According to data from This Old House, there are around 358,000 HOA communities in the US.
Homeowners associations can do a lot for a neighborhood, making these communities highly sought after. However, they often have a hard time keeping up with their responsibilities. One of the best solutions here is to seek out HOA management services.
In this guide, we'll take a look at what HOA property management companies can offer and why they're so beneficial. Keep reading for more.
Common Area Upkeep
HOA communities typically have various common areas that residents can make use of. Some common examples include:
- Swimming pools
- Gyms
- Art studios
- Parks
While residents need to maintain their own properties, HOA boards should keep all common areas in good shape. It can be difficult to organize suitable maintenance, so a community association management company can take care of this instead.
They have suitable experience so they can set up regular maintenance schedules. They can also get in contractors for any repairs or maintenance as and when it's needed. Due to often having access to networks of contractors and service providers, they may also be able to get better deals, saving on community funds.
Fair Policy Enforcement
HOA boards establish policies to keep communities in order. There are penalties in place for residents who breach these policies.
Things can get complicated, however, based on personal relationships. HOA board members often know residents personally, and these relationships can interfere with their decisions when it comes to taking action for those who break the rules.
Community association managers don't have these same relationships, so they can enforce policies fairly. Without bias affecting their decisions, everyone will be treated equally, making it less likely that any residents will think they can get away with breaking the rules.
Effective Financial Management
When it comes to finances, things can get quite complicated. Without the right experience, an HOA board can have a tough time here.
Companies that provide homeowner association services have the right training and expertise to deal with this. They can take care of duties such as:
- Assessing budgets
- Collecting HOA fees
- Creating financial reports
If a board member tries to do this without a good understanding of what they're doing, they're likely to make mistakes. As a result, funds could be wasted or lost, which is bad for the entire community.
A community manager can ensure everything is done correctly and efficiently. They may also be able to determine areas where funds could be saved or spent more effectively.
Thriving With the Help of HOA Property Management Companies
HOA property management companies can do a lot to help communities succeed. They make everyday life better for the residents and reduce the workload and stress that the HOA board usually has to deal with.
PMI Bayou City is a professional commercial and residential property management company serving Houston and the surrounding communities. We have years of experience and use the latest technology to ensure our clients get the best level of service. Take a look at our association management page to find out more about how we can help your community thrive.
