HOA & Community Management
Community management sells the one thing it cannot staff: manager capacity. The per-door annuity is real; the back office is what caps it.
Per-door recurring fees, contractual relationships, and a service catalog that expands with trust: the anatomy of a compounder — administered, in most firms, by drowning managers and manual process.
Industry research
The economics
FIGURES FROM THE FIRM’S PUBLISHED RESEARCH · SOURCES ON REQUEST · THE 2× PLAYBOOK
Growth opportunities
Where the 2× lives
Back-office automation
The administrative load that burns managers out — packets, routing, dues, follow-ups — assembles and files itself, with a manager on the decisions. The deliverable is manager hours, returned.
Ancillary attach
The fastest EBITDA lever in the sector: compliance services, maintenance coordination, and transfer and statement fees attached deliberately to doors already under contract — where state law permits them. Several states now cap those fees; the cap belongs in the portfolio math.
Capacity as the product
A manager who can carry more communities without degrading service is the scarcest asset in the industry. Firms that manufacture that capacity take share in a market that cannot hire its way out.
Portfolio density
Geographic and service-mix discipline in which communities the firm takes on — the quiet decision that sets margin for years.
Our perspective
What most firms get wrong
The labor-shortage story
The sector experiences its constraint as a labor shortage and responds with recruiters. But the shortage is partly manufactured: managers spend most of their week on work that does not require a manager. Releasing that time is cheaper than hiring it — and compounds instead of churning.
Where we’d start
Two days inside the managers’ week: every task across two communities classified as judgment or structure, the structure priced for automation, and the doors-per-manager math run for the before and the after.
Put it to us