Many people often underestimate the number of houses that are part of a homeowner's association. However, a recent study in the Journal of Urban Economics found that 60% of recently built single-family homes fall under an HOA.
That being said, the standard model of a self-managed HOA board isn't sustainable for many communities. This guide will help you understand the difference between the standard-issue board and the rising trend of the HOA management company model in DeLand, Florida.
That way, whether you're a property manager or a real estate investor, you can choose the best option for your needs.
The Difference Between an HOA Board and Management Company
A self-managed HOA board is responsible for doing all of the tasks associated with homeowners associations. On top of important community decisions, that includes things like:
- Answering phone calls
- Resolving conflicts
- Issuing violations
- Collecting fees
- Performing inspections
- Ensuring compliance
- Accounting and budgeting
When a management HOA company gets involved it typically means that they'll handle all of the maintenance and day-to-day operations that come with HOA responsibilities.
In other words, they'll do most of the busy work. It's important to note that the HOA board doesn't necessarily go away when a management company is involved.
The board members will still be needed to make important decisions when it comes to the community. Many management companies are flexible in terms of offering as much or as little guidance as is needed.
Which One Is Better for Your Community?
Since both of these options come with their pros and cons, you'll need to look at the big picture to decide which one is right for your DeLand community.
Remember that many new homeowners will look at the effectiveness of an HOA to determine whether or not it's worth living in a community. With a self-managed HOA board, the board does get more control over matters. Plus, they have the benefit of a connection to the homeowners.
However, it's also essentially a full-time job for the board. It can also be more expensive and present greater risks if the board isn't experienced. With HOA management you get a lot more flexibility and industry expertise.
For example, here at PMI Central Florida, we offer all of the following association services:
- Accounting and reporting
- Vendor coordination
- Compliance and inspections
- Maintenance and inspections
- Self-managed services
- Homeowner's resources
- Board member resources
Since every community is unique, you can customize what services you need for your association.
This also has the added benefit of allowing the board to focus on matters that are more important to the community. Check out this resource to learn more about all of our association services.
Need HOA Management in DeLand, Florida? Contact Us
Ideally, this guide helped you learn more about HOA management companies as an alternative to the usual HOA Board. If you're curious about an HOA management company, remember, the most important thing is industry experience.
The experts here at PMI Central Florida have decades of experience in property management. So call us today to find out how our expertise can simplify any association needs you might have.