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Can your HOA save money without cutting corners? Here’s what smart boards are doing right now…
✅ Is a Reserve Study right for you? 👉 https://www.reservestudy.com/

This episode was inspired by Jeff from Lake Tahoe, who wrote in: “money is always tight at our association. What can we do to limit our assessment increases?” Well, that's a hard one. Jeff, I don't think we have the power to stop inflation, but indeed, it's questions like this that made me think that we need Russell back on the program. Russell Munz of community financials, one of our podcast sponsors, Community Financials, provides condo and HOA accounting and other remote services. So he's our go to guy for financial tips for our HOA Insights program here. Now, to be clear, Russell and I don't have a magic wand, and we don't believe you save money by simply not spending owning and maintaining real estate is expensive, so today's program will be Russell explaining, from his vast experience, how to take good care of your associations, physical and financial well being without making mistakes that end up costing you extra money!

Chapters

00:00 Why Poor Collections Can Hurt Your HOA’s Financial Health
00:44 What Are Smart Ways to Save Money at Your HOA?
03:59 Why Are Homeowners Feeling Financial Pressure Right Now?
05:38 How Do HOA Fees Impact Property Values?
08:22 Why Is Collecting Dues So Critical to Your Budget?
12:15 How Can Delinquencies Prevent Loan Approval?
14:10 Why Must Boards Review Financial Reports Monthly?
17:53 Why Fixing Problems Right the First Time Saves Money
20:46 Ad Break - Association Reserves
21:17 Why does pressures create poor decisions for reserves?
23:33 Why Reserve Funding Is Not Optional
25:17 How Are Insurance Costs Impacting HOAs?
27:52 What Insurance “Recommendations” Should Boards Take Seriously?
30:00 How Do You Ensure Vendors Deliver What You Pay For?
33:25 What Fraud Prevention Controls Should Every HOA Have?
35:50 What Final Steps Help Reduce Financial Pressure on Homeowners?

The views & opinions expressed in this program are those of the Hosts & Guests, intended to provide general education about the community association industry. The content is not intended to provide specific advice or recommendations for a

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