About 358,000 neighborhoods in the United States are managed by a homeowners association (HOA). Approximately 74 million residents, or 29 percent of the population, live in these neighborhoods.
The popularity of HOAs stems from the many benefits they afford. These include more enjoyable places to live and better property value retention. They also require a lot of work, carried out by a board of community volunteers.
For this reason, many HOAs have turned to third-party management. The information below explains what this involves. Keep reading to find out if hiring a community management company is right for your Boise neighborhood.
Expertise
As mentioned, your HOA board is likely made up of volunteers. They undoubtedly bring many valuable skills to the table, including leadership. However, there may be areas of expertise that are lacking.
This is where an HOA management firm can fill in the gaps. It will give your HOA access to expertise in a variety of areas, including:
- Accounting
- Bookkeeping
- Financial management
- Legal compliance
- Grounds maintenance
- Community improvements
- Vendor relations
Time Savings
One of the main reasons to consider hiring a community management company is it can save your HOA board members lots of time. It frees them up to focus on more important tasks, such as making important decisions on behalf of the community.
HOA management companies can take on tasks like grounds maintenance, including hiring and managing contractors. They can track spending and present budget updates to the board or other community members.
Managers will stay up-to-date on federal and local laws and regulations governing HOA communities. This will help ensure neighborhood compliance.
Keep in mind hiring a management company does not mean relinquishing control - quite the opposite. It allows HOA board members to be as involved as they like.
For instance, an HOA manager might solicit quotes from contractors for a community improvement project. The board can then use this information to decide whom to hire.
Community Standards Enforcement
One of the biggest advantages of living in an HOA neighborhood is that community standards promote the upkeep of properties. However, this requires enforcement.
A big plus of outsourcing HOA tasks and responsibilities to a third party is they can take on these (often unpleasant) tasks. They can handle disputes in the community and levy fines, if necessary. This alleviates the discomfort of HOA board members sending out fine letters to their friends and neighbors.
Enhanced Communication
A final advantage of hiring a third-party property management company is improved communication with residents. This includes updates on projects or neighborhood events. They can also field complaints or requests from residents.
You might have the HOA manager poll community members about decisions that need to be made. All this translates to more informed and decisive action by the board, and happier residents.
Find a Community Management Company Near You
Now that you understand the benefits of HOA management, you can determine if it is right for your neighborhood or condo complex. A reputable community management company can further advise you on available options based on your unique HOA needs and goals.
PMI Treasure Valley is a full-service real estate asset management company serving the greater Boise area. We provide a range of services, including HOA management and board member support. Reach out to us today to learn more.
