According to the NAR, we now have over 75 million Americans living in homeowners associations, accounting for over 30% of the country's housing stock.
If you're an HOA homeowner, you don't need us to tell you how challenging it can be. The dream of HOA living is often killed by bureaucracy and ineptitude at the management level. You shouldn't suffer because your HOA board of directors isn't equipped to run the association.
That's where HOA management companies can really help. In today's post, we'll explain some of the key HOA management duties that will help turn your community around. Keep reading and find a community manager with experience and expertise.
HOA Financial Management
Accounting knowledge is one of the most important HOA management skills that professionals bring to the table. Every HOA resident pays their monthly dues, which are pooled together to cover every cost the community incurs, from home maintenance costs to major repair expenses.
The compiled HOA fees won't be enough to pay for the community's needs if you don't have strong accounting. This is a huge problem that almost always results in a hike to the HOA fees - something few homeowners are fans of.
With an HOA manager's professional accountants, you'll have people handling fee collection, bookkeeping, and budgeting. This will ensure the funds coming in are maximized, making fees and property values stable.
Governance and Compliance
All HOAs have unique governing documents that outline the rules and regulations of living in that particular community. Some communities emphasize rental regulations, while others have rules around pets.
The point is that all homeowners must obey the rules. Failing to do so should result in penalties, fines, and even foreclosure. If your HOA board doesn't enforce the rules properly, it can send a community into chaos.
HOA services ensure all homeowners understand and comply with the regulations. If they don't, penalties will be issued to ensure there are consequences for bad actors and harmony in the HOA.
HOA Maintenance
Regular maintenance benefits HOAs in various ways. Firstly, it helps homeowners feel safe and comfortable in their community. The next most important thing maintenance does is increase property values.
A maintained community brings interest from property investors. The more interested parties have eyes on your community, the more demand there'll be for property. Demand is the key to driving property values.
Your HOA management should have a list of local vendors they can call. Whether it's seasonal landscaping or road repair, the right vendor will be a call away for a great HOA manager.
The Best HOA Management Companies Under Your Nose
You don't have to deal with poor HOA management any longer. With the help of HOA management companies, you can enjoy the perks of HOA living once again (or for the first time).
To enjoy the perks of quality HOA management, you need the best HOA manager around. PMI Turn Key NJ is Monroe's top option for property management. Our services include everything discussed here and more, so contact us ASAP to learn more about what we do to help our clients.
