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"Vendor contracts often account for a large chunk of the budget," says Bryan Kuester, President of Kuester Management Group. "Reviewing and periodically renegotiating these contracts can keep costs more affordable. Look for areas where services can be cut back. If the area doesn't see much winter weather, is snow removal necessary? Can the grass cutting schedule be changed from twice a week to once a week without negatively impacting the overall aesthetics of the community? Is it cheaper to have another vendor take care of planting flowers and shrubs?"
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Compare bids between providers as well, says Kuester. See who can offer the same or comparable services for a better cost. The HOA may be able to negotiate a more competitive offer from a company that wants to win or keep the contract.
Another area to take a closer look at is insurance coverage. Is the HOA paying for coverage that it doesn't need? Do services outweigh risk and what is necessary? While the association wants to ensure that it has the right protections in place, it doesn't need to go overboard.
Preventive maintenance can also go a long way in reducing expenses by keeping up with regular inspections and repairs of assets to correct problems before they become more significant. Double-check the reserve fund to make sure that savings align with anticipated needs. The HOA may be able to shift some of what it was putting in the reserve fund into the operating fund if it finds that its reserves are more than enough.
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"Talk to your community manager as well," says Kuester. "They can often give recommendations for areas to improve cost savings while ensuring that the needs and financial health of the association are not jeopardized."
Kuester Management Group supports HOAs with managing daily operations, building strategic plans, balancing finances, and much more.
Kuester Management Group, a division of Kuester Companies, works to protect property values and enhance the quality of life in each of its managed communities. Providing a full range of association management services, Kuester Management Group has worked to foster strong, resilient, and unified communities across North and South Carolina. More information is available at www.kuester.com or @KuesterCompany.
Kuester Management Group
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