5.5 million Texans live in homeowners associations in 2024.
If you own property in an HOA, you should experience a wealth of benefits. Good HOAs give homeowners high property values and a low-maintenance lifestyle. Not all homeowners associations are of the highest quality, however.
An HOA only goes as far as its leadership takes it. Communities are often run by HOA boards, made up of volunteer homeowners who may or may not know what they're doing. If yours don't, you could be wondering why you live in an HOA at all.
Today, we'll discuss the roles of an association manager. These services are designed to support communities in whatever capacity they need. Keep reading and learn what they do and how they can help.
Accounting Services
All homeowners must pay their HOA dues. These fees are pooled together to pay for whatever the community needs, whether it's road maintenance or a new fence around the community pool.
If your HOA board isn't properly managing the community's funds, there won't be enough in the bank to cover these kinds of expenses. The community will either live in disrepair or community members will have to pay more in HOA fees as a result. Neither option is great for homeowners.
Association management companies have accountants on staff. They'll collect fees, perform bookkeeping duties, and provide sensible budgets that maximize the community's funds. If you want to preserve your community's financial health, hire community management.
Governance and Compliance
All community members must abide by the governing documents of the HOA. These are the rules and regulations that homeowners must follow to enjoy community living. Failing to adhere to the governing documents should result in penalties and fines, but that's not always the case in poorly run communities.
When bad actors are able to get away with poor behavior, it sends a message to other community members that the rules don't matter. This puts a bad taste in everyone's mouth.
A community manager will ensure that poor behavior has consequences. They'll use your governing documents to keep bad actors in line and improve morale in the HOA.
Vendor Coordination
Communtiy maintenance is essential for numerous reasons. Firstly, it ensures that all homeowners feel comfortable in their neighborhood. Secondly, well-maintained communities are attractive to property investors.
When you have interest from local investors, it'll drive property values up in the community. Some communities have property values as much as 4% higher than other non-HOA homes.
To enjoy a well-maintained community, you need the help of local vendors. Your community management will coordinate with local vendors to ensure the community is getting the care it needs.
Find Your Association Manager ASAP
These are just a few of the biggest property management duties an HOA manager brings to the table, but there are plenty more services they provide as well. If your community is going to thrive, you need the help of Galveston's top association manager.
PMI Galveston Bay is the area's top option for HOA management and part of the country's largest property management group. To learn more about our HOA services and how they'll benefit your community, reach out to us today.
