Property managers are experts at the art of DIY — but when is it time to hire a professional?
Whether you manage a community association, high-rise, or condo, taking care of business sometimes means rolling up your sleeves and getting the job done yourself. Between screening tenants, scheduling vendors, and conducting resident meetings, it’s not uncommon for HOA admins and property managers to be swamped with incoming tasks.
While doing all the heavy lifting yourself might seem inexpensive or simple, putting too much on your plate can backfire in a big way. If you’re juggling too many tasks, things may start to slip through the cracks. Successful property managers know that managing their workload is key to keeping themselves on track and their communities thriving.
So, when is the right time to seek outside help? Here are three key areas that may be worth outsourcing.
A trusted attorney is an asset to any community manager, HOA admin, or property manager. Your attorney can help you navigate enforcement issues, leasing, coding, permitting, and much more.
If you’ve got some experience under your belt, you may be tempted to try your hand as a DIY lawyer, especially for frequently occurring matters like leases or vendor contracts. By the time you’re ready to hash out terms, you might think, “Do I really need to hire an attorney for this?”
While you can try to come up with your own boilerplate text or scour the web for contract terms, that doesn’t mean you should. These shortcuts may seem like an easy way to save a buck, but they can actually have the opposite effect. Without a trained eye looking out for errors, areas of risk, or incorrect filings, you can end up on the hook for the time and hassle of fixing costly legal mistakes.
2. Certified public accountant
Like an attorney, a Certified Public Accountant (CPA) can help you avoid many missteps when it comes to your accounting, taxes, and bookkeeping. There are many moving parts in the finances of managed communities, and the best way to make sure you are meeting regulatory requirements is to have a professional reporting function in place.
For example, Many HOAs are required to provide financial statements to their constituents upon request. Keeping your finances in order with a CPA allows you to provide that information with ease. CPAs can also help when you have large expenses within a calendar year, such as new construction, maintenance on existing structures, or quality of life improvements for residents. Many of these improvements may be tax-deductible, and an experienced CPA can guide you through those accounting measures.
A CPA can also help you track progress toward goals, forecast financials, and prepare for taxes. They can issue reports that help you get a clear idea of your financial status and conduct audits. You can even give a CPA permission to act on your behalf with the IRS to make audits or inquiries easier.
3. Vendor Management Tools
Vendor management can be cumbersome, difficult, and confusing. Between securing bids, comparing services, vetting providers, and negotiating contracts, managing your vendors is a full-time job in and of itself.
Fortunately, technology makes it easier than ever to streamline the vendor process from start to finish. VendorSmart is a comprehensive, web-based marketplace that connects vendors and community managers in one place. We understand just how time-consuming and intensive it can be to find trust-worthy service providers. That’s why we created VendorSmart — to take the hassle out of your hands. We source qualified vendors, help you seamlessly create and post projects, collect bids, and implement the platform without a hitch. Our top-notch customer support is available every step of the way, to make sure your vendor management process stays easy and efficient. Schedule a demo today.