Being part of a homeowner’s association (HOA) is far more complex than most people like to believe.
As an HOA member, it’s your responsibility to voice the wants and needs of your community. You must understand how to engage with buyers correctly and professionally manage your community’s reputation. And, if that wasn’t enough already, you also have to deal with tight deadlines, tons of pressure, and working long hours into the night pushing papers.
Suffice to say, life as a member of the HOA is no easy feat — but it doesn’t have to be that way forever! With the right HOA management company, you can experience all the benefits of working with an HOA without suffering any of its drawbacks. So, if you need someone with whom to share your responsibilities, this article is for you.
Keep reading to learn more about the benefits of working with an HOA company.
An HOA is the backbone of a peaceful and well-maintained community, and it fulfills many duties. It acts as a community’s government, carrying out critical administrative functions. Additionally, to keep the community safe, an HOA is also responsible for organizing community watches and coordinating with local law enforcement.
As property prices remain co-terminus with a community’s standing and appearance, an HOA ensures its community’s cleanliness and beauty. In truth, an HOA wears many hats when it comes to community management, challenging its members. For this reason, many people now seek help from HOA management companies.
An HOA management company fulfills pretty much the same tasks an HOA does. Vast in scope, an HOA management company can:
The professional fees of HOA management companies can differ, of course. Costs can vary according to state, locality, and, most importantly, company.
If you are enlisting the services of a community management company, you may have to do so via a contract. You and the HOA or property management company can arrange terms for up to three years, but if you wish to extend beyond that time, you can.
There are three fees you can expect to pay.
The initiation fee refers to the fee you have to pay for the services of the HOA management company. The pricing for initiation fees depends on the workload you wish to give and the number of homes within the community.
On average, a small initiation fee can range from $25,000 to $30,000. It may be higher, but this is the usual price range for a small HOA company.
The initiation is a fee you may only need to pay once. Of course, you may be able to pay this amount in installments, depending on your arrangements with the company.
The management fee is something you need to allocate monthly. It covers the HOA or property management company for security and general upkeep of the community.
In general, management fees can cost as much as $20 to $30 per household. However, you may be able to lower the per household charge if there are many homes in your community.
Lastly, you need to pay the HOA management company if you choose to hire a different one. Exit fees are a must if you expect your management company to aid you in the handover of responsibilities and transition.
By now, the benefit of using HOA management services is becoming quite clear.
In detail, here are the advantages you can expect to gain by working with an HOA management company:
There are state laws that affect your community and its homeowners. These legal provisions and policies can be hard to commit to memory or implement on your own.
An HOA management company has trained and licensed real estate professionals that can advise you on legal matters concerning your community.
One of the services of an HOA management company is accounting. An HOA company likely has bookkeepers or accountants on its payroll.
Accounting responsibilities are some of the most critical and challenging for HOAs. For this reason, you cannot go wrong with hiring an HOA.
Site management is arguably the most significant standalone benefit of working with an HOA management company.
Site management involves a wide array of tasks. These include:
Administrative tasks are part of the services of your HOA management company.
With an HOA management company’s administrative services, you can delegate tasks like meeting scheduling.
It’s common knowledge that the location of property heavily affects its value. Therefore, if the area is in pristine condition and safe, the general prices of homes in your community can go up.
An HOA company can ensure that your community’s real estate value goes up through its services.
Look for the following when choosing an HOA or property management company:
While nobody is saying you’re not doing a great job as an HOA member already, what harm could it do to ask for a bit of help?
With a top-class HOA management company like Henderson Properties, you’ll receive round-the-clock support and assistance in maintaining your community in a stress-free and highly efficient way.
It’s a certified way to improve the quality of life for you and everyone around you, and it all starts the day you decide to get in touch with. Contact us today to learn more!