About 358,000 U.S. neighborhoods in the U.S. are managed by a homeowners association (HOA). There are many benefits to living in such neighborhoods. HOAs make communities better places to live and help retain home values.
HOAs demand a lot of work though. This is often carried out by a board of volunteer community members. To free up time and hassle associated with HOA governance, many neighborhoods turn to outside help.
The information below is a comprehensive guide to association management. It lays out which practices and policies can help make HOA oversight and leadership a success.
Financial Management
Homeowners associations are private entities funded by HOA fees paid by community members. One of the main responsibilities of HOA boards is financial stewardship of these funds.
This includes planning for regular and emergency expenses. It entails presenting an annual budget at HOA meetings.
Association management companies can take on these responsibilities. They will have knowledge and experience in financial planning for communities. This can be especially helpful if board members lack this particular expertise.
Grounds Maintenance
Another main responsibility of HOAs is common grounds and building upkeep. This might include landscaping and maintenance of fencing and gated entryways.
In buildings, this can entail regular HVAC, electrical, plumbing, and pest control services. It can also extend to amenities, such as swimming pools or fitness centers.
Responsibilities can involve community improvement projects as well. If your neighborhood wants to put in a pool or garden, board members would request bids from contractors. They also would be in charge of overseeing the completion of the project.
HOA property management companies can take over these responsibilities. It allows board members to make final decisions about projects, while leaving the heavy lifting up to the manager.
Enforce Community Standards
A final responsibility of HOA board members is to enforce community standards. These can be anything from uniformity of mailbox or address lettering to allowable paint colors. It often extends to lawn and grounds upkeep, and the type of structures and vehicles allowed on properties.
It is the responsibility of the HOA board to enforce these standards. They also are tasked with collecting fines from residents who break the rules. In some cases, HOAs may have to take legal action against property owners who fail to pay fines.
Association property management can take over the responsibilities of levying and collecting fines. This keeps board members from being in the uncomfortable position of having to send fine letters to neighbors and friends. It helps you avoid these awkward scenarios while ensuring that community guidelines are kept.
They also will have the legal knowledge to handle extreme situations. It can give you the peace of mind that you have protection should the unforeseeable happen.
Find Association Management Companies Near You
Now that you understand how association management works and the many benefits it can afford, you can determine if it is right for you. It can free up time and relieve a lot of work for your board, while making your neighborhood a better place to live.
PMI Prince William is a full-service property management company. We provide a variety of services, including association management and HOA board member resources. Reach out to us today to learn more about Virginia HOA management.
