More than 25% of the US population lives within managed communities, and this number is likely to rise as more people see the benefits of homeowners associations.
An HOA works to improve life for residents within their communities which is why many prefer to live in them. In many cases, however, HOA boards cannot stay on top of everything, and some of their duties get neglected.
An HOA property management company can step in here to take on various responsibilities. This helps ensure everything is covered effectively.
Let's take a closer look at how an HOA community management company can benefit your HOA and neighborhood.
Looking After Common Areas
HOA community improvement comes in many forms, and one of the most important is maintenance. An HOA manager can organize and oversee the maintenance of any communal areas such as parks, pools, and gyms within a community.
HOA managers have plenty of experience handling maintenance tasks and they maintain strong networks with all kinds of contractors. They'll always be able to find someone suitable to take care of whatever work is needed. They may even be able to get better deals due to the relationships they have with these companies.
Enforcing HOA Policies
An HOA board must establish certain community policies. These are for all residents to follow and generally involve things like excessive behavior or property modifications that can affect the lives of other residents. It's usually not too hard for the board to set these policies, but enforcing them is another matter.
The board is made up of community volunteers, and they tend to have personal relationships with other residents. They can then have certain biases that make it difficult for them to handle things appropriately when rules are broken.
HOA managers don't have this issue. They can ensure all policies are enforced fairly throughout the community which will help keep all residents happy.
Managing Finances
All residents in a managed community need to pay HOA fees. These cover things like maintenance and organized HOA community events.
The treasurer is responsible for collecting these fees, budgeting, organizing how fees are spent, etc. The problem is that very few HOAs have treasurers with suitable experience, so they often struggle here. This can lead to inefficiency and mistakes that eat into community funds.
HOA managers can be invaluable here as they have the skills and experience to manage community finances properly. They can create budgets and make sure funds are being spent in suitable ways. This will help ensure nothing is wasted so residents can get the most out of the fees they pay.
Professional HOA Property Management
An HOA board can benefit their community but may struggle with all of their duties. An association manager can provide effective HOA management strategies to help keep everything running as smoothly as possible.
PMI Broward Sunrise provides HOA property management services throughout Fort Lauderdale and the surrounding communities. We operate under PMI, one of the fastest-growing real estate asset management companies in the US.
Take a look at our association management page for more information.
