More than 74 million Americans, or one-quarter of the total U.S. population, live in a community with a homeowners association (HOA). There are many advantages of having an HOA. These include making sure properties meet community standards, which is good for retaining home values.
HOAs are often run by volunteers and demand a lot of time, work, and dedication. For this reason, many neighborhoods have turned to HOA management companies. This can help shift some of the responsibility for carrying out many of these duties.
This article goes over the different types of services you can expect from homeowners association management companies. It also lays out the many specific benefits this can afford. It will help you determine if it is the right choice for your neighborhood.
Records and Accounting
HOA management services can take over all bookkeeping and financial reporting for your HOA. This means they can put together monthly or annual budget reports and present them to the board. They can also collect annual HOA dues from community members.
Managers can schedule and attend board meetings. You can have them take minutes and draft reports for the board and the community.
Property managers can also handle insurance-related issues and advise members on legal matters. This can be a huge asset, especially if such expertise in these areas is lacking among your board members.
Project Management
HOA management companies also will carry out or help line up services for common areas in the neighborhood. This includes things like regular grounds upkeep or garbage collection.
It may include pool or tennis court services. They can handle specific maintenance requests from residents as well.
It also can entail special projects, like repairs to automatic gates, fencing, or sidewalks. If the HOA decides to use space to put in a walking trail or playground, the property manager can solicit bids from vendors and present them to the board. This can save board members a lot of time and headaches getting quotes from various contractors.
Communication and Compliance
HOA property managers can communicate regularly with community members. They can issue warnings or levy fines for violations of neighborhood rules or policies. This can be a huge benefit that allows HOA board members to avoid awkward correspondence with neighbors and friends.
An HOA property manager can operate a community calendar and alert residents of important upcoming events. They also can help coordinate special neighborhood events and send out invitations.
Find HOA Management Companies Near You
Now that you understand how HOA management companies work, you can determine if it is the right move for your neighborhood. It can allow you and your board to continue making decisions for the community while relieving much of the work and stress. In short, it can allow you to focus on more important things.
PMI Bayou City is a full-service homeowners association property management. We offer a range of property management services, including accounting and reporting, maintenance, and project management. Reach out to us today to schedule a free consultation.
