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Are HOA Management Companies Worth What They Cost?

"Valarie" (2019-01-26)

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To ensure that communities are properly maintained, it is best for them to be managed by an oversight board composed of residents. Individuals who live within a community have a personal stake in how the community is maintained because the condition of the neighborhood affects property values and living conditions. Residents that are serious about properly managing the community will form a homeowners association (HOA) and then serve on the nuoc hoa chinh hang board. Once the nước hoa board is formed, members soon discover that they lack the time or expertise needed to sufficiently oversee the community. These professionals determine that it would be better to evaluate one of the many HOA management companies, and have one of these companies provide community association management services. These professionals will handle time-consuming tasks like hiring vendors to perform regular upkeep, so that the HOA board does not have to commit as much time to running the company. It is important for an HOA board to justify the cost of HOA management companies to residents before making a hire, so board members should consider these areas where the company will save the HOA money:

Financial Management

An HOA is in charge of a lot of money, so the best way to get the most out of these financial resources is for the HOA to practice sound financial management strategies. nuoc hoa management companies typically place a financial professional on-site to handle financial management for the community, taking care of day-to-day tasks like paying bills, collecting dues, managing expense reports, and negotiating with contractors. This professional will also work together with the HOA board to set a budget and plan large purchases down the road. This professional not only frees up time for board members by taking care of tasks that they would otherwise have to complete internally, but can also use his or her financial expertise to identify cost-cutting opportunities.

Communication

A major part of overseeing a community involves interacting with residents. The board will not only be expected to listen and react to resident complaints, but will need to explain how resident dues are being used so that residents continue to pay. The professional that HOA management companies place on-site to complete financial management responsibilities also address complaints, making themselves available more hours than HOA board members are generally available. This allows residents to file complaints sooner and have [empty] those complaints resolved sooner. The individual providing community association management services will also help the HOA board improve its own reputation by creating marketing materials that explain how member dues are used. This professional might create an e-mail list or use social media to announce upcoming improvements, share photos of recent renovations, and even promote upcoming social events such as a neighborhood pool party. These activities not only free up time for board members but also increase dues, as delinquency decreases when residents believe that dues will be put to good use.

HOA management companies free up time for HOA board members by providing communication and financial services, and in the process generate more dues and identify cost cutting measures that can be used. This means that their value will cover the cost of hiring the firm to provide community association management services and then some.

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ISSN: 1818541X