₦airaland Forum

Managing a condominium or homeowners association requires time, expertise, and careful planning. Board members often volunteer their time while balancing careers, family responsibilities, and personal commitments. As communities grow, so do the responsibilities involved in managing finances, coordinating maintenance, communicating with residents, and ensuring compliance with governing documents.

This is why many communities choose Association Management Chicago services to help simplify daily operations and support long-term success. Professional association management provides the experience, resources, and systems needed to keep communities running efficiently while allowing board members to focus on making informed decisions rather than handling everyday administrative tasks.

Whether your association is small or large, partnering with an experienced management company can improve resident satisfaction, protect property values, and create a stronger community.

What Is Association Management?

Association management is the professional administration of condominium associations, homeowners associations (HOAs), and other community organizations. A management company works alongside the board of directors to oversee daily operations while ensuring the community operates according to its governing documents and financial goals.

Typical responsibilities include:

Financial management
Budget preparation
Assessment collection
Maintenance coordination
Vendor management
Resident communication
Board meeting support
Administrative services
Record keeping
Compliance assistance

Professional managers act as trusted partners who help communities operate more effectively.

Why Communities Choose Association Management Chicago

Board members often begin managing their communities themselves. However, as responsibilities increase, self-management becomes more challenging.

Professional Association Management Chicago services provide the expertise needed to handle complex operational tasks while improving efficiency and reducing stress for volunteer board members.

Communities benefit from:

Better financial oversight
Faster maintenance coordination
Professional vendor relationships
Improved communication
Organized record keeping
Long-term planning

Professional management helps communities remain organized and financially stable.

Financial Management That Supports Long-Term Success

Financial management is one of the most important responsibilities of any association.

Professional managers assist with:

Annual budgeting
Monthly financial statements
Reserve planning
Invoice processing
Assessment collection
Expense tracking
Financial reporting

Accurate financial reporting allows board members to make informed decisions while maintaining transparency with homeowners.

Maintenance Coordination Made Simple

Property maintenance directly affects resident satisfaction and property value.

Professional association managers coordinate both routine and emergency maintenance while working with qualified contractors and vendors.

Services often include:

Preventive maintenance
Emergency repairs
Vendor scheduling
Property inspections
Work order management
Maintenance planning

A proactive maintenance strategy helps reduce unexpected repair costs while keeping the community attractive and safe.

Strong Communication Builds Better Communities

Clear communication strengthens trust between residents, board members, and management.

Professional management companies help improve communication through:

Community newsletters
Resident portals
Email updates
Meeting notices
Maintenance announcements
Emergency alerts

Keeping residents informed helps reduce misunderstandings while encouraging greater community involvement.

Vendor Management Saves Time and Money

Associations rely on multiple vendors throughout the year.

Professional managers oversee vendor relationships by:

Obtaining competitive bids
Verifying insurance
Coordinating schedules
Monitoring work quality
Reviewing contracts

Established vendor relationships often improve service quality while helping communities control costs.

Administrative Support for Board Members

Volunteer board members frequently spend many hours managing paperwork and resident requests.

Professional management companies assist with:

Meeting preparation
Agenda creation
Meeting minutes
Governing document administration
Record maintenance
Owner correspondence

Administrative support allows board members to focus on strategic planning rather than routine office work.

Improving Resident Satisfaction

Happy residents contribute to stronger communities.

Professional Association Management Chicago services improve the resident experience by:

Responding quickly to maintenance requests
Providing consistent communication
Maintaining attractive common areas
Enforcing community policies fairly
Supporting neighborhood events

A well-managed community encourages long-term residency and greater homeowner satisfaction.

Technology Improves Community Management

Modern technology makes association management more efficient than ever before.

Many management companies provide:

Online owner portals
Digital maintenance requests
Electronic financial reports
Secure document storage
Online assessment payments
Mobile communication tools

These digital services improve convenience for both residents and board members.

Protecting Property Values

One of the primary goals of every association is protecting property values.

Professional management contributes by:

Maintaining common areas
Coordinating regular inspections
Planning long-term improvements
Managing reserve funds responsibly
Supporting consistent community standards

Well-maintained communities remain attractive to both current residents and prospective buyers.

How to Choose the Right Association Management Company

Selecting the right management partner is one of the most important decisions a board can make.

