Many homeowners give up on their HOA because they can’t keep up with the escalating workloads, which leads to property devaluation. Others try to run the HOA themselves, only to get overwhelmed and become disheartened when things don’t go as planned. When a community has an HOA management services company, everything comes together nicely, and the entire property looks well-maintained. They can handle just the big things or take on all the tasks needed to improve the overall satisfaction with the residents.
Are you wondering how a professional homeowners association management company can benefit your community? We’ve got you covered!
Keep reading to find out what management companies do and the top benefits of having them run your homeowners association.
What Are Homeowners Association Management Companies?
Your homeowners’ association (HOA) is an entity that oversees your community, sets the rules and regulations, and manages the maintenance of common areas.
The problem is that if you’re running a large HOA with hundreds of units and many common areas to maintain, it can be tough to get everything done yourself. HOA board members will require specialized services to ensure the community is in proper shape.
That’s where professional management companies come into play. A management company can act as your HOA’s eyes, ears, voice, and hands when it comes to completing day-to-day tasks. They hire professionals, oversee their work, manage the contractors, deal with any disputes, and so forth.
A professional management company supports HOA board members in multiple ways. Often, these individuals focus on a tiny area of the country or region, ensuring that they know the ins and outs of your neighborhood.
Top 7 Benefits of Hiring An HOA Management Company
Professional HOA management companies have all the tools and knowledge necessary to run properties of any size. Whether your community is small or filled with thousands of homes, they can help you get the job done.
Here are some of the benefits and HOA management company provides:
#1 Professional Financial Management
A professional management company provides regular reports about the property and monitors key metrics. Having them help you with financial matters ensures that you have a clear picture of where the money is coming in and where it’s going out.
Suppose you’re not paying close attention to HOA dues and expenditures. In that case, it’s easy to lose track of how much debt you’ve accumulated. There’s also a chance that you won’t know what the HOA is spending money on or, in some cases, not spending funds appropriately.
By ensuring the payment of bills and HOA dues are on schedule, you can stay ahead of any issues that arise in the future. Being proactive about your finances is crucial to avoiding problems down the road.
#2 Legal Expertise
Homes and properties are worth millions of dollars today. If you aren’t worried about anything else but getting the best price possible for your home, then you’d better start thinking about legal aspects.
Don’t let yourself get into unnecessary trouble by not having the proper paperwork done and filed as required by the state you reside in. You could quickly lose control entirely if you haven’t taken this step.
Having a trusted professional management company handle your HOA responsibilities gives you access to the legal expertise you need to protect your investment and others in the community.
These professionals can help you determine the ideal timeline for selling your home or condo, as well as ensure proper documentation.
#3 Save Time & Energy
Hiring a professional management company to do all the tasks for your HOA frees up your time and allows your board to focus on other details. You’ll save time as well as money since these experts typically work faster than the average board members.
You won’t have to spend countless hours looking for vendors to service your community because the HOA management company handles everything. This also means you will be getting trustworthy companies for a reasonable price instead of just hiring anybody.
Some problems that may crop up include pests, water damage, unplanned repairs, and replacements due to construction projects. You won’t have to deal with any of this when you have a good HOA management company working for your community.
#4 Increase Property Value
Properly managed neighborhoods tend to have higher property values than those that aren’t properly maintained or managed.
The presence of a professional management company makes it easy to maintain the high value of your property. They can take care of all the little things you would have to do if you handled everything yourself.
#5 Establish Community Standards and Guidelines
An HOA management company will establish guidelines and standards for everyone in the neighborhood, ensuring that you have a safe and secure environment in which to live.
HOA board members can rely on them for help with maintaining the rules and regulations that are best for the community. They’ll provide advice on what needs to be handled immediately versus what can wait a little longer before getting solved.
They can also assist with disputes and issues that need to be handled legally, something most HOA’s lack the knowledge of when handling these things themselves.
#6 Increase Community Awareness
By having a professional company manage your property, everyone will better understand what’s expected from them, including their responsibilities and what rules need to be followed.
Professional HOA management companies bring order to a community that allows the residents to be on the same page. People need to know how their actions affect the other residents. Awareness can be the solution many communities need to stay on top of things.
#7 Cost-Effectiveness & Comparison
It is generally cheaper to use a professional management company rather than do all the tasks yourself. When hiring one, compare their prices and services to what your board is currently handling and spending money on regularly.
However, be sure to track the things that are not getting done and how much time and money is spent looking for resources to run your community efficiently. HOA boards typically realize that a professional management company is the best way to proceed in many cases.
Factors to Consider When Hiring HOA Management Company
To get the best results, you’ll need to choose the right HOA professional management company. You don’t want to overpay for something that doesn’t add value to your community. Below is a list of things you should consider when looking to hire a professional management company:
- Do They Have A Proven Track Record? A reputable service provider should have a long list of recommendations. In addition to that, they should have enough proof of their accomplishments, including client testimonials and references.
- Are They Licensed? You want to ensure the management company has trained and experienced individuals working on their behalf, including having licenses and certifications to prove their qualifications.
- What Does Their Website Say About Them? This isn’t just for SEO purposes! Check if the company has positive reviews and testimonials on its website. Also, please note how well they manage to create customer-centric websites.
- Can Their Services Be Trusted? An honest business doesn’t mislead or defraud anyone, which means there shouldn’t be hidden costs or fees. You also want to ensure that they have the resources to handle problems immediately and effectively.
Hiring a professional management company can relieve a lot of the stress from the board members when trying to get everything handled appropriately. It can also save you tons of time and money, allowing the board to focus on more important issues.
If you’re considering hiring an HOA management company, contact us today for a free consultation to see how we can fill the gaps your community is experiencing.