According to Investopedia, the number of homeowners’ associations in America has grown rapidly between the 1970s and today. When developers make the choice to form a homeowners’ association for a community or property, they are making a commitment to homeowners to manage issues related to the safety, security, and maintenance of the community. These issues can add up, and bringing in the property management pros can lessen the burden of running an HOA, lead to smoother community relations, and reduce risk. Check out these five specific reasons to invest in professional property management.
1. Compliance with laws and regulations
Homeowners associations often have to comply with federal, state, and local laws, and messing it up could lead to lawsuits. It’s hard for developers to know the ins and out of the law, which is why it is smart to consult the experts. Professional property managers can manage consultations with attorneys and can help to ensure that properties are following the law in order to reduce risk.
2. Maintenance management
A homeowner association (HOA) is often responsible for performing maintenance tasks and routine inspections with the community. A professional property management company can ensure that maintenance and required inspections occur on schedule, can handle work orders, and can communicate with community members regarding maintenance needs. The pros can make sure that the day-to-day needs of the community are being met properly.
3. Administrative Tasks
Property management involves staying on top of a lot of administrative work, and professional property managers can take on some of that burden. They can handle record keeping, communicate with insurance companies, liaise with an attorney, and manage delinquency issues. Trying to do all of the required administrative work will inevitably take up a lot of valuable time and energy, and professional help will allow you to save on both.
4. Stay in touch with community members
Within any community, it’s important to have open and transparent communication with homeowners. Property managers can handle mailings, email communications and newsletters. A management company can also prepare for and conduct annual, special, or budgetary meetings. A smooth system to communicate with community members can cut down on conflict and misunderstandings.
5. Budget planning and management
A management company can also take on the gargantuan task of handling a budget. The pros will handle preparing a budget, financial reporting, managing bank accounts, taking care of liens and delinquency, and more. Budget management is a huge responsibility, and it requires a lot of focus and attention to detail. Let the pros take that off of your shoulders.
Do you need more reasons to trust the property management pros? Learn more about who we are and what we can do for you here at ACCU Inc. Still have questions? Browse our frequently asked questions or reach out to us for more information. Are you ready to put your property management needs into professional hands? Click here to request a proposal. We’d love to talk to you about how the pros can handle your property management needs, stress-free.