The management of an HOA has a big impact on the quality of life in a community. Well-run communities are the envy of a neighborhood and don't lose their attractiveness to prospective home buyers.
These communities entrust their leadership to HOA boards. However, most boards typically outsource several of their functions to HOA management companies. These are firms that specialize in providing administrative and management services to planned communities.
Continue reading to learn the many good things these companies can do for your community.
Board Member Training
Delegating the management of an HOA doesn't mean board members will take a back seat and watch everything from the shadows. They're still very much involved, especially in administrative duties.
Unfortunately, most of the board members aren't well-equipped with the skills they need to make HOA policies and draw budgets. The good news is your community management services provider can train these members, arming them with essential skills and expertise. With members who know what they're doing, they'll be in a better position to serve the community diligently.
Financial Reporting
HOAs are not for-profit organizations, but that doesn't mean they don't handle a lot of cash. They collect an HOA fee every month. With the national average being $250, a community with 1,000 homes is collecting about $2.5 million every month!
This is a lot of money, and keeping track of how it's being collected and spent isn't easy. Thankfully, companies that offer HOA management in Dallas can take care of financial reporting. Using their tech tools, they can automate the collection of HOA fees, and keep detailed records of all the expenses.
HOA boards have a fiduciary duty, and keeping accurate financial reports is a big part of fulfilling that duty.
Vendor Management
An association community relies on several vendors to provide various essential services, including cleaning, landscaping, security, and maintenance of communal assets.
Managing a long list of vendors is a big challenge for board members, especially considering many of them have day jobs to attend to. Once again, this is where HOA management companies step in to save the day.
They can help you source for the best vendors in Dallas, negotiate the best terms of service, and oversee their service delivery in the community. If a vendor isn't performing as expected, the HOA manager can advise the board to take the necessary actions, such as terminating the contract.
Enforcing HOA Rules
Every HOA has a raft of rules and policies that residents must follow. When these rules are broken, violators need to be held to account in accordance with the community's bylaws.
Enforcement is a big task, especially in large communities. HOA management companies have the resources to sensitize residents to the community's rules and take the necessary enforcement measures when required.
HOA Management Companies Are Good for Your Community
Hiring HOA management companies is a no-brainer, really. Considering HOA board members aren't on the job full-time, having a well-staffed firm to take care of the functions of a board is a smart move. And now you know how your community will benefit.
In Dallas, PMI Alliance is the premier association management company. As part of a nationally-recognized PMI franchise, we have the tools and expertise to serve your community with excellence.
Schedule a consultation with our experts today.
