Across the US there are currently more than 370,000 homeowner associations (HOAs).
Many of these are handled by community volunteers, but some have HOA management companies overseeing things. Both options are possible, but in some cases, an HOA management company can prove more effective.
In this guide, we'll go over the important things that HOA management companies can do for your community. Keep reading for more.
Site Management
A homeowner is responsible for maintaining their own property, but not so much the rest of the community. An HOA company can maintain the surrounding area including any common areas that the residents have access to.
If there's a communal park, for example, an HOA management company will ensure it's in a good state and any repairs/upgrades are taken care of. They'll contact contractors to get quotes and ensure any maintenance and repair work is done to keep these areas in good shape.
Enforcing Community Policies
An HOA manager should be well aware of all CC&Rs (covenants, conditions, and restrictions) for a community. They also need to implement policies and guidelines for residents to abide by. If any residents go against these rules, the HOA manager will need to determine what the issue is and find a resolution.
Manage Finances for the Community
There are a lot of financial aspects at play within a residential community. An HOA management company will be able to handle things like:
- Billing residents
- Collections support
- Dues collection
- Issuing delinquent notices to residents
There can be delicate situations that arise from accounting problems that the HOA management company will need to deal with. They should also ensure there's always an emergency fund to pay for any unexpected expenses.
Risk Reduction
There may be a level of risk within your community, and an HOA management company will work to keep this to a minimum. This can include regulating safety hazards, addressing any outstanding risks, and ensuring community members are aware of potential risks that are present.
They will maintain suitable insurance coverage in case there are any issues. They'll also assess possible future risks to help mitigate them before they arise.
Communicating With Residents
To manage a community effectively, an HOA management company will always maintain an open line of communication with the residents. This involves sharing information with residents and making sure everyone can easily access this information. This is very important for safety but also helps with general updates and announcements.
HOA Management Companies Within Communities
A lot goes into managing a community. HOA management companies can help ensure communities remain safe, organized, and well-maintained. They have the experience and knowledge to handle all tasks effectively and make sure residents are happy with the community they're in.
PMI Birmingham Region is a full-service property management company. We offer HOA management, as well as a range of other services. Take a look at our Association Management Services page to find out more about how we can help your community.
