Your HOA is like any other business, and to succeed, you need to see revenue growth. However, it can be a little hard to figure out how exactly to increase your revenue. For help with more money in your HOA, check out these three tips.
Implement Complimentary Services
Everyone loves getting something for nothing, so attract more homebuyers by giving them some complimentary services. This can be something as simple as providing free Wi-Fi in the clubhouse and other public areas. Another advantage of offering freebies is that you can increase the HOA dues to help pay for other services without anyone complaining. They’ll still happily move to your neighborhood even if the dues are a little higher because of the great complimentary services.
Make Your Product More Desirable
You need your neighborhood to stand out to your target customers. To do this, you need to figure out what they want and make sure your association has it. If your target audience is families with young kids, build a community park. If your area houses lots of elderly residents, offer events and places indoors they can gather.
By making your product more desirable, it stands above the rest. Plus, by targeting your ideal customer base, you’ll ensure you only get the customers you want. If your community is built for families with small children to enjoy, you probably won’t see a lot of rowdy, young singles wanting to move in. Again, the more you add to your community to make it better, the more willing people will be to pay more in HOA dues, which means more money for the Association to make the neighborhood better.
A great way to increase interest in your neighborhood is to create discounts, which is easy when you have a community of people using the same services. Work with different providers, such as cable providers. Promise them a lot of customers in exchange for a discount. As long as the homeowners use that cable provider, they’ll see monthly savings.
By making your neighborhood more desirable, you’ll get better residents who are willing to pay more. Make sure whatever you do to increase interest always is targeted at your preferred customer base or else you’re just wasting time and money.