There are more than 358,000 neighborhoods managed by homeowners associations (HOAs) in the United States. Currently, about 74 million people live in a community governed by one.
HOAs are typically run by a volunteer board. They are tasked with making decisions about and upholding community standards. This is vital to the neighborhood, but it does require a lot of time and work.
For this reason, many neighborhoods have turned to HOA management services for help. They assume many of the responsibilities of the board, which frees up time for your members to focus on more important things.
This article explains the different functions management companies can perform. It will help you get a better idea if this arrangement is right for your neighborhood. Keep reading to learn more.
Provide Professional Services
As mentioned, HOA boards are often made up of volunteers. This means there is a good chance that certain skills are missing. You may have people who are great at accounting or financial planning but lack skills in property management.
HOA management companies can fill in these gaps. They will maintain a budget and provide financial services. They can advise the board on legal or insurance issues, allowing you to make more informed decisions about the community.
Oversee Grounds Maintenance and Community Improvement Projects
HOA managers can help maintain common areas and grounds. This includes vendor management or lining up repair technicians. They can schedule lawn care or HVAC inspections.
These responsibilities extend to neighborhood amenities as well. Managers can be in charge of maintaining swimming pools, fitness centers, community gardens, or walking trails.
HOA managers also can spearhead community improvement projects. They can gather bids from different contractors and present those to the board. They can help organize volunteers for a community beautification project.
Enforce Community Standards
HOA management services also can assist in assuring community standards are met. This includes determining and enforcing fines for violations.
It can be awkward for residents to receive letters from their friends and neighbors informing them of fines for an infraction. Shifting this responsibility to a management company can help you avoid such scenarios.
Communicate With Residents
A final important job HOA managers do is maintaining regular communication with residents. They can take HOA board meeting minutes and make those available to the neighborhood. You can have them advertise community events, such as festivals or annual meetings.
They also can collect fees from residents and inform them of community standards updates. You can have managers put together monthly emails or newsletters.
These are activities that demand a lot of time. It shifts the workload to the manager, while still retaining your input on relevant events and issues.
Find HOA Management Services Near You
Now that you understand the roles and advantages of HOA management services, you can decide if this is the right arrangement for your neighborhood. Hiring professionals can reduce stress and free up time for you and other HOA board members.
PMI Treasure Valley is a full-service real estate asset management company serving the greater Boise area. We offer a range of services, including HOA management. Reach out to us today to schedule a free consultation.
