As a new real estate investor, it's important to make safe decisions with decent earning potential.
One of the most attractive selling points of homeowners associations is their management structure. This structure results in stronger communities that adhere to visual and behavioral standards that boost property values.
If you decide to become a developer, you'll need experienced association property management companies by your side. They're experts in managing HOA communities, from board management to financial reporting.
Learn how a Dallas property management company can help you achieve your goals.
Assembling an HOA Board
One of the most unique things about homeowners associations is the HOA board. This board is comprised of HOA homeowners who are elected by fellow members. Typically, the board is structured with a president, vice president, treasurer, and so forth.
These boards are initially formed by association managers.
They help the board structure meetings, choose meeting times, and check in with board members as they progress. The goal is to help community leaders manage their boards effectively; this includes setting reserve budgets so that HOA boards can finance necessary projects like upgrades, landscaping projects, and community-building events.
Community Management that Communicates
You need a partner that excels in communication. For example, an association manager must stay in constant communication with the HOA board and be available to answer homeowners' questions.
One of the most pressing questions revolves around community violations.
The very idea of a violation system can be jarring at first. However, it's in place to ensure community growth, visual integrity, and behavioral standards. These factors increase homeowner interest in HOA communities and property values.
HOA boards, for example, serve as communication hubs for these communities. Board members communicate a range of issues, including questions about violations, new development projects, upcoming events, maintenance requests, and more topics. Members of the community can also raise questions during question-and-answer forums.
Dallas HOA Services for Maintenance
Excellent maintenance is a cornerstone of all top-rated HOA communities. Homeowners are expected to maintain their properties to adhere to aesthetic regulations. Association managers also do their part by managing prompt (and professional) maintenance protocols.
Association managers help establish a network of local service companies. These professionals include plumbers, electricians, HVAC businesses, HOA landscapers, general contractors, and more local services. Managers impart this information to board members so they can manage maintenance challenges effectively.
If you partner with an association management company like PMI Alliance, your community will also have the benefit of online portals. There, homeowners can make maintenance requests, pay any bills, and discover resources that will help them make the most of their experience.
Facilitating Community Events
Community-building events are important for bringing homeowners together. They're also an excellent learning ground for potential board leaders.
Association managers teach board members how to approve and finance community events. These events may include small carnivals, potlucks, live entertainment, and outdoor movie nights.
Community members must submit a plan and budget request to the board for approval.
Association Property Management Companies Are Here to Help
We want to help your homeowners association become a top-rated HOA community in Dallas. At PMI Alliance, we have a dedicated team of association managers experienced in communication, HOA board management, maintenance strategy, and more.
We're part of a nationwide network of association property management companies with over 20 years in the industry.
Book a consultation today!
