You're on the HOA board and you're doing your best to keep members happy. The only problem? The board doesn't have enough time to maximize the use of the budget, and members are getting frustrated.
Have you ever wondered what association property management can actually do for your HOA community? HOA management can play an important role in the success of your HOA, particularly when it comes to accounting.
Today, we're going to talk about how an association property manager can revitalize your budget and secure the success of your community assets. Read on for more.
Property Maintenance Planning and Oversight
One of the biggest benefits of living in an HOA community is that members pay dues for someone else to manage community assets. HOA management can oversee both preventative and emergency maintenance.
Not only do amenities like pools and clubhouses make your neighborhood a fun place to live, but they can also add significant value to your neighborhood homes, according to Trulia.
Improved Vendor Relations
Depending on the size and type of amenities you have, you likely need to work with vendors. For example, you may have vendors that do all of your pool maintenance or landscaping. Maintaining these relationships requires you to stay on top of contracts and scheduling.
You get tons of local insight when you hire local association property management. Your manager can ensure that you receive the best services at the best prices.
Financial Planning to Account for Emergencies
HOA property management financing plays a major role in your preparedness for emergencies. At any given time, you should be building up a reserve fund to cover:
- Storm damage
- Infrastructure failures
- Unexpected improvements
Your association's property manager will apply the best practices to your financial planning. That includes setting aside extraneous funds to be used in case of an emergency. Having a reserve fund can prevent maintenance problems from getting worse or assets from falling into disrepair.
Communication for Strategic Growth
A well-managed HOA doesn't just maintain the assets that exist. They create strategic plans to continue growing in ways that reflect community goals.
According to Rocket Mortgage, some HOA assets (like WiFi and swimming pools) are used more than others (like game rooms). Your association manager will work to improve communication in your community and increase meeting attendance. That way, everyone can have a say in how funds are used to enhance the community.
Call PMI Queen City for Charlotte Association Property Management
Your community assets are the reason your members are willing to pay HOA dues each month. If you aren't using your budget to implement strong property management strategies, you're missing out on opportunities for HOA success. Association property management can help turn things around.
At PMI Queen City, we've taken PMI's 20 years of proven methods and technology and applied them to Charlotte HOAs. As a team of local real estate experts, we know what your members want and how to make improvements that will get them there. Contact us today and get cutting-edge HOA management.
