Homeowners associations (HOAs) have grown in popularity over the last 50 years. There are now approximately 358,000 in the United States, representing more than 74 million residents.
HOAs provide a lot of value to homeowners, but they require a great deal of skills and responsibilities too. Successful HOAs rely on the time and work of volunteer community members.
For this reason, many neighborhoods and condos outsource some of these responsibilities to property managers. Besides doing a lot of the heavy lifting, they can provide unique expertise to your association. Keep reading to learn how.
Financial and Legal Advice
Property management companies specialize in real estate. They will have their finger on the pulse of local market trends and have management skills on how to run an HOA. This goes for bookkeeping, accounting, financial, and even legal services, where needed.
Property managers can put together an annual budget for you and present it at board meetings. They can do accounting and offer financial advice.
Keep in mind that the role of a property management team is not to replace the board but to supplement where necessary. For instance, board members still have the final say on budgets and projects. They can, for instance, decide on groundskeeping services.
The board can allocate funds to community improvement projects. HOA property managers are only there to provide advice and make sure board members have all the information they need.
Grounds and Building Maintenance
Besides their professional expertise, HOA managers can provide experience in handling the day-to-day operations of your neighborhood. This can include maintaining the grounds, gates, common buildings, and amenities. If your neighborhood has a swimming pool, dog park, or playground, the management company can handle the upkeep.
They can solicit quotes from prospective contractors for special projects. They will line up services--such as pest control or HVAC repair--as needed. Managers also can deal with permanent staff, such as building maintenance staff or lawn services.
Take On Unpopular Tasks
One of the main responsibilities of the HOA board is to enforce community standards. These include things like uniformity in house colors or style, as well as individual grounds upkeep. It also can involve levying and collecting fines for infractions, or if someone fails to pay dues.
These situations can be awkward since (as mentioned) board members are usually residents. This means you have neighbors sending letters about fines or penalties to one another. Hiring a property management company allows you to shift these responsibilities to a professional company that knows how to handle unpleasant situations.
Find HOA Property Managers Near You
Now that you have some reasons to hire a manager for your HOA, you can determine if it is the right move for your community. They can alleviate a lot of stress and free up your board members so they can focus on more important tasks.
PMI Puget Sound is a full-service real estate asset management company. We provide a variety of services, including HOA property managers and support for board members. Reach out to us today to schedule a free consultation.
