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There are approximately 358,000 homeowners associations (HOAs) in the United States. They represent more than 74 million residents.
HOAs provide a range of services. These include everything from communal property upkeep to neighborhood beautification. They also set and enforce community standards.
HOAs may be responsible for facilitating community gatherings and events. All this can be a lot of work.
For this reason, many HOAs outsource responsibilities to community association managers. These are provided by property management companies.
This article covers the basics of HOA management. It also provides you with some of the benefits to consider. Keep reading to find out if it is the right move for your community.
What Is HOA Management?
HOA management involves hiring a professional property management service. They take over much of the responsibilities of the HOA board and other community members. It does not replace the board but fills in whatever gaps as necessary.
Common tasks include scheduling and facilitating board meetings. They might send out meeting notices, community agendas, and minutes.
Management companies also might collect association dues. They can levy and collect fines for residents who do not meet community standards.
Management companies can maintain common areas and request estimates from vendors. Managers might also provide financial reporting and bookkeeping.
Benefits of HOA Management
HOA boards are usually volunteer-run. They demand a lot of work and expertise in different issue areas.
One major benefit of hiring community association managers is that they have knowledge and experience in areas that may be lacking on the board. This not only frees up board members' time but allows them to focus on more important aspects of bettering the community.
This can be particularly useful for sending out unpopular communications. Examples include annual dues notices or fines.
It creates a setup where unwanted news is coming from a third party and not one of your friends or neighbors. This too can help avoid any otherwise awkward situations.
There is also a built-in advantage to hiring a professional for HOA tasks. Unlike volunteer board members, management companies have tools and a network of staff to rely upon. This helps them get things done better and more efficiently, which can improve your neighborhood and save it money in the long run.
A final huge plus to going with homeowners association management is that it provides legal advice and protection. Management companies will steer you in the right direction on matters of the law. They also will represent the HOA should they find themselves on the receiving end of a lawsuit
Find Community Association Managers Near You
Now that you understand the benefits of community association managers, you can determine if hiring one is right for your neighborhood. They can eliminate a lot of work, stress, and provide valuable insights and recommendations to make your community a better place to live.
PMI Cornerstone provides West Cobb with a variety of property management services. We offer everything from accounting and financial reporting to grounds maintenance and HOA management. Read more online and feel free to reach out to us with any questions.
