More than one-quarter of the U.S. population lives in a neighborhood governed by a homeowners association (HOA), and the trend is increasing. There is a reason for the popularity of HOAs.
This structure helps manage common areas and ensures residents are meeting community standards. This translates to better property value retention.
While having an HOA has many benefits, most often they are run by volunteers. This requires a lot of time and effort, as well as specific skills to do it effectively. That is why more neighborhoods are turning to HOA management companies.
This setup does not completely replace the HOA board but merely helps ease some of the heavy lifting. This can translate to less stress and a happier community.
Keep reading to learn about the important things HOA management services can provide.
What Is HOA Management?
HOA management comprises services provided by a third-party company. As mentioned, they do not supplant the HOA board, but merely assist in the day-to-day operations of managing the community.
There are many benefits of HOA management services, but they can be condensed into two types. One is time. Hiring a pro frees up board members from having to carry out every task and responsibility.
Next, since HOA board members are almost always volunteers, there are natural limitations to the skills they bring to the table. No one is good at everything, so you inevitably have deficits where your board lacks skills, experience, or expertise. An HOA management company provides professionals whose job is to manage community needs and goals.
What Tasks Do HOA Management Services Perform?
While management companies can have different structures, there are three main categories that their work falls into. These are administrative, financial, and maintenance services.
Administrative Services
HOA management companies often schedule and attend board meetings. They can work with the board to put together agendas and take minutes during the meeting. They will maintain files and records, and make them available to community members.
Management companies can request quotes for community projects and present those to the board. This can save a lot of time meeting or corresponding with various contractors.
Financial Services
HOA management companies can provide accounting and financial statements to the board. They can manage your budget and put together monthly or annual reports.
Management companies can collect association dues and levy fines for people who violate community policies. They can also file taxes for you.
Maintenance
Management companies will oversee projects in the community. They can line up regular inspections for common areas.
They might be responsible for repairs, such as those to automatic gates, sprinklers, or lighting around the community. In short, they can perform almost any duty that would otherwise fall under HOA property maintenance.
Find HOA Management Companies Near You
Now that you understand how HOA management companies work and the advantages they can offer, you can decide if one is the best choice for your community. They can help free up time and responsibilities, so that you and your neighbors can focus on more important things.
PMI Matching Property only hires highly educated and experienced professionals. We provide a range of services, from marketing and accounting to housekeeping, property maintenance, and HOA management. Reach out to us today to learn more.
