 08 May 2023 04:00:00 GMT

Business Continuity: Finding Success in the Face of Crisis

Pandemic. Polar Vortex. Wildfires. Hurricanes. Tornados. Earthquakes. Protests. These are just a few of the disasters community associations in America have had to contend with in recent years. If a community association you manage were to encounter any one of the above, would you be prepared?

Ultimate Buyer's Guide: Association Management Software - CINC Systems

CINC SYSTEMS — Mon, 08 May 2023 04:00:00 GMT

Introduction

Finding the right association management software solution to power the long-term growth of your association management company can be overwhelming. That being said, the predicted growth of HOAs in the US creates a huge opportunity for a business like yours. That is why association managers are quickly realizing how imperative it is to invest in software that is capable of not just scaling, but accelerating growth.

SaaS-Based Solutions will Put You On Cloud Nine - CINC Systems

CINC SYSTEMS — Sun, 07 May 2023 04:00:00 GMT

The world today is heavily reliant on technology, so choosing the right software solution for your property management company is crucial. But with how advanced software has become, it can be difficult to determine what a solution should include. You’ll want to consider the benefits it can provide for you, your staff, and your homeowners, on top of basics like cost reduction and long-term success.

Budget like a Boss: Tips and Tricks for Community Management Executives - CINC Systems

CINC SYSTEMS — Sun, 07 May 2023 04:00:00 GMT

Introduction

By the end of the summer, management companies across the United States embark on a dreaded annual task: the budgeting process. It’s challenging enough to manage budgets for each and every homeowner and condominium association within a portfolio. How would you have time to budget for your own organization on top of this monumental effort? The unfortunate answer? Most don’t.

According to our 2022 State of the Industry Report, only 23% of management companies reported a formal budgeting plan for their organization. This small percentage is mostly comprised of larger management companies with over 50 associations; small-to-medium-sized businesses are far less likely to keep and maintain a budget. But if you’re pursuing business growth in community management, a budget is a non-negotiable need. You’re the boss, after all: it’s time to budget like one.

In this guide, we’ll begin with an outline of how to prepare a budget with ease for your community associations. This section will help you keep budgets well organized for your clients, improving speed and efficiency for you and satisfaction for your boards. Then, we’ll dive into your own budget. We’ll discuss some basic tips for overall budget management, how to plan for your growth in the upcoming year, and common mistakes made in budgeting within community association management.

Association Board Reporting - CINC Systems

CINC SYSTEMS — Mon, 17 Apr 2023 12:59:00 GMT

Association board reports are central to the success of your association management company. These reports help you oversee the financial underpinnings of your entire association portfolio. They also help your managers reassure their clients that they are doing everything they can to help the associations thrive.

Association Management and HOA Audits - CINC Systems

bop-admin — Mon, 17 Apr 2023 04:00:00 GMT

Association management companies should perform HOA audits at a minimum of every few years, even if their state or the community’s governing documents do not require them. Not every state requires an annual audit; however, beyond community bylaws, there are situations where an audit may be necessary or requested.

HOA Account Managing vs. Self-Managing - CINC Systems

bop-admin — Mon, 17 Apr 2023 04:00:00 GMT

When it comes to homeowners’ association (HOA) management, you basically have two choices: you could hire a property management company to oversee your association’s daily operations, or you and your co-board members could try to manage your HOA yourselves.

Scalability and Profitability - CINC Systems

CINC SYSTEMS — Mon, 17 Apr 2023 04:00:00 GMT

Growth and scalability go hand in hand. Scalability must accommodate growth to reach profitability. Your business must be able to withstand pressure from growth without being impeded by structure or resources. Technological advancements have made scalability more popular due to its ability to increase business efficiency and ease communication.

HOA Accounting Terms You Should Know - CINC Systems

bop-admin — Mon, 17 Apr 2023 04:00:00 GMT

Whether you are the CEO of a management company that controls dozens of HOAs or a board member of a small community association, your organization’s financial success may depend on your ability to communicate effectively with your accounting team.