Do you own property in a condominium, townhome or newer single-family home community? If so, your community is likely governed by a Homeowners Association or HOA. Typically HOAs are governed by volunteers who have been elected to a Board of Directors.
While your HOA is responsible for helping to maintain curb appeal, property values and quality of life, there are many more facets of managing an HOA that may be well beyond a volunteer’s expertise or interest, which is why many HOAs choose to hire a professional property management company.
Benefits of Hiring an HOA Management Company
There are many benefits to hiring professional management for your Association. Today, we’ll cover how management companies can increase efficiencies for HOAs.
Professional managers undergo hours of training as it relates to homeowner organizations, therefore they typically possess knowledge on a wide range of topics. Many hold certifications and designations which not only can provide HOAs with confidence in their service, but also their commitment to the industry.
One of the toughest tasks a volunteer board may encounter is asking their neighbors for past due assessments. An independent source, such as an HOA management company, would not have this conflict of interest and can be much more effective in collections than are volunteer board members
Many states have highly regulated frameworks which could make it hard for a volunteer board to keep up with the most up-to-date laws. A professional manager will not only be more familiar with the laws affecting the Association, they will have professional contacts to whom the Association should be referred for specific legal issues.
One of the most cost-saving benefits of working with an HOA management company is having access to an entire network of individuals with whom they have worked within the industry. This is incredibly valuable! The experiences with vendors such as maintenance, landscaping, and pool service can save the Association from making costly mistakes.
Systems in Place
In addition to a large network and strong knowledge base a key efficiency when working with an HOA management company is the benefit of their systems. Not only are investments made in technology (both hardware and software) but also into its staff. The systems put into place are refined over the course of many years, ultimately saving HOAs lots of headache.
When considering whether to outsource the management of your HOA to a third party company we hope you’ll consider RS Fincher!
About RS Fincher
Instead of seeing ourselves as an outside provider of services, we embrace the perspective of both the Homeowners Association Boards and the homeowners, themselves. Our expectations are high, and yours should be too. We hold ourselves accountable to fair pricing, upfront communication and professionalism – all of the things we would expect as residents. And it’s not just a theory. Since we live in the area, we conduct ourselves in a manner that lives up to the face-to-face test. The process might be more expensive in the short term, but it pays dividends, with average client relationships of more than 10 years. That consistency directly relates to more smiles and more revenue, and less cost due to turnover.