According to data from FCAR, there could be as many as 370,000 HOA communities in the US by the end of 2024.
HOA communities offer a high standard of living, making them very desirable to potential buyers. However, they're not perfect.
HOA boards can't always stay on top of their many duties. They can turn to HOA property managers for assistance here.
So what HOA property manager skills and services can help your community thrive? Let's take a look.
Common Area Upkeep
Many HOA communities have various common areas. These typically include things like:
- Dog parks
- Fitness centers
- Art studios
- Clubhouses
- More
Individual residents need to maintain their own properties, but the HOA is responsible for common areas. An HOA management company can take on this responsibility, ensuring all common areas are kept in a good state.
They can create regular maintenance schedules and organize major repairs or renovations when they're needed. They have the experience to know how to handle this effectively.
Association management companies often have good connections with various service providers, including contractors. They'll always be able to find reliable companies to take care of any maintenance work. These relationships also mean they can sometimes get better deals for certain services.
Administrative Assistance
HOA boards need to take care of a range of administrative tasks. Again, this is something that an HOA manager can do instead. Some typical examples of these include:
- Organizing HOA meetings
- Creating agendas
- Answering calls and replying to messages
- Organizing social events
On the whole, completing these tasks isn't usually too difficult. However, they can be quite time-consuming.
HOA managers have the experience to handle these responsibilities more efficiently so they won't take as long. Additionally, by doing these, they free up the HOA board to focus on other crucial matters that can benefit the community.
Financial Management
Finances can cause HOA boards a lot of difficulty. Boards are generally made up of volunteers from within the community, and it's rare for any of them to have relevant experience with finances. As such, the complexities of dealing with them can present various challenges.
HOA managers know how to deal with finances properly. They can take care of tasks like:
- Creating budgets
- Maintaining financial records
- Collecting HOA fees
When an HOA manager takes over these tasks, they can handle things with far less difficulty, and this often means there will be fewer mistakes that could cost the community. In many cases, they can also identify areas where the community is over-spending. From this, they can adjust things so that the community saves money in certain areas which can then be better spent.
Working With HOA Property Managers
HOA property managers can take on a range of duties, lightening the load for the HOA board. They can typically handle these tasks with greater efficiency and accuracy, and the HOA board will have more time to focus on the community.
PMI Prince William is a leading real estate asset management company serving Woodbridge and the surrounding communities. Our experienced team can offer tailored community management services to meet the exact needs of your community.
Take a look at our association management page to find out more about how we can help.
