If you're a property investor, it's important that you're always up-to-date with trends and practices.
More than 50% of homeowners in the United States today are living in properties governed by a homeowner's association (HOA). HOAs are beneficial because boost engagement in the community, manage the upkeep of the grounds and architecture, and owners will know that their interests are kept in mind.
HOAs are able to get better results when they're run properly. Implementing some professional community association management could be the best course of action to take.
These tips will teach you all about community association management and why it's a great idea for your property.
1. It Shows Cooperation and Cohesion
When you're running an association, it requires cooperation and cohesion. You will get that in droves by turning to a third-party team that can help manage the HOA. Having access to these professionals means that everything is handled in a businesslike and organized manner.
It gives HOA board members a clear path to express concerns and see progress. When everyone in the HOA is on the same page, all members will also benefit. This oversight will keep the HOA running like a well-oiled machine, as they can benefit from things like:
- Having access to a portal with all of the latest meeting minutes, notes, and recordings
- Transparent copies of all legal documents
- Updated and accurate homeowner lists
- Accurate violation reports
- A system that streamlines work order requests
This level of engagement makes everyone feel like they belong and ensures that all details are cared for.
2. The Finances Will Be Better Kept
Every HOA member is responsible for paying fees as part of their dues. With an HOA management company, each member will receive a detailed accounting of how their fees are kept and used. The transparency of an HOA manager gives members more peace of mind about the fees they pay.
The HOA will get access to professionals with certified public accountant (CPA) credentials. These pros will make sure that all accounting is handled in accordance with Florida HOA laws and will keep detailed, accurate records.
3. The Board Members Will Receive Help
Having professional property management oversight will also lighten the burden on the HOA board members. For many board members, it's their first time serving in a role of this capacity.
While they may be up for the task, they simply don't have the resources and expertise to always tackle this role without feeling overwhelmed. Being able to lean on the HOA management company will make their role easier, and they'll be better able to serve the board members.
4. You'll Get Legal Questions Answered
Finally, community association management is also crucial from a legal perspective. These companies staff legal professionals who can answer any legal questions in a timely fashion.
This will prevent mistakes and make sure that all details are considered before making important decisions. Managing legal needs can prevent costly and time-consuming litigation and other issues.
Get the Most From Community Association Management
Community association management can bring your HOA board tremendous results.
PMI Central Florida can help you when you're ready to explore these services. If you'd like a free rental analysis or help with any existing property, contact us on our site or call 386-738-2010 to learn more.