The National Community Association expects the number of community associations to increase from 365,000 to as many as 370,000. That also increases the need for managers to control their assets.
88% of respondents to the 2022 Homeowner Satisfaction Survey rate their experience in a community as very good or neutral. 76% said the community manager helped by providing value and support.
Read on to learn how association property management can protect your most crucial community assets.
HOA Financial Planning
HOA financial planning involves:
- Creating assessments
- Maintaining owner records
- Managing income and expenses
- Preparing budgets and financial reports
- Collecting fees
An association manager ensures there's always enough to maintain and update community assets.
Accounting for property maintenance costs doesn't just mean considering what's needed right now. It also means preparing for the future. A manager can create a reserve fund to prepare for emergencies.
Community members want to know what the money they pay in fees is going towards. They also want explanations for any rising fees. Having a manager take care of the finances allows for more financial transparency.
Asset Maintenance
Managing HOA properties is essential for the health and happiness of everyone in the community.
It also maintains value for outside investors. Over 68% of respondents to the Satisfaction Survey said the association's rules protect and enhance property values. Only 7% believe they decrease them.
There are many important association management strategies for maintenance. These include:
- 24-hour emergency assistance
- Routine inspections
- Regular maintenance schedules
- Quick responses to community member requests
- Communication with qualified local vendors
- Overseeing repairs and renovations
- Ensuring compliance with local regulations
Managing Residents and Creating a Community
Buildings and amenities aren't the only part of association property management. Your residents are your most important and difficult-to-control asset.
Keep up regular communication channels with them. Be there for their requests. Step in as a neutral third party to help solve any disputes.
Managers also help create a community atmosphere. This means encouraging members to interact and get social with each other. A few of the most effective methods to do this include:
- Seasonal events
- Planned community events
- HOA communal areas
- Welcome baskets for new residents
Governing and Compliance
An HOA manager knows your community's governing documents well enough to enforce its rules. They do this in ways that protect the community without stepping over the line.
They also know the rules aren't set in stone. They can help run effective, efficient meetings. Every member will feel heard and get a chance to speak. Their input makes it easier to make amendments to the rules if necessary.
Where to Find Qualified Association Property Management
Proper association property management protects all your community assets. It makes sure you have enough money for well-maintained buildings and happy residents.
PMI Cross Timbers is redefining excellence in association management. We help every association flourish, meet its goals, and experience unparalleled value.
Our dedicated and experienced team offers a full suite of services tailored to your needs. Contact us to get a reliable partner in expanding your association's impact today.