When comparing companies, consider:

Years of experience
Community management expertise
Financial reporting capabilities
Communication practices
Technology solutions
Vendor network
Client references

Choosing an experienced management company creates a stronger foundation for future success.

Benefits of Professional Association Management

Communities that partner with professional management companies often experience:

Improved financial organization
Better maintenance planning
Increased resident satisfaction
Stronger board support
Better communication
Enhanced operational efficiency
Long-term property value protection

Professional management allows communities to operate more smoothly while reducing the workload placed on volunteer board members.

Frequently Asked Questions
What does an association management company do?

An association management company assists condominium and HOA boards with financial management, maintenance coordination, administrative support, resident communication, and daily operations.

Why should an HOA hire professional management?

Professional management improves organization, reduces administrative burdens, strengthens financial oversight, and helps communities operate more efficiently.

Can professional management improve property values?

Yes. Well-maintained communities with strong financial planning, attractive common areas, and proactive maintenance often experience stronger long-term property values.

How does technology improve association management?

Technology allows residents to submit maintenance requests, access important documents, make online payments, and communicate more efficiently with management.

Choosing professional Association Management Chicago services is an investment in your community's future. Effective association management goes beyond handling daily tasks—it creates organized operations, improves communication, protects financial health, and enhances the overall resident experience.

With experienced guidance, proactive maintenance, transparent financial management, and dedicated support, condominium and HOA communities can operate more efficiently while preserving property values for years to come. Whether your association is looking to simplify daily responsibilities or strengthen long-term planning, professional management can help your community achieve lasting success.

Owning rental property can be a great way to build long-term wealth, generate steady income, and increase the value of your investment over time. However, the success of any rental property often depends on one critical factor: choosing the right tenants. A reliable tenant can help maintain your property, pay rent on time, and contribute to a positive rental experience. On the other hand, a poor tenant can lead to missed payments, property damage, legal disputes, and costly vacancies.

This is why proper tenant screening is one of the most important steps property owners can take to protect their rental investment. A thorough screening process helps reduce risks and increases the likelihood of finding responsible tenants who will treat the property with respect.

Why Tenant Screening Matters

Many property owners focus heavily on marketing their rental units and setting competitive rental rates. While those factors are important, tenant selection can have a much greater impact on long-term profitability.

The cost of evicting a tenant, repairing damage, or recovering unpaid rent can quickly outweigh the income generated by a rental property. Proper tenant screening acts as a preventive measure, helping property owners identify potential red flags before signing a lease agreement.

A strong screening process provides valuable insight into an applicant’s financial stability, rental history, and overall reliability.

Verify Employment and Income

One of the first steps in tenant screening is verifying employment and income. A tenant may seem qualified on paper, but it is essential to confirm that they have a stable source of income sufficient to cover rent payments.

Many property managers recommend that tenants earn at least two to three times the monthly rent. Requesting recent pay stubs, employment verification letters, or tax documents can help confirm financial stability.

By verifying income, property owners can reduce the risk of late payments and financial hardships that may affect rent collection.

Review Credit History

A credit report provides valuable information about an applicant’s financial habits and payment history. While a perfect credit score is not always necessary, reviewing credit history can help identify patterns of financial responsibility.

Look for indicators such as:

*) Consistent payment history
*) Outstanding debts
*) Collections accounts
*) Bankruptcies
*) High levels of financial risk

Credit reports should be considered as part of the overall screening process rather than the sole deciding factor. A lower score may not automatically disqualify an applicant, but it should prompt additional evaluation.

Check Rental History

Past behavior is often one of the best predictors of future behavior. Reviewing a prospective tenant’s rental history can provide insight into how they have managed previous rental obligations.

Contact former landlords and ask questions such as:

*) Did the tenant pay rent on time?
*) Were there any lease violations?
*) Did they maintain the property properly?
*) Would you rent to them again?

These conversations can reveal important details that may not appear on an application or credit report.

Conduct Background Checks

Background checks can help property owners identify potential concerns related to criminal activity or other issues that could affect the safety and well-being of the property and surrounding community.

It is important to follow all applicable fair housing laws and local regulations when conducting background screenings. Decisions should be based on objective criteria and applied consistently to all applicants.

A fair and legally compliant process protects both property owners and prospective tenants.

