Why Choose Self-Management for Your Community Association?
As a community association board member, you’re entrusted with making the best decisions for your residents. One of the biggest choices your association will face is whether to be professionally managed or self-managed. While self-management comes with its unique set of challenges, it also offers incredible benefits for communities willing to take control of their own operations.
Benefits of Self-Management:
Direct Control – With self-management, your board can have more direct control over decision-making, allowing you to implement policies that reflect your community’s needs and values more quickly and efficiently.
Cost Savings – By opting to self-manage, your association can save on fees typically charged by management companies, keeping more money in the community’s budget.
Closer Community Engagement – Self-managed boards often foster closer relationships with residents, building a greater sense of community and collaboration.
Challenges of Self-Management:
Increased Responsibility – Without professional management, the board assumes full responsibility for day-to-day operations, from vendor management to enforcing rules and regulations.
Compliance Complexity – Staying compliant with state and federal laws, financial regulations, and governing documents can be overwhelming.
Financial Management – One of the most challenging aspects of self-management is handling the finances, including budgets, reserve funds, and collections.
How Financials Plus+ Can Help
While self-management offers freedom and savings, the complexity of financial management shouldn’t fall on the shoulders of unpaid board members. This is where Financials Plus+ steps in. We specialize in helping self-managed communities handle the intricate financial tasks that keep your association running smoothly. From budgeting and financial reporting to billing and collections, we provide the expertise you need to ensure your community thrives without the stress of managing finances alone.