There are around 14,000 homeowners associations in North Carolina alone.
If you live in an HOA, you know how important a role leadership plays in the success or failure of your community. All associations have a board of directors that guides communities to success, but sometimes that isn't enough.
When your board isn't cutting it, hiring association property management is the answer. In today's post, we'll tell you why association management matters for your community by explaining some of the key responsibilities these entities handle. Keep reading and let us give you the property management advice you need for your HOA to thrive in 2024.
HOA Managers Help Manage HOA Funds
One of the key tasks that HOA management can take over is accounting. If your board of directors doesn't have an experienced accountant available, your community will struggle to maximize funds.
All homeowners pay their HOA fees, and in return, should experience a wide set of HOA perks. These include things like basic community maintenance and new amenities. With poor money management, you won't get these perks and HOA fees will go up as the community struggles to meet homeowner needs.
HOA management companies have accountants on staff. These people handle fee collection, bookkeeping, and budgeting to preserve the financial health of the association.
HOA Managers Coordinate Maintenance
Maintenance is an important part of HOA living. If your community is well-maintained, you'll have happy and safe homeowners. You'll also have higher property values as real estate investors start to show more interest.
To keep a community in great shape, you need the help of local vendors. HOA management strategies involve vendor coordination. Your HOA manager will draw up contracts with local vendors and schedule them as needed. Common HOA vendors include some or all of the following:
- Landscaping
- Garbage collection
- Pool cleaning
- Roofing/gutter cleaning
- Snow removal
- Commercial painting
- Electricians
- Plumbers
- HVAC technicians
HOA Managers Run Effective Meetings
HOA meetings help gather community members to get them on the same page. A good HOA community is driven by the choices that the community makes as a group. For these meetings to be effective, you need strong, organized leaders conducting them.
HOA managers are adept at leading fruitful HOA meetings. They'll ensure that all homeowners have a chance to voice their opinions on all matters. Once meetings are complete, they'll take the meeting minutes and enact whatever the community collectively decides upon.
HOA Managers Handle Governance and Compliance
A community's governing documents tell homeowners what they can and can't do in their HOA. There are always bad actors in any community, but if they're not dealt with, it sends a message to other homeowners that the rules don't matter.
An HOA manager keeps the community together by ensuring everyone complies with the rules. They'll issue penalties to those who disobey them, keeping the peace along the way.
Get Winston Salem's Best Association Property Management
When you have great association property management leading your community, it'll thrive in countless ways. To get the best service in Winston Salem, look no further than PMI of The Triad.
As the top HOA manager in the area and part of the nation's largest property management group, we have the tools and experience to help your HOA thrive. Contact us today to learn more about our services.
