There are more and more HOA management companies popping up around the United States. These companies manage up to 70% of all of the HOAs in the country.
If you are part of an HOA that is looking into hiring an HOA manager, you may be wondering what benefits they can provide to your community. This guide goes over some of the biggest benefits.
Discussing the Issues
One of the main HOA manager responsibilities is to organize HOA meetings for all of the homeowners in the community. How often this happens depends on what is written in your HOA documents. However, it is safe to say that larger communities are likely to meet more often.
The HOA manager is the one in charge of these meetings. Here, they give a platform to homeowners around the community to ask questions and voice their concerns. This is an opportunity to put their minds at ease and to try to get all of the homeowners in this community on the same page.
A good HOA manager will have good communication skills at these meetings as well as be a good listener so that way everyone feels like they are heard.
Finding Vendors
Another thing that an HOA manager can do for your community is hire the right vendors to take care of daily tasks. In these communities, the HOA is the group responsible for staying on top of these daily tasks.
You likely need someone to do the landscaping, someone to remove garbage and recyclables, someone that can come in and do minor repairs in the common area, and more.
An HOA manager can be the person that has connections to good vendors for each of these tasks. On top of this, they make sure that the vendors charge an affordable rate for your HOA community.
Creating a Budget
Finally, an HOA manager can help your HOA come up with a realistic budget. It is important for someone to stay on top of this because your HOA needs to have enough money to cover these regular needs.
Some things a manager should account for with the HOA fees are if they are enough to cover all of the vendors, anything involving common areas, and even routine maintenance.
For example, HOAs are typically responsible for the exterior of homes in their neighborhood. Generally, homeowners have to set aside one percent of the home's value annually for this maintenance.
So, a good HOA manager may make sure that they are charging at least $5,000 per year in HOA fees if the average house in the neighborhood is worth $500,000.
Use HOA Management Companies
These are just a few of the benefits that HOA management companies can provide for your community. An HOA manager can help your HOA come up with a realistic budget that will cover any cost that you expect to have. On top of this, the HOA manager can organize a platform to discuss the issues and find vendors to take care of daily needs.
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