According to the Foundation for Community Association research, there are more than 365,000 American communities governed by a homeowners association. That is up from only 10,000 in 1970.
There are many reasons for this increase, but they all boil down to better, safer communities with standards set and enforced by residents. This requires time and effort though, which is why many neighborhoods turn to association management companies for assistance.
This article explains how a management company can benefit your community. Keep reading for information that will help you determine if it is right for your neighborhood or condominium complex.
How Does an Association Management Arrangement Work?
Association management companies offer a variety of HOA services. These include:
- Financial
- Accounting
- Property maintenance
- Community rules enforcement
- Legal
HOAs enter into a contract with the company for the services they require. This details the scope of responsibilities, associated fees, and the duration of the agreement. To be clear: managers do not take over all the responsibilities of running an HOA, but rather fill in the gaps where necessary.
How Association Management Companies Can Improve Community Development
There are several main ways that hiring HOA management services can benefit your community. Here are the main ones to consider.
Improved Community Engagement and Rules Adherence
Association managers will ensure community dialogue and conversation between board members and residents. This can help keep everyone more informed about HOA business practices, improvement projects, and communal events.
HOA managers can also help enforce community rules and standards. If necessary, they will levy and collect fines for violations. All of this can serve to better engage residents, keeping them involved in the day-to-day activities of the neighborhood.
More Accurate Financial Management
HOA management companies can help improve your community's financial standing as well. They will have accounting, bookkeeping, and real estate investing experts that help you better manage the resources you have.
At a basic level, this means more meticulous and accurate record-keeping and accounting practices. Reputable companies will have relationships with contractors or vendors, which can help you save money on better rates. They can also advise you on how to better plan for the future.
Better Property Maintenance
Finally, one of the biggest association management benefits is that they will stay on top of the daily operations of the community. This extends to grounds and buildings upkeep.
They can ensure preventative maintenance on things like HVAC, electrical, or plumbing systems. Managers are responsible for keeping up with everything from lawn care to the integrity of fencing and automatic gates.
HOA community managers can line up services for amenities, like swimming pools or tennis courts. They also can help coordinate community improvement projects. It is easy to see how this can improve efficiency and free up time and work for board members.
Learn More About the Advantages of Third-Party HOA Management
Association management companies can be key players in community development. A reputable one will be able to fill in the gaps where necessary but leave governance and decision-making up to you and your board.
PMI PG County provides the highest level of association management throughout Washington, DC, and Prince George's County. We offer a range of services and HOA board resources that can help move your community forward. Contact us today to learn more.
