In 2021, there were 2.5 million US homeowners serving on HOA boards or committees.
HOA boards can provide a lot of benefits for their community. They can improve neighborhoods, create more social environments, and enforce compliance.
With that said, they can often be overwhelmed, and may not be able to fulfill all of their duties effectively. Association management companies can assist HOA boards to make sure they can serve their communities properly.
Let's take a look at what association management companies are and how they can help with community development in Panama City.
What Are Association Management Companies?
Also known as community management companies, these businesses support homeowner's associations to help them fulfill their duties. This typically includes assisting with maintenance, accounting, compliance, and other community efforts.
An HOA management company will take directions from, and report to, the HOA board - they don't make any major community decisions themselves.
What Do They Do?
The best association management companies will be able to take on a wide range of tasks. The specific duties they commit to will depend on the needs of an HOA board. Some of the more common administrative tasks include:
- Project management
- Insurance administration
- Assisting with board policies
- Contract negotiations and oversight
- Member dispute resolution
- Meeting attendance and agenda preparation
They will also often help with maintenance throughout the community as well as various financial tasks. In theory, a lot of these responsibilities can be handled by the HOA board alone. In many cases, however, it's simply too much work.
HOA boards are typically made up of community members. As such, it's common for there to be some tasks that no one on the board has experience with. An HOA management company can provide the right expertise to make sure everything is done correctly.
Benefits of Working With an Association Management Company
Some communities manage without an association management company and don't see an issue with it. Communities that have one, however, understand all the benefits they receive from them.
Maintaining Property Value
No one wants their property to decrease in value while living in it. Communities with association management companies tend to do better in multiple ways. This makes it a more desirable place to live which supports (and often improves) property value in the area.
Accurate Management of Finances
Finances are one of the key areas where an HOA board can struggle. Things can get very complicated, so it's important to have all financial matters overseen by someone with experience. A skilled association manager can help on this front by ensuring all financial matters are handled appropriately.
Effective Policy Enforcement
HOAs are responsible for establishing policies for the community. An association management company can help enforce these policies and roll out new ones as needed. This helps ensure the community remains fair and enjoyable for all residents.
Is an Association Management Company Right for Your Community?
Association management companies offer a range of benefits that can help any HOA board. PMI Emerald Coast is a property management company that can provide professional HOA management services.
Take a look at our Panama City Association management page to find out more.
