HARNESSING INNOVATION FOR PROFIT By Jessica Melvin, CCAM
30
Vision Summer 2022 | cacm.org
:A —HP/:PfiHN)H/2H2—:2 getting smaller. How you utilize technology and innovation can greatly impact your bottom line. In this article, we will explore some io:HP2:/2HƒHoˇ2—2:fiH2P/:.
MANAGEMENT FEES Management fees are often barely covering the bottom line of what it takes to manage an association. The trend in the industry is to attract associations with a low monthly management fee and P2H/2Hˇ2H2:P2P:2ƒP2:ƒn/::) add-on services, etc. OˇHH2Ji:iH/HHiPH:)H2:HH—I2 from them when asking why they are leaving their current management is that they felt “nickeled and dimed.” They aren’t wrong! The low management fee model is promoting exactly that. Recently, some companies have taken a different approach: the all-inclusive management fee. While the jury is out if this approach is effective, it certainly makes it easy for the client to realize what they are truly signing up for and enables the management company to effectively price their services without the headache of tracking ancillary expenses.
