Around 75 million people live in homeowners associations in the U.S., making them one of the most sought-after community models among homeowners and renters alike.
The success of HOAs is credited to a host of reasons, including dedicated association management.
Many factors go into building and managing a top-rated HOA community. Residents also enjoy a type of structure that typical neighborhoods don't have. As a result, HOA neighborhoods enjoy an even greater sense of community.
HOA managers are instrumental in facilitating that community atmosphere in an HOA.
Learn more about the roles of an HOA Property Management Company.
What Do Professional HOA Managers Do?
HOA managers, also known as "association" managers, help lay the groundwork for robust community-building efforts. The goal is to let the homeowners themselves lead the community. However, you need an association manager to get the ball rolling in the beginning.
If the HOA community is still in the planning stages, a manager may work with a developer to oversee membership processes. Once residents have moved into the HOA, a manager will assemble an HOA board consisting of leadership-minded homeowners. These are people who want to be involved in helping the community grow and adhere to HOA rules.
A manager will help board members plan initial meetings and set up meeting times. Eventually, the board will find its flow. However, an association manager will still monitor the process (and check in with board members) to ensure everything is going smoothly.
HOA service providers also help board members set up their annual budget and reserve funds. These funds are necessary for financing community upgrades, like a new park, recreation area, or general landscaping. These investments are also reviewed by an association manager.
Financial Community Management Services
Setting up HOA board budgets falls under the financial services umbrella.
Full-service HOA property management handles every aspect of HOA finances; this includes record-keeping, financial planning, and preparing monthly financial reports. Association managers provide HOA boards with these monthly reports, as well as communicate any other financial matters. Thus, HOA boards and community managers work collaboratively.
HOA managers are also responsible for maintaining a network of service vendors for the community.
Together, HOA board leaders and managers approve local service providers for hire; vendors include electricians, landscapers, house painters, roofers, general contractors, HVAC technicians, and more professionals.
Your community manager will handle administrative tasks like billing and collections. In the event of an eviction, an association manager would send notices to the party.
HOA homeowners also pay community dues and utilities; thus, your association manager will monitor (and communicate) any payment delinquencies.
An HOA Property Management Company Enforces Rules
Financial duties lead right into the next topic of rule enforcement. Effective property management for HOAs depends on a violation enforcement structure that maintains the behavioral and visual integrity of the community.
Homeowners are expected to follow rules for landscaping, maintenance, curb appeal, and noise.
Build a Strong Community
The HOA model allows homeowners and natural-born leaders to build a thriving community. The right HOA Property Management Company is instrumental in that vision. Remember the above facts about board management, financial reporting, and rule enforcement.
PMI Pikes Peak is a leader in association management in the Colorado Springs area. We're passionate about building tight-knit HOA communities. We're dedicated to increasing the value of HOA assets to maximize profits and improve the quality of life for homeowners.
Call us to learn more!
