An HOA management company can greatly benefit the HOA board and community they work with due to their specialized expertise in community management. Their extensive experience, access to resources, and professional connections are valuable assets that make the management of the community more efficient and effective. For smaller communities, a self-run HOA board may suffice, but as the community grows, the workload increases, making it necessary to consider hiring a professional management company to maintain a high level of service. For mid-sized to large communities, a full-time HOA staff is necessary and it is important to weigh the costs and benefits of hiring a professional management company. Continue reading and you will find some awesome advantages of hiring this company:
Professionalism and Expertise
HOA management companies are professionals with the experience and knowledge to handle the day-to-day operations and management of the association. They can handle tasks such as collecting dues, managing finances, enforcing rules and regulations, and coordinating with contractors and vendors.
Knowledgeable on Legal Issues
Having a member of the HOA board who is well-versed in HOA laws can be advantageous, but it is unlikely that most board members will have the necessary legal background to address potential legal issues that may arise within the association. Hiring an HOA management company gives the board access to legal expertise and resources, which can serve as a guide for decision-making. Professional HOA community managers are often familiar with laws and court decisions that can impact the community, and if they are not, they will have the connections and resources to find the necessary legal guidance.
Access to Resources
Having effective systems in place for managing the day-to-day responsibilities of the HOA is essential for the board to function efficiently. Many board members may not have the expertise or knowledge to implement these systems on their own. Developing and implementing these systems can be costly and time-consuming, involving investments in software, services, and equipment.
One of the benefits of hiring an HOA management company is access to established systems and technology vendors. These companies have the resources and experience to provide cost-effective and efficient solutions, including the use of pre-built HOA systems that can save time and money. These systems can be implemented and get your association running more efficiently in a shorter amount of time.
They Handle Financial Collection
Collecting fees from residents who are late on payments can be a sensitive and potentially awkward task for a homeowners association (HOA) board, as the board members may be collecting from friends or family members. This can lead to the association being viewed as “the bad guys” and it could also constitute a conflict of interest. Hiring an HOA management company to handle these collections can serve as a buffer between the board and the residents, making the process less uncomfortable and less stressful for everyone involved. It also allows the board members to take care of it professionally and without any personal bias.
Provide Maintenance Services
Maintaining the property is a significant responsibility for a homeowners association, which can be challenging and costly. An HOA management company can provide a network of vendors to handle maintenance services that save the association money and help keep the community looking pristine, which can improve the living experience and attract potential home buyers. Therefore, a board that wishes to be more effective in maintaining the property and better managing the budget, should consider the use of the resources provided by the HOA management company.