HOA communities are becoming more popular, with over a quarter of US residents currently living in one.
For those living in these communities, protecting their assets is vital. Keeping an HOA in good financial shape isn't always easy, but professional association property management can be incredibly helpful. A property manager can take on various duties and guide an HOA to success.
Let's take a look at how an association management company can help protect your community assets in Cypress, TX.
Keeping Reserve Funds in Good Order
All residents must pay HOA fees that cover a range of expenses. These typically include things like maintenance, landscaping, trash removal, amenities, and more.
Keeping tabs on such finances can be tricky. HOA board members often lack the accounting experience to do this effectively and without making mistakes.
An HOA property management company can take over this duty. On top of maintaining all financial records, they can develop an asset management plan to ensure reserve funds never run too low.
Covering Prepaid Expenses
There are various expenses that need to be prepaid, and organizing these ahead of time can help keep things running. A typical example of this is suitable insurance to protect both residents and communal assets. This should be set up well before it's needed as leaving it until the last minute can cause issues.
An HOA manager can keep track of prepaid expenses and make sure they're all covered when they need to be. This will help prevent any complications that could arise from leaving these expenses unpaid.
Maintaining Common Areas
When it comes to individual properties, residents are responsible for their own maintenance. For communal areas, however, the homeowners association should oversee things.
This includes planning maintenance and landscaping throughout the neighborhood. They also need to ensure command areas are fit for use and safe at all times.
An HOA manager can take over this responsibility, and will typically be able to handle things more effectively than an HOA board. They have the relevant experience to oversee things. Additionally, they often have extensive networks of contractors, so can always contact the right person when work is needed.
In many cases, they'll be able to get good deals due to the relationships they have with contractors. This can help save community funds and is one of the most noteworthy benefits of HOA managers.
Balancing Residents Needs
While an HOA manager can help uphold community standards, they won't do this at the expense of resident needs. They can serve as a key point of contact and a mediator for any disputes that occur. This helps maintain a cohesive community which is crucial if you want it to remain a place where people want to live.
Working With a Professional Association Property Management Company
An association property management company can take on various duties to help a community and protect its assets. They have the knowledge and experience needed to elevate the HOA and handle all responsibilities effectively.
PMI Values Your Casa provides industry-leading association management services as a part of PMI, America's fastest-growing property management company. Take a look at our association management page to find out more about how we can help your Cypress, TX, community.
