An aggressive approach to cost management starts with ensuring that all receivables are collected in a timely manner. We couple our collection activities with initiatives designed to lower the association’s operating costs in areas such as energy consumption, sub-meter reading, utility billing, and a proven in-house maintenance program that reduces the association’s reliance on costly third-party vendors. Through the implementation of streamlined processes and partnerships with preferred vendors, HomeOwners Advantage is able to develop viable operating budgets with minimal impact on homeowner association dues. Below are a few examples of our ability to drive measurable cost savings:

Case Study 1: HomeOwners Advantage was hired to manage a 36 unit ultra-luxury midrise property in Atlanta. During the first year of operation, Homeowners Advantage realized a savings in excess of $100,000 for the association – of which a portion was used to “forgive” its unit owners of their December association dues! Our annual survey results for the following year indicated that resident perception of the building’s services improved!

Case Study 2: HomeOwners Advantage acquired an account where the lack of fiscal discipline and accountability was the primary driver behind why the association had changed management companies. HomeOwners Advantage was confident that we could realize significant savings for the association and committed to reducing the current operating budget by $20,000 within the first year. The savings achieved were nearly triple this number!

Case Study: Properties managed by HomeOwners Advantage typically experience an average increase of less than 2% annually in the Repairs and Maintenance component of the budgets. We attribute this, in part, to the impact that our aggressive facility management programs have had on reducing operating costs.

Every account managed by HomeOwners Advantage has a comprehensive preventive maintenance program customized for the property. Led by our Chief of Maintenance in each market, our objective is to establish structured, consistent, and disciplined practices designed to improve the building’s performance and safety. Our programs include every nuance of the physical asset’s infrastructure, systems, and equipment. From our years of experience, we believe that when the program is properly structured and operated, the following benefits are realized:

• A structured and disciplined maintenance professional for the property. This translates into reduced overtime costs and more economical use of our time. We can also precisely account for the time and activity of our assigned maintenance technicians.
• Equipment downtime is decreased and the number of major repairs are reduced.
• More efficient operation of systems and equipment.
• Increased useful service expectancies for systems and equipment (reducing the need for premature replacement)
• The program allows us to determine what services we can capably absorb in-house – thereby reducing the overhead associated with third-party vendors.
• Improved safety and quality conditions that enhance the livability of the community.

HomeOwners Advantage continuously explores innovative ways to “simplify life” for its communities, and we accomplish this by listening to the everyday needs of our residents, studying feedback from our annual resident surveys, and constantly refining our operational processes.

Case Study 1: HomeOwners Advantage recognized a need within its communities for the accurate reading, invoicing, and recovery of utility usage costs. As a result, we developed proprietary software and a strong in-house competency in providing below-market utility management service. We utilize our energy management group to focus on ways to reduce consumption and manage water and electricity reads and billing.

Our program enable us to produce high-accuracy utility billing at a rate far below industry pricing that results in maximum recoveries for the association, increased energy conservation by identifying and correcting consumption outliers, reduced costs to unit owners for meter reading, and the convenience of consolidated billing statements.

Case Study 2: Several of properties expressed the need for a convenient, reliable, affordable, and trustworthy handyman service to address small jobs for residents. HomeOwners Advantage developed a quality service to meet these everyday needs. Our in-unit technician has executed against countless service requests from our residents.