Your homeowner’s association is tasked with leading and maintaining the community’s direction, a commitment that comes with many board members’ responsibilities. Community management companies help administer and fulfill a neighborhood association’s board or committee mandates. For instance, a manager would offer support in the community’s business affairs, accounting, or maintenance efforts.
Benefits of hiring community management companies include access to expertise and already available HOA systems for your community’s service. Depending on the capacity of your board, and their itineraries, you will gain a trusted and resourceful partner.
What Are the Five Reasons You Need a Community Management Company?
HOA board members are volunteers who sacrifice their time for meetings, decisions, or other directorial duties. But board members often need additional help. Without such help, they may get burned out and issues may get neglected. That is where community management companies come in. They are committed to your association and they focus on providing the following:
- Heightened homeowner and board member communication
- Support toward business and financial processes such as accounting
- Strategies for long-term and short-term growth
- Maintenance (both preventative and responsive)
- Managing disputes and assisting with legal advice
With the help of a community management company, your community will have expert-level support on all issues. It will help your association increase buyer appeal while also appeasing current residents. Your board’s responsibilities will be streamlined with that of capable experts with an excellent reputation in managing communities.
Financial Advice and Oversight
If your homeowner’s association wants to increase your neighborhood’s property and business value, they will benefit from partnering with a community management company.
Community management companies use multi-faceted approaches to improve communication and financial transparency. For instance, your records reach board members at set periods, having gone through automated account reconciliation and bank integration. That is vital if the directors of your HOA are to make informed, timely, and functional decisions for business or residential development.
Consistency After Changes in Administration
Every couple of years, your homeowner’s association meets to elect a new board of directors. A community management company working alongside your HOA provides continuity of projects, vendor relationships, budgeting, contractor, and residential record keeping.
A successful community is a work in progress, and there will often be change, especially if the board hires a management company. You do not have to restart from scratch after a board election. The right community management partner keeps tabs on where things were in a previous administration.
Maintaining Your Community’s Level of Appeal
Aesthetic appeal and a high level of visual harmony is a big selling point in the housing market. But developing and maintaining flawless landscaping, architecture, and other amenities requires a lot of effort and coordination. It often requires the expertise of reliable vendors and third-party landscapers or specialists of specific maintenance services.
A community management company will have a broad range of vendor contacts. This will enable your community to connect with reliable services. In the long run, access to quality service for managing or maintenance translates to lower repair or replacement costs.
Expertise and Experience
An association that hires a property or community management company acquires the experience and expertise that team offers. You will have access to law, governance, and finance specialists. They have the resources and professionalism to make community management managers priceless to your association.
For instance, you will need someone that knows about state, local, or federal laws that impact everyday transactions. You will also have access to legal opinion, which you can use to guide the board’s decisions or resolve any disputes.
Expanding Your Association’s Connections
In most cases, your community management group is armed with an existing HOA system, saving you thousands of dollars to design one from scratch. The running of an association is also a group effort, which might involve groups within and outside that neighborhood.
Community management companies have established technology systems or vendor contacts for your HOA administration software, devices, and services. You will also get valuable connections to law enforcement, landscaping, condo construction, or maintenance agencies and vendors.
Do the Economic Benefits of Hiring Community Management Companies Outweigh the Costs?
A community management company will save your neighborhood association thousands of dollars in unplanned expenses. It may also save your neighborhood from the depreciation of property values.
Your HOA managers will maintain capital components and ensure that upgrade funds are available. They may even arrange for financial assistance. The best community management firm will make sure that policies are enforced and followed. They will also make sure fees are paid in order to generate revenue.
Community management companies help ease stress and improve homeowner board communication and relationships. They also maintain the smooth running of the community. Having such a partner is the most cost-effective decision your association’s board can make for the development of your neighborhood.