Almost 75 million Americans will be living in HOAs in 2024, but not all of them are enjoying their HOA experience.
There's plenty of documented evidence of poorly run HOAs giving homeowners issues. The success and failure of any HOA depend on its leadership, so if your board of directors isn't cutting it, it might be time to hire an outside HOA manager.
In today's post, we'll explain the roles and responsibilities of an HOA manager to help you figure out if it's the right move for your community. Your HOA community deserves to thrive, so keep reading and see how a manager can help.
Financial Management
One of the most important areas in which an HOA manager can help a community is financial management. Homeowners each pay their HOA dues every month, which are pooled together to pay for everything that their HOA needs.
If your HOA treasurer has no accounting experience, it'll be hard for them to maximize the community's finances. Failing to do so can result in lower property values and higher HOA dues. A community manager, on the other hand, has experienced accountants on staff to help properly manage money.
Compliance and Regulations
Every community is governed by a set of HOA rules and regulations that all homeowners must live by. They might include rules around parking, allowing pets or tenants, landscaping, and quiet hours. Anytime you're setting rules for a large group of homeowners, you'll have rule breakers.
It can be tricky for the HOA board to issue penalties and fines. The board is made up of volunteer homeowners, so it creates a power dynamic in the community.
This isn't so with HOA management. They'll act as an independent third party and keep all unruly homeowners in line to generate more cohesion and harmony in the association.
Maintenance of Common Spaces
When a community is well-maintained, it becomes a more desirable place to live. Not only does this make living in an HOA better for current homeowners, but it drives property values up as well - as much as 4% higher than other property values.
To ensure a community is maintained, you need good vendor coordination. A community manager will enter the picture with existing relationships with local vendors. Whatever your community requires, a good local vendor will be one call away.
Future Planning
The future of an HOA should always be decided by homeowners at community meetings. If your community meetings aren't organized, however, not everyone's voice will be heard and the community mindset will suffer.
HOA managers have ample experience running these meetings. They'll ensure minutes are taken and that the community's wishes are enacted after the fact.
Get the Best HOA Manager in Maple Valley
If your Maple Valley HOA isn't living up to its promise, it might be time to hire an HOA manager. PMI Puget Sound is a top HOA management company, offering all of the services discussed here and more.
Don't let your HOA community fall into disrepair. Contact us today to learn how we can turn your community around and make it thrive in 2024.
