There are nearly 300,000 property management businesses operating in America today.
Not all of these services offer help with HOA management, so finding the right one to suit your needs can be tricky. There's nothing easy about running a homeowners association, so if your board is getting overwhelmed by the workload, it's time to hire professional HOA management services.
In today's post, we'll look at the 3 biggest responsibilities of an HOA management company. If you know what an HOA manager brings to the table, it'll be easier to choose one that fits your needs. Keep reading and get on the road to improving your HOA community.
1. HOA Finances
One of the chief responsibilities of an HOA board is to manage the finances of the entire organization. This includes developing an annual HOA budget, dealing with vendor contracts, balancing books, and filing taxes for the association.
There's a lot that can go wrong when the HOA board is in charge of accounting. Having a professional HOA manager who is experienced in the financial side of running an HOA makes it easier to manage money.
In the end, you'll have a community that is financially healthy. They'll make sure HOA fees are collected on time each month and keep detailed books to ensure money is being spent responsibly.
2. HOA Maintenance
Maintaining the common areas in the community is an essential task for an HOA manager. Common areas include parks, sidewalks, recreational areas, and even roads. If these things fall into disrepair, residents will start to wonder why they're paying HOA fees and where the money is being spent.
Property management doesn't perform this maintenance themselves. A good HOA management company will develop relationships with local vendors so that your HOA is on a strict maintenance schedule.
They'll also work with the board to prepare for new developments and improvements in the community. They'll write up contracts with vendors and create timelines so that residents know what to expect. All of this works to maintain and even boost property values in the HOA.
3. HOA Regulation Enforcement
When you have dozens of residents living in an HOA, you're bound to have people that don't want to follow the rules. The thing is, however, that homeowners move into an HOA with the expectation that everyone must adhere to regulations.
Residents that break them must be punished in one way or another. It can be awkward for board members to deal with these scenarios since you're all neighbors, but a third-party HOA manager will have no problem enforcing regulations.
Hire HOA Management Services in Central Puerto Rico
These are three of the biggest responsibilities of HOA management services, but there are many others as well. A high-quality property manager can take on all of the tasks that an HOA board would normally be responsible for.
If you're looking for new management for your Central Puerto Rico HOA, PMI can help. Contact us today to learn more about our services and how we can help improve your HOA ASAP.
