Lessons Learned from Years with Townhomes
June 1, 2018
Benefits of HOA Management
Protecting one’s home investment is only natural for homeowners. Because every homeowner in your community has the same desire to protect their investments, homeowners’ associations or HOA are created. Making decisions in caring and managing the community, setting and enforcing community standards, and maintaining shared areas of the community are the main functions of this association. In any HOA, a board of leaders are selected which is composed of residents who are chosen to speak on behalf of the rest of the community. The board is responsible for providing HOA services like landscaping and trash collection which they finance from the contributions of members of the HOA. Sometimes, however, these board members lack the expertise in management, so they outsource or hire an HOA management company to help the HOA manage its community. Here are some reasons why the HOA board can benefit from outsourcing HOA management to a management services company.
One of the key benefits of having HOA management services is that they make the community more attractive to home buyers. Home buyers are willing to pay more for a home in a well-maintained community. If buyers pay more for homes, then the value of homes of current residents will also increase, the residents in the community are better, and more buyers will flock to this community.
HOA management services are better at collecting dues than any HOA board member. It is the residents” dues that help the community run properly and so this is critical for the HOA. Many HOA board members find it difficult to collect dues especially from delinquent payers since it will take a lot of their time in doing so. It can also cause broken relationships in the community. There are no personal relationships that can be broken or used to delay payments if it is HOA management services that collects dues. With HOA management services, there will be a bigger collection rate since they will go after the delinquent payers and if they are not able to pay, provide a payment plan on easy terms. If the HOA management services is able to collect more dues, then the HOA will be able to make more improvements to the overall community.
Another key benefit of using HOA management services is the legal assistance that they provide. There are huge costs to the association if cases are filed against them. There are many lawsuits that can possibly be filed by residents against the HOA including improper screenings, paid HOA services that were not performed, injuries suffered in common areas, property inspection, and eviction. HOA management services will have legal professionals who are familiar with local, state, and national laws. Legal representation and counseling is provided by their lawyer without extra costs.
Hiring HOA management services will help you enjoy these benefits.