A neighborhood that is run by a homeowners association (HOA) should meet the needs of its residents, but many HOAs lack the resources to uphold neighborhood standards and meet community goals. When an HOA becomes powerless to evolve a neighborhood, or maintain the neighborhood's standards, community management companies can help. With the assistance of management, an HOA can make improvements in the following areas of operation, among others:
Some HOA boards are composed of volunteers, many of whom may lack financial expertise. Maintaining a neighborhood's monthly expenses does not require a shrewd financial approach, but planning its investments to meet long-term goals does. HOA support services staff financial experts who can implement a full range of financial services, from the collection of assessment fees to the financial assessment of neighborhood projects.
The maintenance of a neighborhood plays an important role in the curve appealing of its properties-a quality desired by both community members and prospective property buyers. Good maintenance guarantees more than ensuring that HOA rules are met; it also involves selecting a reputable maintenance contractor and maintaining good contact with the contractor. An HOA support service can handle both tasks.
Different neighborhoods have different goals, but keeping the goals on track and within budget requires careful financial assessment. Also important is to plan a neighborhood to meet the vision of its residents in a social and cultural sense- tasks that benefit from the assistance of experienced community planners, who are staffed by community management companies.
HOA management involves more than managing the present community; it also deals with evolving the neighborhood in a way that increases its social, cultural, and financial value.
Value Added Services
Depending on a neighborhood's prestige, it may include value added services that distinguish it from other HOA neighborhoods, such as salon services, high-end security services, and childcare services. Developing the right mixture of services for a neighborhood requires careful attention to the expectations of its members and the vision established for its development.
Real Estate Value
The ultimate goal of HOA management is to promote the real estate value of the neighborhood, making its properties more valuable to community members and more desirable to prospective homebuyers. To do this, the HOA must use the resources provided by the support service, particularly resources for financial management, neighborhood planning, and vicinity maintenance.
Community management companies assist an HOA in the areas above, among others. When an HOA is unable to meet the needs and expectations of its community, supporting it with a management team is often the best solution.
In some cases, an HOA persists with poor management practices for years, sabotaging the value of a neighborhood and frustrating its members, who invest in the neighborhood with the hopes of a social and financial payoff that never seems to come. If your HOA is having difficulty meeting its plans and obligations, it may need the assistance of a support service.
To learn more about the benefits of HOA support, contact a management service that specializes in your type of community.