If you live in a neighborhood in the Vail Valley and don’t have one in place yet, it might be time to consider HOA property management. HOAs can sometimes get a bad rap, and that’s often related to poor management. Having the right HOA property management in place can make all the difference. Here’s why.
Maintenance in and around the Neighborhood
Whether you’re considering HOA management services for a condominium complex or a community of single-family homes, maintenance in and around the area is critical. There are always going to be common areas shared by the community, but not owned by any particular homeowner. Who takes care of those areas? You can’t leave it up to the homeowners to do it; there wouldn’t be a fair distribution of work and labor. But you can’t leave them unkempt either.
Neglected common areas will bring down the property value of your home and others in the neighborhood, building or complex. You can’t do it yourself, and you can’t expect the board to manage it. Instead, you leave it in the hands of the HOA management company. They are responsible for hiring the right people to handle cleaning, landscaping, repairs, snow removal and upkeep.
Payment and Billing Management
Board members run the HOA, and the community members participate in decision-making by attending board meetings and voting on issues. The board helps oversee the association and the rules governing it. It also represents the homeowners on various issues. However, handling payments and billing goes beyond their scope of experience or capabilities. A management company is in place for this. They collect dues and payments, manage invoicing to service providers, help with budget creation, examine accounts and maintain funds.
Hiring and Dealing with Contractors
When work needs doing in areas covered by HOA dues, the best way to manage it is with a neutral party. Your management company can hire the best companies and contractors to complete the work. They can not only hire, but also approve any contracts, oversee work and manage payment. They have networking history with the local companies and know who will do the best work, on time and on budget.
The Other Areas HOA Property Management Covers
HOA property management companies aren’t just in place to collect dues and hire service companies; they can do much more to support the community and the board of directors. Here’s a short list of some of the ways they can help:
● Enforce board-approved rules and regulations
● Prepare annual meeting notices and agendas, including proxies when applicable
● Provide guidance and advice to the board members
● Maintain files of legal documents
● Manage insurance and proposals
● Oversee safety and maintenance of common areas
● Communicate to homeowners regarding rules, violations and community information
● Act as an emergency contact for the community
Understanding the benefits of a management company for your community can help you make the decision on when it’s time to hire one. For HOA property management that’s right for your community, reach out to our experienced team at Fireside Properties.