A homeowner's association is a group that is intended to benefit every resident in a certain community. Considering that the average home value increased by more than $100,000 over the last three years in the United States, and many homes belong to an HOA, it's safe to say that communities are buying into this.
However, none of these homeowners may have experience with association management. That is where a property management company comes in.
What can this company do for you? Here are some of the biggest benefits.
One of the biggest advantages of association management is that you get help managing funds. With an experienced team on your side, you can get a better idea of how to allocate the money appropriately.
That is because a management company has the proper technology, such as financial reporting services, needed to organize all of these funds.
Let's say that each homeowner in the association pays $300 per month in fees and there are 20 homeowners in the association. That is $6,000 each month or $72,000 per year just in HOA fees.
Management companies can help make sure that your HOA receives these fees every month on time. Plus, professional advisors can help you lay out a budget for how to put this money to good use for your community.
Another thing that association management can help your neighborhood with is making sure that there is proper maintenance. Usually, an HOA is responsible for things such as amenities in common areas as well as the exterior of the buildings.
For example, if something is wrong with a pipe attached to your home, the HOA may be responsible for fixing it. If there is a crack in your exterior staircase, that could also be up to the HOA. They contribute to the upkeep of your community park or your neighborhood pool as well.
On average, homeowners usually have to dedicate 1% of their home's value every year towards maintenance. An association manager can help you stay on top of this.
Handling Daily Operations
Finally, by hiring an association management company, you have someone dedicated to handle daily problems that come up with your HOA. This can be anything from a homeowner complaint to a maintenance issue that needs to be addressed.
The point is that with this option, you do not have to handle every little problem yourself and your HOA can focus on the bigger picture.
Hire an Association Management Company
These are some of the ways that an association management company helps your HOA become successful. You can have someone that is dedicated to handling the daily operations. Also, you have professionals to help you manage your HOA funds as well as ensure there is proper maintenance in your community.
If you move forward, you are sure to see more positive results from your HOA. So, are you ready to get started?
Message us here to see how we can help you.