HOA Assist Enters the Property Management Market with the Launch of Its New Business Model for HOAs

·3 min read

Eden Prairie, Minnesota--(Newsfile Corp. - August 22, 2022) - HOA Assist, founded by Daniel Stedman and Mitch Gassen, 3rd generation to a family-owned HOA Property Management Company, announced their plan to disrupt the property management market with an affordable new business model. It fills a gap in the market with its service that offers homeowners associations (HOAs) a happy medium between self-management and full-service property management companies. HOA Assist provides HOAs with a service that covers financial statements, portal access that includes automatic payment of dues, assistance with administrative tasks and educational resources for self-managed HOAs.

Many HOAs rely on full-service property management companies for all aspects related to property management but their services can be highly expensive. The other alternative was for HOAs to take care of all administrative, financial, and even maintenance tasks themselves. Professionals, like CPAs, could be appointed for individual tasks but they might not have expertise working with HOAs. For HOA Board Members who coordinate and handle everything themselves, it can require a lot of time and energy and could lead to even higher costs in the long run if mistakes are made. HOA Assist offers communities another option, one that was not available in the past.

Commenting on what makes HOA Assist unique, the company's co-founder, Mitch Gassen, said, "We live in an era where every dollar counts, with inflation rates hitting their highest levels in 40 years in June. Many HOAs might not need the services of a full-service property management company but would still like assistance with some aspects, such as financial statements and collection of dues. This is where our services can make a significant difference. For a reasonable fee, we offer a portal that facilitates easy, secure and automatic payment of dues. For this, we have partnered with Appfolio that has a very simple and user-friendly software that streamlines the HOA management process with tools that are specific for HOAs. The portal caters to the needs of 5 million users, and homeowners can set up automatic payment themselves. Over 80% of our clients use this portal for automatic payment, versus sending payment in the mail via check. We specialize in providing the guidance, resources, and tools that HOAs need to self-manage more effectively and efficiently across the United States."

The amount saved can range between 50 to 70% of their expenses on average, when compared to the fees traditional property management companies charge. These savings can be used by HOAs to increase their reserves for future projects, and finally address deferred maintenance within their community. Maintaining properties is essential for retaining and even increasing property value, and cost savings could be set aside for this purpose.

"Instead of paying high fees to a property management company, our services allow a Board of Directors to focus on projects they might not otherwise be able to afford such as repairs to the boiler, maintenance of elevators, or contribute funds to their reserve account for future projects. Not all HOAs need the entire range of services that a property management company provides. The key advantages we offer are cost savings, monthly financial oversight, improved communication tools, and processes designed to protect against fraud. We believe that all HOA's deserve financial protection and structure for their community. Without interfering with how an HOA is run, we help them to streamline operations and improve efficiencies at a reasonable cost," concluded Daniel Stedman, co-founder of HOA Assist.

Media Contact:
Name: Mitch Gassen
Email: info@hoa-assist.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134502