Do you own a planned community with a homeowner’s association? Here are compelling reasons to hire an HOA management company.
About 26% of Americans live in community associations, comprising approximately 73 million people. Every year, billions of dollars are collected in these communities, and it’s upon each association to manage both the community and the funds. The question is, how well is your homeowner’s association doing?
Is the reserve fund fully funded? Is the manager you elected responsible and accountable for everything that happens? Maybe everything is in chaos, and you would really benefit from third-party management?
This is where the HOA management company comes in. Homeowners association management companies come with tons of benefits. You don’t have to struggle handling all the issues surrounding your community.
Most HOA board members are usually volunteers. You find that they are not always ready to handle all aspects of the association. These include things like social media accounts, calendars, and financial accounts.
In this post, we’ll discuss the top reasons why these aspects are best left to experienced HOA management companies and why you should hire one.
1. Professional Financial Administration
The financial aspect of running a homeowners association is one of the biggest pressures board members have to contend with. Explaining why you need additional fees in the association or collecting overdue delinquent fees from neighbors and other residents is a daunting task. More often than not, this leads to strained relationships between the members, especially when getting to the point where you must involve a lawyer.
It’s especially important that you don’t leave the finances of the association to inexperienced and untrained members of the board. Instead, it’s advisable to leave the financial administration to a professional HOA association manager.
As a third party, the manager has no conflict of interest; hence, it will be on a neutral ground. Whenever rules are broken, or disputes among members arise, they also act as a mediator. As long as the management company enforces the rules fairly, all members understand and strive to follow those rules.
2. A High Level of Community Appeal
Any HOA community wants to pride itself on the level of harmony and appeal their association maintains. However, hidden in between the flawless development and highly aesthetically appealing houses is the tremendous work that goes into maintaining such a community. Most of the time, the work requires professional maintenance services that only specialized vendors can offer.
One of the most significant reasons for having a HOA management company is that they contact these vendors. They find the most ideal professionals for each maintenance task. A professional HOA manager will only use competent, reliable, and trustworthy vendors.
This ensures the safety and professionalism the community deserves. A high level of maintenance always means high-quality work and fewer replacement or repair costs. This is a long term solution that all community members can agree to.
3. Legal Expertise
The law is ever-changing, and it helps to have someone who is well versed with it and everything associated with HOA. Unless you have lawyers in your community, most HOA board members are unlikely to have sufficient background in law or stay up to date with these laws.
One of the top benefits of hiring a HOA management company is that they have professional legal advisors. They will play a major role if the association runs into legal problems.
When you have a lawsuit or similar legal issues, you don’t have to go out there and look for professional attorneys. The managers will do all that work for you.
4. Finding Tenants
In most communities, HOA members are volunteers that may not have enough time on their hands to do most of the tasks involved. Finding new tenants, for instance, is not an easy feat, and the HOA management company can do all the work.
HOA managers have been in business long enough to know how to go about the process. They conduct security checks, references, and everything else necessary before taking in new tenants. Beyond that, they also collect rent and deal with difficult tenants.
5. Help Ensure Compliance
Homeowners associations have rules, regulations, and laws that all community members must comply with. A HOA management company can ensure that all members comply with these laws without problems at all. Managing people is not the easiest thing, and having someone else do it for you is always a welcome reprieve.
6. Gives Board Members Free Time
Running the affairs of a community on a daily basis is a job in itself, and the board members also have personal matters to attend to. This means that they may not have sufficient time to fully take care of all community matters, and a lot of projects could be pending all the time.
With the assistance of a HOA manager, the board members will take care of some community matters and have enough time for their personal lives. The HOA manager will take up the bulk of the work and handle serious matters like finances while members deal with issues on the ground.
7. Adding Value to the Property
When you have a HOA community manager, the whole community will have a better time living there. A professional manager will always be up to speed with all the tasks and maintenance requires. Members will never have to keep complaining about the same things.
Due to these actions and a high reputation, a HOA management company can improve the value of the properties in the community. Having professional management is more of a way to invest in the community, and you can be sure that all members will appreciate it.
HOA Management Company and Why Your Community Needs One
Having a working and successful homeowners association is hard work, and it takes both time and effort. Having a professional HOA management company can save your board members a lot and improve your community in more ways than you can count.
If you’d like to know more about HOA management companies, please check out our website. If you are looking to hire the best one for your association, please get in touch with us, and we’ll be more than glad to help.