We’re Not Afraid of HOA Management
When I was just in residential sales, my broker friends told me to avoid residential property management. Because it was the three t’s: toilets, tenants and troubles. There was too much litigation, the profit margins were small and never ending grief with tenants. I rejected their advice and started Progressive Property Management at the end of 2011 with no doors under management.
In 8 years,
we have grown to almost 900 properties under management. And that growth occurred ‘organically’, we did not purchase any contracts or properties from another management company. We grew by appealing to self-managing owners who wanted us to better protect their asset. And to savvy investors who wanted us to squeeze more income out of their rentals. And to tenants who wanted a better rental experience.
Over the years we have received inquiries from associations unhappy with their current management company, but my fellow management company owners have told me to avoid association management, because it is the three p’s: (dog) poop, parties and parking issues. The profit margins are even thinner than residential management, boards are difficult to please and owners will make your life miserable when you enforce the rules. I have again rejected the advice of my peers, and this year we started our association management division: Progressive Association Management.
We currently manage a 225-unit complex, and have started to market to other associations and management companies the fact that not only do we offer association management services, we offer a better experience to boards and their owners. We offer four performance guarantees, so if we don’t perform as promised, we pay a real financial price. More importantly, we have structured our company to offer the highest level of service possible. Our Community Managers don’t manage 1,000 to 2,000 units like the traditional company: they manage no more than 400. Our licensed Property Managers serve as the Community Managers, and provide a higher level of expertise and knowledge than the typical manager.
Many association boards are not happy with the current association management company but don’t think they can find better. Well, they can now. We can offer the same price they are paying with far superior service. We intend to set a higher standard in association management as we have in residential property management.