Verify References Carefully

Many applicants provide personal and professional references as part of the application process. Taking the time to contact these references can provide additional context about the applicant’s character and reliability.

Employers, previous landlords, and professional references may offer valuable information regarding responsibility, communication skills, and trustworthiness.

While references should not replace formal screening measures, they can help support your final decision.

Watch for Warning Signs

During the screening process, certain warning signs may indicate potential problems down the road.

Examples include:

*) Incomplete application forms
*) Inconsistent information
*) Frequent moves within a short period
*) Unverifiable employment history
*) Reluctance to provide documentation
*) Negative feedback from previous landlords

Identifying these issues early can help property owners avoid costly mistakes.

Create a Consistent Screening Policy

Consistency is essential when evaluating rental applications. Establishing a written screening policy ensures that every applicant is evaluated using the same standards.

A consistent process helps reduce bias, improves decision-making, and supports compliance with fair housing regulations.

Your policy may include minimum income requirements, credit criteria, rental history standards, and documentation requirements. Applying these standards uniformly creates a fair and professional rental process.

The Value of Professional Property Management

Tenant screening can be time-consuming, especially for property owners managing multiple units or busy schedules. Professional property managers have the tools, experience, and resources needed to conduct comprehensive screenings while remaining compliant with legal requirements.

Connected Property Management helps rental property owners streamline the tenant selection process through thorough screening procedures designed to reduce risk and improve tenant quality. By carefully evaluating applicants, property owners can gain greater confidence in their leasing decisions.

In addition to tenant screening, Connected Property Management provides ongoing management support that helps protect property value and improve operational efficiency.

A rental property is a valuable investment that deserves protection. Proper tenant screening is one of the most effective ways to reduce financial risk, minimize property damage, and create a positive rental experience for both owners and residents.

By verifying income, reviewing credit reports, checking rental history, conducting background screenings, and maintaining a consistent application process, property owners can make informed decisions that support long-term success.

Taking the time to screen tenants carefully today can help prevent costly problems tomorrow and ensure your rental investment continues to perform at its best for years to come.

Effective property management requires much more than collecting rent or overseeing daily operations. Whether managing a condominium association, homeowners association, or residential community, success depends on three essential factors: communication, maintenance, and financial oversight. These pillars work together to create a well-managed property that protects investments, enhances resident satisfaction, and supports long-term community growth.

For any Property Management Company In Chicago IL, maintaining a balance between these responsibilities is crucial for delivering quality service and ensuring communities operate efficiently.

The Importance of Communication in Property Management

Communication is the foundation of every successful property management strategy. Residents, board members, vendors, and property managers all rely on clear and timely information to keep a community running smoothly.

When communication is effective, residents stay informed about maintenance schedules, community updates, policy changes, and upcoming projects. This transparency helps build trust and encourages positive relationships between management teams and residents.

Poor communication can lead to misunderstandings, frustration, and unnecessary conflicts. Delayed responses to maintenance requests or a lack of updates regarding community issues often result in resident dissatisfaction.

Professional providers of HOA Management Services Chicago understand the importance of maintaining open communication channels. Through regular newsletters, email updates, online portals, and board meetings, management teams can keep everyone informed and engaged.

Strong communication also allows issues to be addressed quickly before they become larger problems. Whether responding to resident concerns or coordinating with contractors, effective communication improves efficiency and strengthens community relationships.

Why Maintenance Matters

Maintenance is one of the most visible aspects of property management. Residents immediately notice whether common areas are clean, landscaping is maintained, and building systems are functioning properly.

A proactive maintenance program helps preserve property values and creates a positive living environment. Regular inspections and preventative maintenance can identify potential issues before they become costly repairs.

Examples of preventive maintenance include:

*) HVAC system inspections
*) Roof evaluations
*) Plumbing checks
*) Elevator servicing
*) Landscaping maintenance
*) Parking lot repairs

When maintenance is neglected, small issues often turn into major expenses. A minor roof leak, for example, can eventually lead to structural damage, mold growth, and costly restoration work.

Professional Condo Association Management Chicago services focus on preventative maintenance because it reduces long-term costs and protects community assets. By developing maintenance schedules and coordinating qualified vendors, property managers help ensure that properties remain safe, attractive, and functional.

Well-maintained communities also tend to have higher resident satisfaction and stronger property values. Residents appreciate clean common areas, reliable amenities, and prompt attention to maintenance concerns.

