According to the National Association of Realtors, more than 75 million Americans live in a community governed by a homeowners association (HOA). That number is increasing, due to the many advantages HOAs can afford, including solid home value retention.
HOAs require a lot of work though, usually carried out by a volunteer board. For this reason, many HOAs turn to outside assistance.
This article lays out the many benefits association managers can bring to your community. Keep reading to determine if this arrangement is right for your neighborhood.
Expertise
One of the main benefits of hiring an HOA manager is that it allows you to leverage knowledge from a team of experts in a range of areas. These include:
- Accounting and bookkeeping
- Financial planning
- Real estate
- Buildings and grounds maintenance
- Community improvements
- Insurance
- Legal
Association managers can fill in any gaps where experience or expertise are lacking. They can act as consultants to advise you on any challenges or goals in your community.
Time Savings and Stress Reduction
A huge advantage of hiring association managers is that they can free up a great deal of time and alleviate stress for your board members. Association management responsibilities include taking minutes at board meetings.
They can solicit bids from contractors and present that information to you. Given their experience, they may even be able to negotiate better deals with vendors or contractors.
This lets your HOA board make final decisions about repairs or improvement projects while shifting the workload to the management team. The manager can ensure the completion of the project while you focus on HOA governance and community leadership.
Improved Communication and Community Guidelines Adherence
Another advantage of hiring an HOA manager is improved communication with residents. It ensures homeowners are informed about the business side of HOA operations, as well as upcoming community events.
This can be particularly useful in situations where they need to inform homeowners of community rule violations and, if necessary, fines. Allowing the association manager to handle this can eliminate any awkwardness or embarrassment stemming from having to let your friend and neighbor know that they are being fined. It also can ensure that community standards are followed by all residents.
Improved Property Value and Other Cost Savings
All of the advantages above can translate to a better community in which to live and improved property values. This arrangement can add curb appeal to your neighborhood or condo complex. Managers can ensure regular inspections and maintenance that keep communal grounds or buildings from falling into disrepair.
It is easy to see how this can save your community money. You can then use HOA dues and other funds to improve your neighborhood further.
Learn More About the Benefits of Association Managers
Now that you understand the many benefits that association managers can provide to HOAs and their boards, you can determine if it is right for your community. They can free up time and alleviate hassle, and help make your neighborhood a better place to live.
PMI PG County provides the highest quality association management throughout Washington, DC, and Prince George's County. We offer a variety of services, including accounting, maintenance, compliance and inspections, and many other board resources. Reach out to us today to learn more about the roles of property managers.
