A recent study found that HOA communities are growing quickly nationwide. Property types range from single-family homes to condos and enjoy a 6% increase in property values compared to homes without an HOA management model.
HOA residents also enjoy a range of amenities which speaks to the effectiveness of community management.
Top association property management companies work with HOA boards to offer the following perks:
- Outdoor recreation spaces (including community gardens)
- Fitness centers and pools
- Community common areas for entertainment
- Playgrounds
- Professional landscaping services
- On-site security
- Dog parks
The amenities above help HOA residents feel safe and secure in their communities which is vital for encouraging leadership within the community.
Learn more about the role of association managers in facilitating HOA community living.
Tapping Into Leadership Potential
Tapping into leadership skills within the community is one of the first orders of business for an association manager. Every homeowners association has a board with elected members of the community. They're often arranged with a president at the helm, followed by a vice president, and so forth.
The association manager, who works for the HOA's property management company, is responsible for choosing the HOA board meeting space and communicating with the community about upcoming elections.
Once established, the board will continue to work with the assigned association manager to maintain the integrity of the community; this includes everything from upholding guidelines to approving funding for community projects.
Processing Fees
One of the most talked-about topics about HOAs is fees. Residents must pay HOA fees (or dues) to live in the community. These fees are used to maintain the community and finance such amenities as community pools and recreation centers.
HOA management companies collect and process HOA fees. Dues are included in financial reports which are also provided to the HOA board. HOA boards can expect questions from residents about fees; therefore, it's important to remain as transparent as possible about HOA fees.
Residents may also be fined for not following community guidelines. HOA guidelines are put in place to ensure the standards for community well-being.
For example, HOA guidelines mandate that residents follow certain rules for landscaping. A community may allow only certain types of plants or lawn decorations. If a resident wants to make a change to their landscaping, they'll have to get approval from the board.
Association Property Management Companies Keep the Peace
When managed effectively, HOA rules can help keep the peace within the community.
Association managers are trained in HOA conflict resolution and impart this knowledge to the board. Effective community living solutions must have a protocol for identifying and rectifying areas of conflict.
Find the Perfect HOA Partner
Are you a real estate investor who wants to diversify your portfolio with HOA communities?
You can't take on this endeavor without association property management companies. Take note of the above duties when consulting with association managers for your development.
PMI Cross Timbers is a full-service association management company. We're an innovation-driven agency that seeks to uncover opportunities to help HOA communities thrive. Our team proudly served as HOA board leaders before establishing an association management firm that values human connection and the latest technology integration.
Schedule a consultation today to learn more about the promise of investing in HOAs and association management.
