10 Reasons Why You Should Manage Associations with a PMI Franchise
Association management is rapidly becoming one of the most exciting sectors of the property management business. If you are in property management, you need to add this category or pillar of property management to your portfolio mix. If you are looking at getting into the association management business, there is no better time and no better place than with a Property Management Inc. franchise. PMI has the technology, support, and training you can use to start profiting from this business now.
Here are ten reasons why you should start a PMI franchise in the association pillar:
- Earn $10-16 per unit of each association you manage.
Association management is a growing and profitable opportunity within property management. Currently, 24% of all properties in the United States are managed by associations. Over $25 billion in assessments are collected annually and there is always money to pay the manager of the association. Depending on the services you provide for the association, you can make $10-16/ unit/month. 30-40% of all communities are self-managed by an association board made up of residents who live in the community. They need help and when you can show them the PMI options for collecting HOA fees, online reporting and coordination for accounting and vendors who need to do work, they will want to switch to use your services.
- Most states don’t require a license to manage associations.
The barrier for entry into the association pillar is easier to pass through because most states don’t require that you have a real estate license to manage associations. As a result, you can start faster and add HOAs to your property management portfolio. Some HOAs are managed by other property management companies and it may take some time to develop relationships with the association board members before you can manage their units, but other self-managed associations will be ready to start utilizing your services right away. In other cases, you may have to wait until an existing contract is completed.
- Profit from 16+ revenue streams customized for association managers.
PMI teaches franchisees 16+ revenue streams to profit from as they start their association pillar business. There are numerous services you can offer to associations, including management fees, project management fees, extra visits with association board members at an hourly rate, title requests, storage fees, vendor markup fees, and often projects that you undertake at the request of the association board. PMI will help you present and close contracts with these options so you can run your business more profitably as a result. More and more association boards are looking for a professional partner that can help them and PMI’s options, branding and technology platform will help you close more deals.
- Powerful technology and software platform provide a one stop source for detailed information allowing you to manage a better experience for association boards and residents of communities.
PMI’s software and technology platform allow you to provide association board members a place to see what’s happening within the association with just a few clicks on your web site. They can also submit questions for upcoming board meetings and see the upcoming meeting agenda from templates and forms that you’ll get as part of your PMI association franchise. With the proprietary systems and technology PMI will help you employ in this pillar, you’ll be able to help association boards better manage their communities and have more time to do what they want to as residents, not managers.
- Provide a service that association boards and residents desperately want and need.
Association board members who are also residents of the community don’t like any friction that can result from confronting their neighbors when their home or yard are not in compliance with the association rules and guidelines. When PMI takes over a new association we work hand in hand with the Board of Directors to determine which delinquent accounts should be pursued. Then, you can communicate with the residents and they can either pay o their account, or set up a payment plan. If they do not comply with these attempts, then they will be handed over to a collection attorney for filing of a lien and collection of funds. PMI will maintain constant contact with the Board of Directors through this entire process. These services are critical to the success of the association. Now, you can help the board do what needs to be done with proven processes and systems.
- Gain a powerful advantage in your market with access to leads in the residential and vacation pillars as well.
The growth of associations has exploded in recent years. In 1970, there were only about 10,000 communities in the United States. Today, there are more than 450,000 community associations with more than 26.3 million units under management. As was mentioned earlier, most new housing developments have HOAs and builders and residents want to maintain their communities with clear guidelines and expectations. PMI is constantly seeking to refine and integrate better technology and systems so that franchisees in the association pillar can get even better results. Join PMI before another sharp property manager acts on the opportunity to market and manage associations in your area.
- Have better accounting and reporting available for association boards and residents of the community.
PMI’s software allows you to provide accurate accounting that can keep residents informed, help association board members make good decisions about financial expenditures, and stay on top of assessments and improvements for the community. On the 15th of every month (with an option to receive daily updates), association board members will receive a full financial report for the previous month, and YTD reporting. These reports include profit and loss statements, balance sheets, delinquency reports, bank reconciliations, and bank statements. As a result, homeowner and association board members can access accurate information through online portals on your web site.
- Use current and updated strategies as the association business changes.
The association business is a rapidly evolving business. Change happens every day. With PMI, you’ll ensure that you will stay on top of what works. You’ll stay current and be implementing the best strategies before most other association property managers even know they exist.
- Manage your business better without neglecting important details.
Association property management has many moving parts. It can be easy to get overwhelmed and neglect important details with accounting and maintenance. As a result, property managers who jump into this business without knowing how to run it quickly find that they also end up neglecting their business. Don’t make that mistake. Join the leaders and top property managers everywhere who are making the shift to a PMI franchise.
- Develop relationships that will help your business grow.
Association communities continue to grow. You can be the one that solves problems and makes the lives of your association boards and residents of those communities easier all over the world.