There are about 370,000 homeowners associations (HOAs) in the United States. This represents approximately 40 million households or 53 percent of occupied homes in America.
There are many advantages to living in an HOA. However, the arrangement can be a lot of work, usually taken up by volunteer community members serving on the board. This can be a huge time commitment and a major source of stress.
For this reason, many communities have hired HOA property management companies. There are many advantages to these, including improving the quality of your neighborhood. Keep reading to learn more.
Professional Financial Oversight
One of the challenges with HOA boards is that they are not professionals--at least not property management professionals. They may be fantastic people with particular areas of expertise from their work or personal lives. However, they may not know anything about managing HOA finances.
An association management company can help fill in the gaps. They can manage the collection of annual dues and formulate budgets.
Since they are an external party, they will not be swayed by personal interests to spend money one way or another. They also can be candid with HOA members about hard financial truths.
None of this excludes HOA board members from the process--quite the contrary. HOA managers are there to act as advisers. They can provide budget or financial planning information to your HOA so that board members can make the most informed decision possible.
Improved Property Management
Other than dealing with money, the greatest source of stress for HOA board members is managing projects. This includes everything from regular grounds maintenance to community betterment projects.
HOA managers can take over this responsibility. They will coordinate routine landscaping, community pool upkeep, or maintenance of other amenities.
If you have special improvement projects your HOA has agreed upon, managers can solicit bids from contractors. They can compile quotes and present the information to the board. This not only helps you select the best contractor but keeps your board members from having to lift a finger to do so.
Ensure Community Compliance Standards
HOA managers can use their professional expertise to help put together community standards. More importantly, they can help enforce them.
No one likes to have to send a letter to a friend informing them that their annual fees are overdue or that they are being fined because their property is not in compliance. Hiring an HOA property management company makes someone else "the bad guy."
This can help avoid awkward situations involving neighbors. Having a third party doing enforcement might also help improve adherence to neighborhood standards.
Find HOA Property Management Services Near You
Now that you understand how HOA property management can enhance the quality of your homeowner's association, you can determine if it is right for you. Managers can help alleviate a lot of stress for your board and community members while improving your neighborhood.
PMI Louisville is a full-service property management company that provides a range of benefits. In addition to HOA management services, we offer accounting, vendor coordination, compliance, inspections, and a host of HOA board members and resident support. Reach out to us today to learn more.