Advantages of hiring a community management range from better access to community services to legal and financial help. A good HOA management company offers effective governance, legal expertise, and conflict resolution. In a small community HOA members can do some of these tasks.
But in a larger community it’s difficult to do it yourself because most HOA board members.also have a career, family, or hobby to focus on, limiting their free time. That’s why community management companies manage about 75% of homeowner associations.
Keep reading to find the top reasons to hire community management companies.
What Benefits Do HOA Management Companies Offer?
Money is one of the essential commodities for HOAs and condo associations. Unfortunately, this financial aspect is also the most difficult for HOA board members to deal with, especially in larger communities. That’s where property managers come in.
The HOA management companies have reliable financial experience. This includes tried-and-true accounting services, systems, and software. They also offer several financial services such as bookkeeping, accounting, association taxes, dues collection, and fees collection.
Remember, most financial and accounting jobs need a full-time accountant on board. Of course, you may have legal and accounting professionals on your HOA board, but they also have their careers and interests to pursue. That’s why property managers can save you time and money over time.
Property management is another essential aspect of community management. It involves checking on maintenance problems, enforcing board-approved policies, and inspecting for rule violations. Community management companies also ensure that pool cleaning, lawn care, and other services are done well and on time.
Your site management also determines your community appeal. Behind the well-maintained houses, there is always a team of dedicated professionals. So, good HOA managers have to use the best vendors. That way, they ensure that the homeowners get the best community services.
Community Appeal and Increased Property Value
Every HOA’s dream is to have a harmonious and appealing community. But the daily property management tasks can be too much for most HOA board members.
Property managers offer consistency, clarity, and longevity. These are essential qualities because homeowners, unlike renters, are more permanent. HOA managers also help in conflict resolution, implementation of policies, and emergencies.
Board members may also lack the time and resources to find new homebuyers. However, HOA community managers know how to find and scrutinize new tenants. This includes background checks, references, and other requirements.
It’s difficult to enforce rules that affect or conflict with neighbors and friends. For instance, how do you collect overdue fees or explain the need for increased fees to your friends? You need an HOA management company that has no conflict of interest.
Also, all HOAs have policies and regulations that keep the community running. It may not be easy to enforce some of these rules without bias because of communal familiarity. But an HOA management company will help you ensure compliance within the legal bounds.
Project managers are also well-versed in the legal aspects of community management. Plus, the law is constantly changing, so HOA managers stay abreast with the latest state or federal regulations. Their legal expertise can also help board members make informed decisions.
Find the Best HOA Community Management Company
Save Time and Money
Hiring a community management company saves time and money. The HOA board of directors (who are volunteers) may be able to manage a small community with ease—but managing larger communities sometimes bogs down even the most qualified board members because they have other personal responsibilities.
Doing it yourself can seem like a good idea, but it becomes expensive as you try to find a working system. This is where property managers usually come in handy. It becomes easy to see the value of HOA management companies once you dispel the misconceptions surrounding them. Plus, they have extensive legal knowledge, proven accounting systems, and reliable connections to vendors.
Every company may be different, but many community management companies offer experience, fairness and equity, faster implementation, and improved vendor relations.