What is HOA Property Management?
Finding and keeping an excellent property manager shouldn't be overlooked. Association managers that are organized, fiscally responsible, and communicate effectively can add tremendous value to your community.
Key Point Module
- 1 Approximately 75% of HOAs are managed by professional management companies.
- 2 Property managers work in the best interest of the community by implementing the rules and guidelines set forth by the HOA Board of Directors.
- 3 Property managers should stay up-to-date on local, state, and federal laws to avoid liability and practice best professional procedures to be efficient.
- 4 Your property is a valuable asset, the methods that are used to preserve and improve it not only affects you, but also the neighborhood.
Should our HOA board hire a property manager?
Yes! A professional property manager for your Homeowner or Condominium Association is a fail-safe way to build lasting value for you and your fellow homeowners. Approximately 75% of HOAs are managed by professional management companies. Property managers bring up-to-date professional standards and proven strategies to enhance your bottom line. They enable your association to build and maintain excellent relationships with the community while meeting its needs quickly and effectively. We are committed to connecting you with a firm that best fits the needs of your community.
A property management company can deliver the following key results:
- Faster response times to help build and maintain trust in the community
- Comprehensive, efficient financial management, including dues collection, financial reporting, and funds control
- Enhanced governance and legal adherence – they digest laws and regulations for you and ensure compliance
- Fair and equitable conflict/dispute resolution
- Relationship-building with vendors to get you better discounts on required services
What are some top characteristics of a professional HOA manager?
You should always expect an HOA manager to meet and exceed expectations in all aspects of Association Management, have a proven track record of successful management accounts, and to stay up-to-date on the requisite certifications. In particular, a strong, successful HOA property management company will excel in the following areas:
- They take care of day-to-day needs with minimal direction.
- They guide the Board’s decision-making processes while advocating for your interests.
- They are responsive to homeowners, managing group politics, and negotiating agreements among members with differing perspectives.
Effective HOA management companies make a comprehensive investment in you – unlike renters, homeowners tend to stay put, meaning that actions taken by an HOA have long-term implications. A strong property management firm has proven experience, lengthy relationships with clients, and consistent results, as well as superior interpersonal skills and proven methods, to help mediate disputes, emergencies, and enforces the communities policies and interests in improving their neighborhood. As you search for the right HOA manager, be sure to thoroughly evaluate the manager’s communication methods and tactics for conflict resolution, because strong, clear communication is integral to the firm’s success.
How do I find HOA management companies near me?
PropertyManagement.com offers access to an extensive network of qualified HOA management companies, as well as learning resources to help you determine which firm will get you the best results for your community’s specific needs. Most HOAs interview several firms before making a decision, and the process of selecting a property manager or company is complex and time-intensive, not to mention it typically comes with high changeover costs – so once you have selected your candidates, make sure to assess them thoroughly to find the perfect fit.