As of 2021, there were 358,000 neighborhoods in the US with HOA (homeowners association) boards.
If your neighborhood has an HOA board, they'll take on various responsibilities and make it a better place to live. With that in mind, they're likely members of your community who have little to no experience in community management.
An HOA management company can work with your HOA board to help them in a range of ways. This will make things much easier for the board, empowering them so that they can make your community even better.
In this guide, we're going to cover three key reasons to work with a community association management company. Keep reading for more.
1. Third-Party Financial Administration
All HOA members have different responsibilities, and some are easier to handle than others. The financial side of running an HOA is often one of the most challenging. Things can become even more complicated when the board needs to explain things like fee hikes or collect overdue assessments - especially when this involves people they know personally.
A community association management company can help with all financial aspects. They have the knowledge and experience to know how to handle things correctly so that no mistakes are made. They also won't have a conflict of interest so they can enforce policies without issue.
2. Maintain a High Level of Community Appeal
Communities often take pride in maintaining a strong aesthetic appeal. This comes from quality maintenance which the HOA is responsible for.
Taking care of a community to keep it visually appealing takes more work than many people realize. It often involves knowing what local vendors are available and understanding the services they offer.
This is something that HOA management companies are well versed in. They maintain a wide network of vendors, so when any work is needed, they know exactly who to contact. This makes it easy for them to keep your neighborhood in good shape, and they can often get the best services for a good price.
3. Professional Legal Expertise
In an ideal world, all HOA boards would have a member who's well-versed in any laws that apply to an HOA. In most communities, however, this isn't the case. If there are any legal issues that affect the HOA or the neighborhood, it's vital to have someone with a strong legal background in your corner.
Hiring a community management company will give you access to legal opinions that could prove very beneficial. Many professional HOA community managers have a good understanding of relevant laws, so they can provide guidance. They'll also be able to access legal resources and contact professionals if needed.
Hiring a Community Association Management Company
If you happen to have an HOA board that can handle all aspects of community management with ease, you may not need any help. This is very unlikely, however, and almost HOA boards can benefit from the additional assistance.
PMI Lighthouse offers a range of real estate services, including professional community association management. Contact us today to find out how we can help your community.
