Colorado alone is home to over 10,500 homeowners associations that house 2.4 million people.
If you live in one of these HOAs, you may be wondering what went wrong with your community. Many homeowners forget that an HOA is only as good as its leadership. When your board of directors doesn't have the experience or resources they need, it's hard for them to thrive.
That's when bringing in an association manager can help. Today, we'll explain the roles and responsibilities of HOA management. Keep reading, and you'll see why they're so integral to communities across the country.
HOA Property Maintenance
One of the most basic perks of HOA living is enjoying a well-maintained community. HOA property maintenance helps to make the community safer and more comfortable for residents.
It also helps to increase interest from outside investors. This interest boosts demand for HOA real estate, which drives individual property values up.
HOA managers are masters of vendor coordination. They'll ensure that the right vendors are scheduled to tackle whatever your community needs, from street cleaning to landscaping.
HOA Rule Enforcement
When you buy into an HOA, you agree to abide by the community's governing documents. These regulations tell homeowners what they can and can't do. Some communities have rules around allowing pets or rentals, while others have rules around landscaping and property maintenance.
Every community has people who break the rules. It's the HOA board's job to keep them in line by issuing penalties and fines. Doing so can sometimes create an uncomfortable power dynamic between the board and other homeowners, however.
A community manager doesn't have this issue. As a third party, they can make sure rules are being followed and settle homeowner disputes whenever they arise.
HOA Events and Amenities
Community building is a big part of HOA life as well. Residents meet a few times per year to discuss important matters in the community. Homeowners must be able to voice their opinions about everything from governing documents to upcoming HOA events and new amenities.
An HOA manager can run well-organized meetings that ensure everyone has a say in the direction of the community. After meetings are adjourned, they'll start putting plans into action as well.
HOA Accounting
All HOA homeowners pay their monthly dues to enjoy the many perks of the community. If you don't have good accounting practices, the dues won't pay for everything the community needs. In the worst cases, fees will go up as a result of poor accounting.
HOA management companies have accountants on staff. They'll collect the fees, issue penalties for late payments, tackle bookkeeping, and formulate annual budgets. This creates more financial security for the HOA.
Get the Right Association Manager for Your Colorado Springs Community
When you get a great association manager backing up your HOA, you can turn things around quickly. At PMI Pikes Peak, we're the top HOA management company in Colorado and part of the top property management group in the country.
We offer all of the helpful services discussed here and more. To find out what we can do to improve your HOA, contact us today.
