According to HOA-USA, approximately 70% of homeowner associations (HOAs) in the United States are managed by volunteers. That is a lot of work being done for free, and by people who aren’t always entirely up-to-speed on the complexities of running an HOA.
While HOA members may be doing a great service by volunteering their time, it doesn’t make their duties any easier. This is a large reason why many HOAs suffered during the recession and housing downturn. When homes were frequently going into foreclosure and homeowners were struggling to make their mortgage payments, the last thing people were concerned about paying was their HOA assessments. This resulted in debt and struggling budgets for many homeowner associations across the country.
Fortunately for everyone, things are starting to look up. Now that HOAs are beginning to see fewer foreclosures in their neighborhoods and homeowners are paying their fees, priorities and efficiencies are being reevaluated.
Many HOA board members are starting to recognize their strengths and weaknesses in this area, which is why a lot of associations are now using a portion of their funds to invest in a professional HOA management company. This is a win-win for both homeowners and HOA volunteers.
The duties of the HOA management company including collecting HOA assessments, dealing with late fees and assessments, assisting the board in handling the budget, overseeing approved renovations and upgrades, and handling any questions or concerns that come from the community members.
While HOA volunteers have the best of intentions, it’s not always easy to handle the questions and complaints of neighbors. Additionally, because of this increasing responsibility, fewer and fewer homeowners are stepping up to this role. And really, can you blame them? It takes a lot of work to manage a community of homeowners and stay up-to-date on the correct proceedings, while also having your own career and family life.
Fortunately, an HOA management company can make life a little bit easier for everyone. They know all of the rules and regulations and how to handle different situations with homeowners. Most importantly, an experienced and professional HOA management company knows how to handle the financial issues to ensure that assessments are being collected, the money is being spent properly and everyone is happy.