The Role of Financial Oversight

Financial oversight is equally important in property management. Without proper financial planning and accountability, even well-maintained communities can face significant challenges.

A strong financial management strategy includes budgeting, reserve planning, expense monitoring, collections, and financial reporting. These practices help ensure that a community has the resources necessary to maintain operations and fund future improvements.

One of the primary responsibilities of Chicago Property Management Services is developing realistic annual budgets. Accurate budgets help associations anticipate expenses, allocate resources effectively, and avoid financial shortfalls.

Reserve funds are another critical component of financial oversight. These funds are set aside for major repairs and capital improvements such as roof replacements, exterior renovations, and mechanical system upgrades. Adequate reserves help communities avoid unexpected special assessments and financial stress.

Regular financial reporting also promotes transparency and accountability. Board members need accurate information to make informed decisions regarding community operations and future planning.

Effective financial oversight helps communities:

*) Maintain healthy cash flow
*) Plan for future expenses
*) Control operating costs
*) Reduce financial risk
*) Support long-term stability

When finances are managed properly, communities are better prepared to handle both expected and unexpected expenses.

How These Three Areas Work Together

Communication, maintenance, and financial oversight are closely connected. Success in one area often depends on the effectiveness of the others.

For example, if a major maintenance project is planned, residents must be informed about schedules and potential disruptions. At the same time, management must ensure adequate funding is available to complete the project. Proper communication and financial planning help ensure maintenance work is completed successfully.

Similarly, maintenance needs identified during inspections may influence future budgets and reserve fund planning. Open communication between management teams and board members helps prioritize projects and allocate resources effectively.

When all three functions work together, communities benefit from smoother operations, stronger resident relationships, and improved financial health.

Choosing the Right Property Management Partner

Property owners and association boards often face complex responsibilities that require professional expertise. Working with the Best Property Management Company Chicago can help communities manage these challenges effectively.

An experienced management company provides:

*) Professional communication systems
*) Preventative maintenance programs
*) Financial planning and reporting
*) Vendor coordination
*) Operational support
*) Strategic guidance

These services help reduce the workload on board members while ensuring that community needs are addressed efficiently.

Communication, maintenance, and financial oversight are the foundation of successful property management. Together, they help protect property values, improve resident satisfaction, and support the long-term success of communities.

A professional Property Management Company In Chicago IL understands the importance of balancing these responsibilities to deliver exceptional results. At Connected Property Management, we focus on proactive management practices that help communities thrive through clear communication, effective maintenance strategies, and responsible financial oversight.

By investing in these core areas, property owners and associations can create stronger, more successful communities for years to come.

Conflicts are an inevitable part of managing condominium associations and homeowners associations. Whether disagreements involve maintenance responsibilities, noise complaints, parking disputes, rule enforcement, or financial concerns, unresolved issues can quickly create tension within a community. For property managers and HOA boards, learning how to handle conflicts professionally and efficiently is essential for maintaining a positive living environment.

Strong communication, transparency, and consistency are the foundation of effective conflict resolution. Communities that address disputes early and fairly often experience better resident satisfaction, stronger relationships, and smoother daily operations. This is why many associations turn to experienced professionals like Connected Property Management for guidance and support in handling complex community concerns.

Below are some of the most effective conflict resolution tips for property managers and HOA boards.

1. Encourage Open and Respectful Communication

One of the biggest causes of community disputes is poor communication. Residents may feel ignored, misunderstood, or frustrated when concerns are not addressed promptly. Property managers and HOA boards should create an environment where homeowners feel comfortable expressing their concerns respectfully.

Encourage residents to communicate through proper channels such as emails, community portals, meetings, or scheduled discussions. When responding to complaints, avoid emotional reactions and focus on listening carefully to all sides of the issue.

Professional communication helps reduce misunderstandings and demonstrates that the board and management team are committed to fairness and transparency.

2. Address Problems Early

Small disputes can quickly escalate if they are ignored. A minor disagreement between neighbors may eventually impact the entire community if it continues unresolved for too long.

Property managers should respond to complaints as early as possible and document all communication related to the issue. Early intervention often prevents conflicts from becoming more serious or personal.

Experienced HOA Property Managers Chicago Illinois communities trust understand the importance of proactive management. By handling concerns quickly and professionally, managers can prevent unnecessary tension and maintain community harmony.

