Why hire an HOA management company? If you’re on a homeowners’ association board of directors, this might be a question you’ve been asking. Whether your community is a small building of condominiums or an expansive neighborhood of single-family homes, there are a multitude of benefits of having a homeowners association management company in your corner. Here are the top six.
Benefit #1: Take the Weight of the Workload off Your Shoulders
First of all, there is a lot of work involved in managing a homeowners’ association. Since most HOA board members are volunteers, that means all of that work is unpaid. Who has the time for that? Therefore, hiring HOA management companies takes the majority of that work off your shoulders.
Benefit #2: Gain Valuable Knowledge and Experience
Secondly, a management company can help you handle legal issues that arise and guide you on regulations and laws governing homeowners’ association. They can also advise the board on issues related to rule enforcement and resident complaints. And a management company can make sure you’re operating in compliance with your governing documents, so you don’t have to keep track of every detail.
Benefit #3: Open the Channels of Communication
It can be hard to keep track of your neighbors, and even harder to communicate with all of them. A management company can handle all of the community communication for you. This can include everything from sending out meeting notices to sending out violation letters, and from creating a monthly newsletter to disseminating information about board and rule changes.
Benefit #4: Takeover of the Financials
Furthermore, the HOA doesn’t run in a vacuum, and it doesn’t operate without funding. Collecting the HOA fees, managing the bookkeeping and accounting, creating monthly and yearly financial reporting, helping to develop and maintain the budget, doing the banking, and dealing with funding reserves are all things the right company can and will do for you.
Benefit #5: Handle the Day-to-Day Duties
Most board members don’t have the time or bandwidth to handle the daily chores required of a homeowners’ association. Answering inquiries, reviewing design change submissions, adding and removing members as people move into and out of the neighborhood, are all tasks that you can hand off.
Benefit #6: Grounds Maintenance and Upkeep
Finally, who will hire the crews to mow the lawns in the summer and remove the snow in the winter in the common areas? And who will seek out the right contractors for repairs should something break in those areas? A management company, that’s who. Another thing you can let a professional take over.
Why hire an HOA management company?
So, it’s time to hand over the reins of your homeowners’ association to a team of experts. When you’re ready to move forward and explore the benefits, take a look at all that Fireside Properties has to offer. Lighten the load for you and the rest of the board members.