As it stands, more than 74 million US residents currently live in managed communities.
Homeowners associations have become popular all across the country. They offer several benefits and can make the lives of residents far better when things are handled right.
However, many HOA boards have a hard time staying on top of their duties. They can hire a community association management company to assist them, allowing them to better serve their communities.
Let's go over some of the things an association management company can do to help your community grow and thrive.
Common Area Maintenance
Association property management services can help keep a community in a good state. They do this by organizing and overseeing the maintenance of all common areas.
These common areas are typical of HOA communities, and include things like parks, pools, and gyms. They're for all residents to use, but they need to be kept safe and in good condition.
Association managers often work with contractors and construction companies, so they can handle any maintenance work that's needed. This will ensure all common areas are ready for use at all times. This will also help support property values throughout the community.
Financial Management
One of the most important community management solutions association managers offer is their financial services. The HOA board may be able to take care of this, but they rarely have an easy time with it. Board members are community volunteers, and if a board doesn't have a treasurer with extensive experience with finances, they're likely to struggle.
Association managers have suitable experience here. They can collect HOA fees, organize accounts, establish budgets, and more. This will minimize the risk of mistakes while ensuring the community isn't wasting funds anywhere.
Enforcement of Policies
The HOA board is responsible for establishing policies for all residents to follow. These are to keep the community civil and friendly by preventing behavior that could upset some people (such as excessive noise).
The problem here is that board members are from the community, and often have friendships with other residents. Because of this, they may feel certain biases when it comes to enforcing these policies.
This isn't an issue for association managers, so they can enforce these policies more fairly. This will keep everyone happy and help ensure disagreements are dealt with effectively.
Administrative Tasks
There are plenty of administrative tasks that the HOA board needs to deal with, but they often don't have the time to focus on them. An association manager can take care of these instead.
They know what's required, so can usually deal with things more efficiently than the HOA board. Board members will then have more free time to focus on crucial tasks.
Working With a Community Association Management Company
A community association management company can take on various duties to support the HOA board. They can also implement effective community growth strategies that will benefit all residents.
PMI Tampa is an experienced real estate asset management company serving Tampa and the surrounding communities. We're a part of PMI, a leading property management company that has become one of the most successful in the country over the last two decades. Check out our association management page for more information on our services.
