Hiring a property management company that specializes in condominium and homeowners associations can make a tremendous difference in the long-term success of a community. If the community is small, self-management may work when there are willing board members. Even then, it’s a time-consuming and thankless job. But, it’s almost impossible for a group of volunteer board members to successfully oversee everything for mid-size and larger communities.
When you use a Certified Manager of Community Associations to handle the daily responsibilities, the association realizes benefits in multiple areas. A good management company offers efficiencies and economies of scale. This means they have systems in place to handle:
- Collection of monthly dues and assessments
- Assess late fees fairly and communicate with delinquent homeowners consistently
- Provide reconciled monthly financial statements
- Establish and maintain operating and reserve accounts
- Ensure timely payment of association bills while maintaining documentation of these transactions
- Assist and prepare the annual budget
- Supervise maintenance and repair for all common areas
- And much more.
Because an HOA property management company consistently enforces community policies and rules, it reduces the perception of unfair treatment and other owner conflicts. Having a company oversee enforcement of community rules eliminates the personal side, which can be a big benefit for the long-term success of any community association.
Self-managed communities may struggle with some issues due to lack of experience or training. A good HOA property management company has the experience and training to deal with a wide range of major and minor issues. They also have resources and relationships that can help make sure the association runs smoothly.
The management company should establish and maintain open communication with the board of directors. Working together, the board and management company should develop procedures for responding to homeowner concerns, needs and desires. These procedures are the foundation of successful long-term management. Clear lines of communication are vital to the happiness and success of any condominium or homeowner’s association.
If your homeowners association has grown beyond what your board members can effectively handle alone, explore the option of engaging a community association management company. You owe it to yourself, board members and the community to take the time to learn more about cost-effective resources that can help you manage your association better.
Wise Property Solutions serves condominium and homeowners associations by addressing their financial, association and facilities management needs. The only certified and licensed community association management firm serving the Mountain South (Virginia, North & South Carolina, Tennessee) with offices in the Tri-Cities and Knoxville.