Think about the reasons why homeowners associations exist.
Homeowners want an added sense of security, community, and leadership. For many people, these qualities are important for setting down roots. They also contribute to higher property values.
Excellent management is the backbone of every HOA. Who the community chooses as their management partner is vital. You can see the success of an HOA by the level of standards, community, and financial reporting.
Learn more about the benefits of HOA property management and how to find the right experts for your community.
Identity Your Type Of HOA
When you think of a "homeowners association" what's the first visual that comes to mind?
Residential neighborhoods are some of the most recognizable HOA models. However, there are several types of HOAs. Each type needs a tailored association management strategy.
HOA models include:
- townhomes
- condos and high-rise apartments
- single-family homes (master planned)
For example, some HOA townhomes are built close together and may have shared backyards. HOA condos also have shared outdoor spaces. Single-family neighborhoods (the most popular) also benefit from shared spaces like parks and playgrounds.
If you're a developer, think about the needs of each HOA model. If you're an HOA board member, assess the benefits and challenges of your model when choosing a new association management company.
Look For an Association Management Company
Next, research association management services to better understand a company's process.
For example, PMI Mason Dixon's services include:
- financial accounting and reporting
- vendor management
- HOA compliance
- property inspections
- property maintenance
There are also HOA homeowner resources to improve experiences. Self-managed services are also available to empower homeowners and community leaders.
HOA Property Management For Finances
Every HOA must follow good financial practices to facilitate welcoming communities. These budgets pay for property inspections, maintenance, and upgrades. These factors are crucial for maintaining (and increasing) property values.
Finances are managed by the HOA board. However, every board needs an experienced association management team behind them.
Financial services include:
- financial record preparation
- HOA dues processing
- homeowners association taxes
- HOA budgeting
- financial planning
- decision-making assistance
- working with the HOA board of directors
The above services are necessary for keeping all financial duties in order. They're also important for maintaining transparency within an HOA. Transparency is key to building trust and community.
Under financial services, you'll find protocols for closing deals. Remember, every home purchase must go through the board. The board needs financial experts to guide them.
Maintaining the Integrity Of HOA Communities
All homeowners must adhere to various rules. These rules are meant to preserve the look and feel of a safe, community-driven community. Thus, you'll find rules for noise complaints, landscaping, and so forth.
An association management company ensures HOA communities are well-maintained. Property management teams work with local businesses to service repairs, prepare homes for purchase, maintain landscaping, and keep common areas tidy.
There are also portals for requesting repairs and upgrades.
Create Stronger Communities
You can assess the quality of a homeowners association by its HOA property management team. Don't settle for anything but the best. Consider the value of financial services, maintenance, and more.
PMI Mason Dixon understands the rules and expectations of HOA communities. We bring several years of experience to the table. Our team uses the latest software to streamline HOA management.
Learn more by booking a consultation.
