According to YouGov, 61% of Americans prefer to live in a neighborhood without a homeowner's association (HOA). Plus, 72% of those who do live under an HOA say they disapprove of the set rules and regulations.
It's clear that residents are apprehensive about HOAs, so it's vital that you change their opinions. It's not easy to do no your own though, so consider working with an HOA property management company to achieve your goals.
Are you interested in hearing more? Then read on to find out what community association services can do for you.
Administrative Support
Do you find it challenging to keep tabs on everything? Well, it won't be an issue anymore.
Experienced management companies will handle essential documentation for you, including:
- Minutes
- Resident records
- Legal documents
In addition, they'll ensure all residents follow community guidelines. Should any disputes arise, they'll deal with them diplomatically, as well as any violations.
Most importantly, an HOA property management company will keep your residents informed through various organized communication channels, such as:
- Newsletters
- Emails
- Community website updates
Maintenance and Updates
HOA maintenance planning can be a real beast, and you shouldn't tackle it alone. Management companies will carry out regular property inspections to make sure that all common areas are safe and well-maintained. They'll also utilize their network of reliable vendors for landscaping and other services, which saves your HOA money.
And in case of urgent issues, these companies can coordinate quick responses and necessary repairs to keep your residents happy.
Financial Management
Budgeting and financial planning are things we all struggle with; only half of Americans have financial literacy. Even if you do understand these subjects, they're not the most interesting things to focus on, and there are more important tasks to use your energy on.
Property managers will assist with HOA financial management to ease your burden. They'll create and manage a realistic budget, and they'll also handle things like:
- Billing
- Collection of HOA dues
- Delinquent account resolution
On top of all this, they'll provide you with clear periodic financial reports so your board has a transparent view of the HOA's financial health.
Legal and Regulatory Compliance
Another heavy topic that HOA property management companies will handle is compliance. They always stay updated on local, state, and federal laws affecting community associations, meaning they'll help you stay compliant.
Plus, they'll help with risk assessment. As a result, you'll get adequate insurance coverage.
Lastly, you can count on them to check that all your documents are current and properly filed.
HOA Property Management Company
HOA duties can feel overwhelming, especially if you aren't experienced. And if they're not dealt with correctly, then you'll have unsatisfied residents.
To prevent this from happening, you should consult with a HOA property management company. Not only will they relieve significant administrative burdens, but they'll also enable you to focus on strategic decision-making and community improvement.
Get in touch with us today if you'd like assistance with HOA management. We have an excellent network of local property managers and have won accolades for our services.
