August 18, 2010 — Community Association Property Management directory website, www.HOAMANAGEMENT.com recently commissioned a study of 658 associations across the country. The study was conducted between May 15, 2010 and June 15, 2010 and geographically represented 36 unique states. Board members were asked a series of questions regarding the selection of a community association management company. All participants remained anonymous when returning their submissions to the study.
Details of Associations that participated
The average community that participated in the study had an average of 240 units of various types. The smallest association had 53 units. The largest association had 1280 units. 42% of associations surveyed were identified as single family. 32% were identified as condominium or town home. 26% were identified as a mix of single family and condo/townhome or patio home.
Of the associations studied, 78% were identified as completed associations with no new home sales still existing. The remaining associations were identified as partially completed with some new home sales still pending.
Of the associations studied, the average dues were as follows. Those communities identified as single family were $58.29 per month. The average dues for those identified as Condominium and or Town homes were $186.63 per month. The average dues for mixed communities was $69.12.
64% of those community associations that participated in this survey identified themselves as having a pool. 78% of those community associations that participated identified that they offered other amenities including:
• Covered parking
• Garage Parking
• Tennis Courts
• Basketball Courts
• Picnic Areas
• Walking Trails
• Biking Trails
• Club House or Community Centers
Here are the results of the study of those community association board members that participated.
What sources are you most likely to use when selecting property management companies to consider for your community association?
65% Internet search
12% Word of mouth
9% Industry Organizations (ie, CAI)
7% Business organizations (ie, BBB, Chamber of Commerce)
What criteria does your association use to select an association property management company?
38% Price / Contract Terms
17% Breadth of service options
8% Similar sized type communities under management
How likely are you to consider new community association property management in 2011?
If you were to rate your current community association property management company on a scale of 1 to 10, 1 being the lowest, 10 being the highest, what score would you give that company?
15% 1 to 3
14% 4 to 5
51% 6 to 7
20% 8 to 10
The average score was 7.28
For your community association, what is the biggest challenge you will face in 2011?
52% Financial / Collections / Budgetary Constraints
16% Pending Foreclosures
14% Improve community management
10% Maintaining property values
6% Special assessments
2% Community Involvement
Based on feedback from those that participated it is clear that both Homeowner Associations and Condominium Associations will more than likely consider a change from their current property management company during 2011. It is also clear that most will use the internet to research and locate quality association property management companies in their area.
Ensuring your advertising as a Community Association Property Management Company is more important than ever. To learn more about advertising with the leading industry directory HOA Management website, contact us today.
Commissioned Study Shows Community Associations More Likely To Change Property Management Companies in 2011 – Internet searches will drive process is brought to you by TReXGlobal.com, maker of the world's easiest Property Management Software.