In early 2024, REALTOR Magazine said the number of HOAs in the nation was expected to grow by 3,000. Despite the increasing numbers, the majority of those who live under HOAs don't actually like it. A top concern is rising HOA fees, but there's much more at play.
These organizations are established to handle community matters, but the truth is, they're not always effective. This is why you need HOA management to turn things around.
What is HOA management, and what do community association managers do? Read on to find out.
What's HOA Management?
HOA management is an outside service that oversees these key elements of an HOA:
- Operations
- Maintenance
- Governance
The HOA itself is responsible for managing things like community rules and shared spaces. However, the board typically consists of residents, and they often have little direction or experience. As a result, they may run the HOA inefficiently, which can frustrate other residents.
This is where HOA management can shine. As experienced third-party professionals, they can take over essential tasks and keep residents happy.
What Do Community Association Managers Do?
Community association managers (CAMs) are experts who are hired to handle the day-to-day operations of HOAs. They're similar to property managers who oversee rental properties.
Here are the responsibilities they can take over for your HOA.
Maintenance Oversight
Common areas need to remain safe for everyone to use, and your CAM will take care of this. They'll inspect common areas and address any repairs if needed. They'll address emergency repairs as well, so your community is never at risk for long.
You can count on these managers to carry out property maintenance to keep the neighborhood pristine.
Resident Relations
It's almost inevitable that resident issues will arise; not only will they have disputes among themselves, but also with the HOA board. For example, you'll often see common area disputes, which need to be quashed quickly for a more positive experience.
A CAM can act as a liaison between HOA board members and residents to provide fairness. They'll address complaints or concerns with a level head, and then provide effective solutions.
Budgeting and Financial Oversight
These professionals can prepare and manage your HOA's budget. By the same token, they'll oversee your reserve funds to ensure there's enough for major repairs or improvements.
CAMs can also coordinate audits and financial reporting. In addition, they'll collect dues and deal with delinquent accounts, which can be a huge weight off your shoulders.
Community Management Will Benefit Your HOA
Community association managers play a vital role in keeping peace and order in your community. Even though you may already have an HOA, these experts can elevate the experience for all residents. Plus, they'll relieve stress from board members.
Most importantly, they'll streamline your operations and improve communication. As a result, residents will have a more positive view of the HOA and will support it more.
Contact us today if you need help with your HOA. PMI All American has been helping communities like yours thrive for almost two decades.
