With the cost of everything rising many homeowners have begun asking themselves whether or not HOA services are worth the monthly costs. It's become one of the primary factors that can influence a property purchase.
The key to making a homeowners association attractive to prospective buyers lies in effective HOA management. In this guide, we'll be laying out some essential practices that all homeowners associations should follow.
We'll also discuss how an HOA management company can help you achieve these services. That way, your board can focus on more big-picture projects or issues in your community.
Financial Management Services
HOAs tend to deal with a lot of financial information. For starters, they need to prepare and record financial records related to homeowners. They'll need to process and collect any HOA fees and dues. On top of that, they also need to worry about:
- Payroll for HOA employees
- Filing tax returns
- Keeping an accurate budget
- Creating financial reports
- Financially planning
The good news is that companies like PMI Buckeye Services can help you with all of these financial services.
Administrative Duties
Nobody likes dealing with everyday administrative duties. They can range from organizing meetings to communicating with the city. Worst of all is handling inevitable disputes regarding the community covenant.
This can be awkward if a board member knows the person in question. With an HOA manager, an impartial third party can deal with any issues without the drama.
Building Management and Maintenance
Many HOA communities have community areas that require upkeep. An HOA management company will handle any regular maintenance needed in these areas.
The HOA property management will organize regular inspections to make sure that your community is in line with regulations. This type of service is essential if you plan on adding more buildings to your community.
What Should You Look For in an HOA Management Company
Since it's estimated that over seventy-four million Americans live under an HOA, there are a lot of companies devoted to managing them. That being said, not all of them are created equally.
When looking for an HOA property management company you should make sure that they're flexible enough to provide as many or as few HOA manager services as your board needs.
They should also be available 24/7 in the event of a maintenance or community emergency. They should also be completely transparent in terms of their pricing and communication.
Ready for HOA Management? Contact PMI Buckeye
We hope this guide helped you learn more about the essential practices that HOA management can help you with. When an HOA runs smoothly, it can provide invaluable services to a community.
However, if a board is overwhelmed by everyday operations, it can quickly become a waste of money and resources. Here at PMI Buckeye, we take a load off your plate when it comes to HOA practices.
Not only does this relieve stress for the board, but it helps you focus on projects that matter. Contact us today to learn more about how we can transform your HOA.
