Community association management is becoming a more and more appealing option to maintain home value. Right now, homes in the United States that are managed by an HOA have a combined value of $11 trillion.
If you live in a neighborhood that is considering forming an HOA, you will need a community association manager to help guide you along the way.
What can a community manager do for you? Here are three of the biggest benefits.
1. Managing Funds
The first thing that a community manager can do for your HOA is to help manage funds. This is the person that can make sure every homeowner is paying their HOA fees monthly and the person that makes sure that you are charging the appropriate amount of fees.
If you hire a good manager, they can tell you what costs you will have to anticipate as part of your fees.
Let's use maintenance as an example. Common areas and the exterior of homes will all need routine maintenance at some point.
For homes, the general recommendation is to set aside one percent of the home's value for annual maintenance. So, if the average home is worth $300,000 in your neighborhood, the HOA manager may ask each homeowner for $3,000 to cover annual maintenance expenses.
Having someone who is good at collecting the appropriate fees and knowing what costs you have to account for will help keep your HOA running.
2. Finding Good Vendors
Another good perk of a community manager is that you can delegate the task of finding reliable vendors to them. Your HOA likely has common areas that need to be addressed, along with daily tasks that need to be taken care of around the neighborhood.
Who is picking up garbage and recyclables for all of the houses? Who are you calling when you need trees trimmed? How about someone to mow the line?
These are things that you need to consider. Luckily, an HOA manager can find people such as a landscaper, waste manager, and even a repair man to fix issues around the neighborhood.
3. Performing Inspections
Finally, an HOA manager can act as an enforcer in your neighborhood. This is the person that can make sure that all of your HOA regulations are being followed. To do this, they may take a stroll around the neighborhood to make sure that everything is in order.
Let's say that you have a rule where houses have to be a neutral color, such as light brown. Then, somebody decides to start painting their house pink. Your HOA manager can be the person that tells the homeowner they are not allowed to do this.
Get Community Association Management
These are just three benefits that you get when you get community association management for your HOA community. You can use this person as someone that can help manage your funds, someone that can help you find reliable vendors for tasks around your community and someone that can perform inspections to make sure everything is well.
Do you want to know more about this in Punta Gorda? Message us here with your questions.