3. Stay Neutral and Professional

When resolving disputes, neutrality is critical. Property managers and HOA board members should avoid taking sides or making assumptions before hearing all perspectives.

The goal should always be to find a fair solution based on community rules, governing documents, and factual information. Remaining calm and professional during difficult conversations can help de-escalate emotionally charged situations.

Professionalism also builds trust among homeowners. Residents are more likely to respect decisions when they believe the process was fair and unbiased.

4. Clearly Explain HOA Rules and Policies

Many conflicts arise because residents misunderstand community rules or expectations. HOA boards should ensure governing documents, policies, and procedures are clearly communicated to homeowners.

Providing residents with easy access to community guidelines can reduce confusion and minimize disputes. Regular reminders about parking rules, maintenance responsibilities, pet policies, and noise regulations can also help prevent future problems.

Leading Local Property Managers Chicago communities rely on often educate residents proactively to create stronger and more cooperative associations.

5. Use Documentation to Support Decisions

Keeping accurate records is one of the most important aspects of conflict resolution. Property managers should document complaints, violations, conversations, inspection reports, and board decisions carefully.

Written documentation protects both the HOA board and homeowners by ensuring transparency and accountability. If disputes escalate, proper records provide valuable evidence to support fair resolutions.

Documentation can also help managers identify recurring issues within the community and implement long-term solutions.

6. Focus on Solutions Instead of Blame

Successful conflict resolution is not about proving who is right or wrong. Instead, it is about finding practical solutions that benefit the community as a whole.

Encourage all parties involved to focus on resolving the issue constructively. Property managers can guide conversations toward compromise and mutual understanding rather than allowing disputes to become personal attacks.

For example, if neighbors disagree over noise complaints, managers can work with both parties to establish quiet hours or practical communication guidelines that improve the situation for everyone involved.

7. Hold Organized and Productive Board Meetings

HOA board meetings can sometimes become stressful when disagreements arise among residents or board members. Having a structured meeting agenda helps maintain order and encourages productive conversations.

Board members should establish clear meeting procedures, allow homeowners to speak respectfully, and keep discussions focused on solutions. When meetings are organized and professionally managed, conflicts are less likely to escalate.

Many associations benefit from partnering with firms that specialize in Chicago Real Estate Management Services because experienced management teams can facilitate meetings more effectively and provide valuable guidance during difficult situations.

8. Consider Mediation When Necessary

In some cases, conflicts may become too complicated to resolve internally. When disputes continue despite multiple discussions, mediation can be an effective option.

Professional mediators provide a neutral third-party perspective and help residents work toward mutually acceptable solutions. Mediation often saves communities time, money, and legal expenses compared to formal litigation.

Experienced property management companies understand when outside assistance may be necessary and can help guide associations through the process professionally.

9. Build a Strong Community Culture

One of the best ways to reduce conflicts is by fostering a positive sense of community. Residents who feel connected and respected are more likely to cooperate with one another and resolve disagreements peacefully.

HOA boards can encourage community engagement through social events, newsletters, volunteer opportunities, and open communication initiatives. Building stronger relationships among neighbors creates a more welcoming and supportive environment.

Connected Property Management understands that strong communities are built through communication, consistency, and proactive leadership. By focusing on resident relationships as well as operational efficiency, associations can create a healthier and more harmonious living experience.

Conclusion

Conflict resolution is an essential skill for every HOA board and property management team. While disagreements are unavoidable in community living, they can often be resolved successfully through clear communication, professionalism, documentation, and proactive management strategies.

By addressing concerns early, remaining neutral, and focusing on fair solutions, property managers can help communities operate more smoothly and maintain positive relationships among residents. Partnering with experienced professionals like Connected Property Management can also provide associations with the guidance and expertise needed to navigate difficult situations effectively.

As the Best Property Management Company Chicago communities rely on, professional management firms play an important role in reducing disputes, improving communication, and helping HOA boards create stronger and more successful communities for residents.

Investing in real estate in a competitive market like Chicago can be highly profitable, but only when properties are managed efficiently. Many property owners underestimate the operational demands that come with rentals, condos, or multi-unit buildings. This is where professional Property Management Chicago IL services play a critical role in improving long-term returns on investment (ROI).

