HOAs offer a lot of value to communities. However, they take a ton of work to run properly. It can take a lot of time and may not be something homeowners want to deal with.
That's why it's no surprise that over 60% of HOAs are run by management companies.
But what can a homeowners association management service offer your neighborhood? Let's look at some of the benefits of working with one.
Create and Enforce Policies
One of the primary benefits of an HOA is the policies it creates. These policies create a minimum standard for the neighborhood, which is what helps an HOA maintain and improve property value.
An experienced company can help you design policies that work with your community. In addition, they will work with you on code enforcement to ensure all homeowners follow the community rules.
Engage the Community
One common problem an HOA board member may have is community engagement. They want to do what's right for the community, but get no feedback when looking to make changes.
HOA companies understand how to drive community engagement. They will offer things like events, meeting perks, and other things to encourage people to get involved. As a result, you'll have an active community that regularly contributes to making the neighborhood a better place.
Financial Help
Accounting is another vital part of an HOA board. HOA fees are there to maintain the community and build reserve funds for unexpected emergencies. If you don't manage finances right, you may have insufficient money to handle problems and need to give unexpected assessments to members.
Your HOA management company can help you with the HOA's financial accounts. They will manage the maintenance plan and other costs to maintain the community and build a reserve fund at the same time.
Manage the Neighborhood
Maintenance is another responsibility for HOA boards that takes a decent amount of work. It means working with vendors and other third parties to maintain the landscaping, community buildings, and other HOA needs.
A management company will typically handle this for you. They have connections to reliable maintenance companies and will work to get good deals for maintenance. You'll end up with a reliable maintenance schedule that keeps the neighborhood in great shape.
Get Legal Expertise
Although HOAs have a lot of power to create rules for a community, there are limits to that power. On top of that, they must go through the proper legal procedures to deal with code enforcement to avoid legal trouble.
An experienced management company brings the legal expertise to handle these situations. They will ensure you do things the right way and offer assistance if your HOA runs into legal trouble.
Invest in Homeowners Association Management
Running an HOA takes a lot of work, especially if you don't have experience in management. You're dealing with several people, their problems, and preferences, so developing a plan to improve community satisfaction can take a lot of work. Don't hesitate to work with a homeowners association management company to get the help you need.
Are you ready to work with an experienced HOA management service? At PMI Tampa, we offer every service an HOA needs to thrive. Contact us to learn how we can benefit your community.
