According to Census data, the average monthly HOA fee nationally is $170. However, your fees may increase if your HOA isn't managed properly. Before that happens, consider relying on professional HOA management.
Partnering with an HOA property management company can protect your community. Professional HOA services can enhance property values, increase community engagement, and more.
On the fence about outsourcing? Read on to discover the top property management benefits first!
Increase Property Values
A report by the Foundation for Community Association Research indicates that homes in communities are worth $11 trillion collectively. However, property values can drop if properties and communal areas are neglected.
Your property manager can schedule inspections to determine which areas require immediate repairs. They'll reach out to professional connections to collect competitive bids. Relying on their services can minimize delays and save you money.
Their maintenance services may include:
- Inspections
- Handyman services
- Pressure washing
- Project management
- Preventive maintenance
- Major renovation projects
These services can protect the community, leading to an enhanced aesthetic. You'll have an easier time attracting future residents, allowing you to further enhance the community. Current residents will take pride in living within a beautiful, well-maintained community.
Without these services, future residents may explore the community, only to recognize signs of neglect. They likely won't explore further.
Vendor Coordination
To minimize delays, your property manager can coordinate with the vendors that care for your community. Common tasks include:
- Reviewing qualifications
- Comparing and negotiating prices
- Selecting vendors
- Monitoring vendor performances
- Scheduling projects
- Maintaining records
- Providing copies of invoices
Without help, these tasks can become stressful. You may become distracted from more important tasks. Outsourcing will save you time, increasing efficiency.
Improved Financial Health
Inflation could cause HOA fees to increase if your community doesn't maintain good financial health. Rely on a community management company that offers accounting services. They can help you recognize ways to operate more efficiently.
Their services may include:
- Processing dues and fees
- Managing the budget
- Handling payroll
- Providing financial reports
- Assisting with decision-making
- Preparing and filing tax returns
Residents will have increased transparency about how their HOA dues are used. Meanwhile, you can improve the community's financial health, ensuring stability.
Better Community Living
HOA management solutions can bring residents together. For example, your property manager can host events. Increased engagement can make your community a harmonious place to live.
Improving camaraderie among residents can improve each resident's quality of life. Happy residents won't want to leave their tight-knit community.
Legal Compliance
Experienced property managers can help you remain legally compliant. You'll have an easier time navigating local, state, and federal housing regulations. Neglecting to track new laws can lead to fines.
Hire Your HOA Property Management Company
Relying on an HOA property management company can ensure your community's long-term stability. You can experience these property management benefits firsthand. Consider requesting HOA services from PMI Arrico Realty and Property Management.
We take the time to understand the individual needs of each community we serve. Trust our commitment to adding value through integrity, accuracy, and communication. Contact us now for a free consultation.
