Finding a way to make the payment process easy and memorable for homeowners is a key component to collecting dues. HOA coupon books offer a great solution. Not only do they provide a helpful reminder each month to pay dues, but they can also be monetized helping to drive increased revenue.
Here’s what you need to know about HOA coupon books.
What Is An HOA Coupon Book?
An HOA coupon book is a printed book of payment stubs that an HOA or community association provides its members at the beginning of the year. It generally includes a due date, account or house number, and amount due making it easier for homeowners to remember to pay.
Coupon books have become a staple for an association’s marketing and payment practices. So if you’re just learning how to start an association, keep coupon books top of mind. The key to creating an effective HOA coupon book is making it informative and valuable enough that users will want to keep it and actually utilize it, which increases your return on investment
To do this, associations have started including personalized messages, reminders of upcoming meetings or events, and discounts to local businesses in their coupon books. Having more than just the standard payment stubs creates an opportunity to not only provide more value to homeowners, but also generate some revenue for the HOA.
HOA Coupon Books Can Increase Revenue
While a coupon book is a great monthly reminder to your homeowners that it’s time to make a payment, it also creates an inexpensive monthly opportunity for local businesses to advertise their product or service directly to the community. By partnering with businesses in the area, you can not only help to offset the cost of printing and mailing the booklets, but also provide homeowners with attention-grabbing discounts and promotions.
The best part about this is that everyone wins:
- HOAs can charge local businesses for ad space, increasing their revenue opportunities
- Homeowners can save money with coupons from local businesses
- Local businesses acquire more exposure in the community
Local Businesses In Your HOA Coupon Book
Having local businesses advertise in your coupon books can bring in additional revenue for your HOA and provide more value for your homeowners, but what kind of businesses should be included? Here are a few to consider that may be the most beneficial to both your community and companies looking to drive sales:
- Restaurants: Local restaurants can provide coupons for a homeowner’s meal or advertise their delivery service to the neighborhood
- Domestic services: Plumbers, electricians, and pest control companies can offer a free quote, consultation, or discounts to homeowners
- Home security companies: Security companies can offer information on services and offer discounts on installation
Go Digital To Give Your Homeowners Options
While physical coupon books remain effective and relevant for HOAs, it’s impossible to ignore the growing importance of digital reach. When it comes to digital versus physical marketing practices, it’s relatively divisive as most initiatives (including those for HOAs) are executed online. According to Martech Advisor, companies that utilize both digital and direct mail initiatives saw 90% higher customer retention and 250% higher engagements.
So, for those homeowners in your community that may be more tech-savvy, or less likely to use physical HOA coupon books to send in payment, offering a digital solution ensures that they’re taken care of too!
Your coupon books can be used in conjunction with a customized, online HOA platform, like HOAMPAGE, to give your homeowners options.
Through this platform community members can:
- Pay dues and assessments
- Submit property work orders to community management
- Receive notifications through text or email
- Access the homeowner directory
- See upcoming events on the community calendar
- Communicate with other homeowners through the community forums
- List a house for sale
Specifically, HOAMPAGE allows HOA boards to create a custom website that helps to streamline your community’s operations. Coupled with a HOA coupon book, HOAMPAGE provides an all-encompassing way to reach all community members.
Partner With Page Per Page For Your HOA Coupon Books Needs
Creating a coupon book, securing advertisers, designing it, and sending it out to your community can take up a lot of time and effort, which some self-managed HOAs just don’t have. But, with the help of Page Per Page, a lot of the heavy-lifting is taken care of for you!
Page Per Page is a print, mail, and technology solutions company specializing in HOA and community associations. Whether you’re designing your coupon book from scratch or just need help printing and mailing them out, their team of experienced marketing and design professionals can help the process a breeze.
Ready to take your HOA to the next level with a customized coupon book?