If you buy a new home in Charlotte, NC, chances are it'll be in an HOA neighborhood. HOAs are thriving throughout the country, with stats suggesting around 84% of homes sold in 2022 belonged to a HOA.
A well-run HOA can boost house prices, and it can also make the local community more attractive and harmonious. But, running a HOA is harder than it looks, so many HOA boards decide to hire HOA management services. Read on to learn more about how these community management solutions work.
1. They Boost Neighborhood Aesthetics
One of the main ways professional HOA services can help your community is by enhancing the look of the neighborhood. Not only is this good for the local real estate market, but it also makes your local environment more pleasant and welcoming. They achieve this by building and maintaining communal areas, and by enforcing rules about property decor and appearance.
2. Maintenance and Repairs
Professional HOA services know how to set up a meticulous maintenance schedule to ensure common areas and facilities are well-kept all year round. In taking great care of these facilities, the HOA makes it less likely they'll need to call out contractors for emergency repairs. This boosts the HOA budget, as maintenance is almost always cheaper than emergency repairs.
3. Rule Enforcement
While the HOA probably won't call out contractors to work on your house as they do with communal spaces, they'll promote a cohesive local aesthetic through rules and guidelines. For example, the HOA might forbid parking "junker" vehicles in the neighborhood.
The key to having rules people respect is to enforce them fairly. HOA management services can help produce a set of fair rules that will be embraced by locals.
4. Transparent Financial Management
The HOA provides a service to the local community, after all, local households contribute to the budget by paying HOA dues. It's up to the HOA to demonstrate they're being responsible with community funds. The HOA needs to have a smart financial plan, and they should present that plan with detailed financial reports.
5. They Bring Extensive Experience
Finally, good HOA management services bring their extensive experience to the table to provide workable HOA improvement tips. For example, these organizations know everything about the local laws and regulations and how they relate to HOA governance.
Trying to understand local, state, and federal laws gets disorienting quickly, but management services use their in-depth knowledge of real estate law to cut through the confusion.
Transform Your Community With HOA Management Services
As this article has shown, HOA management services can do wonders for boosting local house prices. But, there's more to HOA management than that. Competence also makes the local neighborhood a more enjoyable place to live.
To create a harmonious and functional community, you need to find the right management partner. PMI Queen City is here to help. We have decades of experience helping HOAs around the US be the best they can be.
Contact us today and let's discuss what we can do to enhance your local area.
