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Did you know that having an effective HOA property management company can significantly increase the value of your property? So how exactly can having a HOA create this increase in value? This article explains some of the main things a HOA property management company is responsible for.
Maintenance and Repairs
One of the main roles of a homeowners association is to oversee routine maintenance on residents' properties. For example, they might be responsible for landscaping and pool maintenance. They also help with things like trash removal and general upkeep of communal areas.
This is an essential function because, without an HOA community, communal areas tend to fall into disrepair. And the other hand, a proactive HOA manager improves the quality of life for residents by making sure the community is clean and tidy.
Financial Management
Another one of the HOA's responsibilities is financial management. Every HOA has a budget, and it's up to the HOA manager to ensure the money is spent fairly and responsibly.
There also needs to be full transparency. All funds spent by the HOA need to be recorded and accounted for. Responsible use of funds ensures the well-being of the community because it ensures there's always money available to spend on future improvements.
Dispute Resolution
When people live together in a neighborhood, disputes can arise. The role of the HOA is to ensure everyone follows the rules and to address any violations that arise.
In the event of a dispute, the HOA serves as a mediator between the homeowners. During these disputes, the HOA would behave impartially and fairly. When a HOA is good at dealing with conflict, it increases community cohesion.
It also prevents minor issues from escalating into serious disputes. WHen a HOA is well functioning, everyone in the neighbourhood gets along.
Vendor Management
Management of vendors is an essential part of creating a great community. For example, your community likely needs a wide variety of contractors such as landscapers, security workers, and maintenance crew.
The HOA is responsible for sourcing these workers. They will also go through a stringent vetting process before negotiating the contract with them. This ensures the communal areas will always be functional, clean, and well-maintained.
The HOA will also oversee the vendor's performance by ensuring all the contractual obligations are fulfilled.
Administration
Finally, the HOA management company is responsible for pricing administrative expertise. For instance, they need to handle various day-to-day tasks such as processing payments, maintaining finance records, and managing the budget.
This ensures that the HOA board has all the time and energy they need to focus on improving the community and making important decisions.
Effective HOA Property Management is Crucial
Effective HOA property management is an essential part of building a functional and pleasant community. If the HOA isn't doing its job properly, the community will not function as it should.
Do you want to work with a property management company that can help make your community the best it can be? Contact us today, and let us tell you how we can help.