From tenant acquisition to maintenance optimization, professional management ensures that every aspect of a property contributes positively to profitability rather than draining resources.

1. Reducing Vacancy Rates Through Better Tenant Placement

One of the biggest threats to ROI in real estate is prolonged vacancy. Every month a property sits empty means lost rental income, while expenses like taxes, utilities, and mortgage payments continue.

Professional Property managers in Chicago use advanced marketing strategies, pricing analysis, and tenant screening systems to minimize vacancy periods. They list properties across multiple high-traffic platforms, respond quickly to inquiries, and ensure competitive yet profitable rental pricing.

With expert tenant placement, property owners enjoy consistent cash flow, which directly increases ROI over time.

2. Efficient Rent Collection and Financial Management

Cash flow consistency is essential for maximizing returns. Property management companies implement structured rent collection systems that reduce late payments and defaults.

They also provide detailed financial reporting, helping owners understand income, expenses, and profitability at a glance. This level of transparency allows investors to make informed decisions about future investments or property improvements.

Companies like Connected Property Management specialize in streamlining financial operations so owners can focus on portfolio growth rather than day-to-day accounting tasks.

3. Lower Maintenance Costs Through Preventive Care

Unexpected repair costs can significantly reduce ROI. A major advantage of hiring Property management Chicago IL services is access to preventive maintenance programs.

Instead of reacting to problems after they occur, property managers schedule regular inspections and maintenance. This includes HVAC servicing, plumbing checks, electrical system reviews, and structural assessments.

Preventive maintenance helps:

*) Extend the lifespan of property assets
*) Reduce emergency repair costs
*) Maintain property value over time
*) Improve tenant satisfaction and retention

By controlling maintenance expenses, owners see a noticeable improvement in net returns.

4. Higher Tenant Retention Rates

Tenant turnover is expensive. Marketing, cleaning, repairs, and downtime between tenants all eat into profits. A key way to improve ROI is by keeping reliable tenants longer.

Professional Condo management Chicago and residential property services focus heavily on tenant satisfaction. They handle maintenance requests promptly, ensure clear communication, and maintain well-managed living environments.

Happy tenants are more likely to renew leases, reducing turnover costs and ensuring steady income. Over time, this stability significantly boosts ROI.

5. Strategic Rental Pricing for Maximum Profit

Setting the right rental price is a delicate balance. Overpricing leads to vacancies, while underpricing results in lost income.

Experienced Property management Chicago IL companies use market analytics and local data to determine optimal rental rates. They monitor trends in Chicago neighborhoods, compare similar properties, and adjust pricing when needed.

This data-driven approach ensures property owners are not leaving money on the table while remaining competitive in the market.

6. Legal Compliance and Risk Reduction

Chicago has strict rental regulations, and non-compliance can lead to costly penalties or legal disputes. Property management companies ensure that all leases, notices, and procedures follow local and state laws.

They also handle eviction processes professionally and legally if necessary, reducing financial and reputational risks for property owners.

By minimizing legal exposure, property managers protect long-term ROI and prevent unexpected financial losses.

7. Improved Property Value Over Time

Well-managed properties tend to appreciate faster. Regular upkeep, modern upgrades, and consistent tenant care all contribute to higher property valuation.

Professional management teams often recommend value-adding improvements such as energy-efficient upgrades, cosmetic renovations, or smart home integrations that attract higher-paying tenants.

This strategic approach ensures that the property remains competitive in the Chicago rental market while steadily increasing in value.

8. Time Savings for Property Owners

Time is a valuable resource for investors. Managing tenants, maintenance requests, inspections, and legal paperwork can become overwhelming, especially for those with multiple properties.

By outsourcing to experts like Connected Property Management, owners free up time to focus on expanding their real estate portfolio or pursuing other investments. This operational efficiency indirectly improves ROI by reducing stress and increasing scalability.

Conclusion

Maximizing ROI in real estate is not just about buying the right property, it is about managing it effectively. Professional Property Management Chicago IL services provide the systems, expertise, and local market knowledge needed to optimize income and reduce expenses.

From reducing vacancies and improving tenant retention to controlling maintenance costs and ensuring legal compliance, property management plays a direct role in boosting profitability.

For property owners looking to grow their returns while minimizing operational stress, partnering with experienced professionals like Connected Property Management can make a significant difference in long-term investment success.