Having trouble finding good talent to grow your association management company? You are not alone. Time to consider outsourcing.
As a LinkedIn user, I get frequent notifications from companies that are looking to hire new talent. If you use LinkedIn, you’ve probably seen the same notifications, they look something like this: “Looking to grow our association management business. Great opportunity for a self-starter to manage a hot, new property in All American Town, USA!”
While I am excited to see association management companies growing and succeeding, I am always amazed to see them looking for new talent in the same old manner when, in reality, it has never been harder to attract new talent to our industry. In fact, our industry is bleeding talent to other industries where pay and working conditions are often better.
The Association Management Industry is in an Employment Shortage
There are many signs that new talent is hard to find. In 2020, the CAI-sponsored Foundation for Community Association Research (FCAR) identified a potential crisis in the community association housing model—a shortage of candidates to fill community association manager job opportunities. That shortage has only continued to ramp up as workers are finding that location is no longer the barrier to a better-paying job that it once was. Experts warn that there will continue to be a dwindling supply of talent and that competition for that talent is going to intensify dramatically. The survivors will be those who adapt to the climate and adopt new strategies.
One of the new strategies that can help you grow your association management company is to increase the efficiency of your existing staff. You need to enable your current employees to do more and plan on outsourcing tasks that are slowing them down or stopping them from doing more.
Consider Outsourcing Your Collections Operations
Think about your current system of collecting delinquent fees from home and condo owners who have fallen behind on their assessments. Most modern association management firms employ software that aids in the simple task of sending out notices when maintenance fees have not been paid. It is what happens next where many association management firms are wasting time and money for both themselves and their clients. They wrongly assume that keeping the task in-house will reduce costs and bring in more profits. But in reality, you are taking time away from more important (and profitable) tasks your team could be doing, by having them make phone calls or generate emails and letters. You could even be opening your business up to liability problems if you or your staff are unknowingly stepping outside the law to perform collection tasks.
The better decision to grow your association management business is to outsource this menial and cumbersome task, freeing up your accounting employees and association management employees to do more productive and profitable work. Axela Technologies steps in when the owner doesn’t respond to your reminder letters. With a simple action of “click and submit”, the collections task is outsourced to Axela Technologies, a fully licensed and insured collection agency, and your accounting personnel are freed from the many tasks associated with collecting delinquent common fees and assessments. The outsourced model is seamless and efficient, leaving the current employees free to engage in more profitable and productive tasks for the business.
Adapt to the Climate and Adopt New Strategies
If you plan on growing your condo and HOA management business, you would do well to accept the harsh reality that talent has never been harder to find and that outsourcing is the only true way to handle growth. Outsourcing collections makes even more sense when you consider the risk created when an overworked or undertrained employee makes a mistake while handling collections for your firm. All it takes is one small misstep for the firm to find itself in the precarious position of defending a lawsuit.
Clearly, there are more profitable tasks for your current employees to handle. If your association management business is experiencing delinquency at any level, employ Axela Technologies and avoid high legal fees for your association and your association members. Get in touch today and learn how Axela Technologies can help.