5 Benefits of Using an HOA Management Company
Curious what the benefits of using an HOA management company are? If so, take a look at our handy guide to get the inside scoop!
Property ownership has always been one of America’s go-to investments. Finally, even the younger generations are jumping into the homeownership game! A whopping 37% of Millennials now own their homes.
A homeowners association (HOA) is an organization in a residential community that makes and enforces rules for the properties and their residents. People who buy homes in these communities, are bound by the rules of the HOA and usually are required to pay dues to pay for the maintenance and upkeep of the common areas of the community.
Home Owners Associations, or HOAs, are often comprised of volunteers (often homeowners from within the community) who don’t always realize how much responsibility they’re taking on. They may also lack the experience to cooperatively manage their responsibilities to the HOA.
Bringing in an HOA Management Company can take your property and community at large to a whole new level. How?
Read on to find out the top 5 benefits of working with an HOA management company.
What is an HOA Management Company?
As mentioned above, a typical HOA is run by volunteers who may not always have the time, experience or resources to devote to the running of your community. HOAs are becoming increasingly common over the years, and in 2017 there were over 300,000 HOAs in America!
An HOA management company performs similar tasks but consists of third-party professionals.
While they may not be active members of your community, an HOA management company will take the time to get to know your community’s needs. Not only will they provide guidance to your existing HOA but they’ll bring in their financial and legal expertise to ensure that your community is the best that it can be.
1. Maintenance of Common Areas
What good is a community pool or playground if it’s falling apart from lack of maintenance?
Perhaps one of the biggest perks of working with an HOA management company is the upkeep of amenities. If you’ve belonged to an HOA community before, then you know that dues are collected from the community. Those dues go towards the maintenance of common areas.
An HOA management company will not only take charge of collecting those dues but they’ll hire the best vendors and contractors in the area. Common areas and amenities require quite a bit of upkeep throughout the year, from landscaping parks to cleaning and rebalancing community pools.
2. Establishment of Community Guidelines
Communities function best when everyone shares an understanding of what is and is not allowed. For example, you may come to a consensus that a noise curfew is in everyone’s best interest. You may decide that certain outdoor lighting is unsuitable for homeowners to buy and install in their yards.
There are a number of rules that you may want to put in place to keep your community on the same (happy) page. Coming to an agreement, however, can be difficult.
An HOA management company can act as a moderator when the HOA Board decides to create these guidelines. Plus, they can help streamline the process of communicating those guidelines to the rest of the community. Whether you prefer emails or door-to-door handouts, your HOA management company can help you put your documents together.
Finally, an HOA management company can ensure that the rules and guidelines are consistently applied. Because neighbors tend to develop deeply personal relationships, it can be awkward or uncomfortable to inform another community member that they are breaking rules. An HOA management company can deliver that information in a professional, unbiased way.
3. Annual Budgeting
Budgeting can be intimidating if you don’t have experience with it. Oftentimes, last year’s budget won’t fit this year’s agenda.
For example, you may find that a certain project needs special attention. Perhaps last summer brought with it several heavy storms that did some damage to your community park. Now, it’s time to prioritize cleaning the park up and making it safe for visitors again.
An HOA management company can assess your needs against your HOA income and come up with a budget that best serves the community each year.
4. Record Keeping
When building a strong community, records are key. You need to keep track of income and expenses as well as utility fees and insurance fees. In some cases, you may also need to keep track of condominium values and resales, and more.
An HOA management company takes care of all of these aspects of community-building, which means that all of your records will be securely kept in one place. They also bring with them invaluable legal expertise that communities may otherwise lack. In other words, they’ll know which documents are most important and when they’re needed.
5. Clear Communication
With any HOA, communication is the main force that holds the community together. A coalition of volunteers may not always be accessible, but an office of third-party HOA professionals is.
Whether you have an emergency maintenance request for a common area or need to access a community record, your HOA management company will be able to deliver. When you feel like the sky is falling, they’re cool as cucumbers and ready to tackle the day’s problems!
Ultimately, your HOA management company is there to help you make good decisions for your community, meet your financial needs, and establish solid rules. They’re committed to your neighborhood as if it were their own and bring with them years of expertise.
Find an HOA Management Company Near You
If you’re looking for an HOA management company in the Seattle area, look no further!
We’ve been building communities and assisting homeowners since 2009. Our goal is to improve property value and homeowner experience. We have founder James Hsu’s 15 years of experience to back us up!
If you’re interested in working with VerraTerra Real Estate Services, contact us today. We offer a versatile HOA management company package that is sure to meet your community’s needs!