Homeowners Associations typically fall into one of two categories: they are self-managed by the community’s elected board, or they are co-managed with the assistance of a property management company such as Kuester. Some HOA communities may think that they are too small to need outside help, or may question if the investment and collaboration is worth it. There are self-managed HOAs that operate very efficiently, however having the support and guidance of a professional management company can be beneficial.
Access to more resources: While members of the HOA board are volunteers and often hold full-time jobs, for a management company, the HOA is its job. These companies can provide communities with recommendations for affordable and reliable vendors and may be able to negotiate better rates if they have established a strong relationship with the vendor. This can help to save the HOA money and ensure that quality service is being provided. The board can more effectively make decisions on who to partner with since the management company has already vetted resources.
Access to more expertise: Training and knowledge may be limited among board members. There may not be someone with a strong financial background who feels confident in overseeing budgets and expenses. In addition, there are many rules and regulations to stay on top of, especially as legal requirements change. A property management company brings a wealth of knowledge and skills to the table and can provide effective assistance. They are available to answer questions, consult on problems, and update HOA boards on any changes to legal regulations. Furthermore, they will have more experience handling diverse situations and serve as a valuable resource.
Creates more stability: Board membership changes periodically and it can take time for new members to get up to speed. Each board may have its own approaches for running the HOA. Establishing a long-term relationship with an HOA management company can provide consistency when it comes to certain aspects of running the HOA. They know how things were done in the past and can help improve efficiency. Operations can continue running more smoothly with fewer disruptions.
Lightens the workload: There is a lot of time and energy that goes into running an HOA. Board members take on these responsibilities voluntarily because they care about the community they live in. However, it can be a lot to balance their personal and professional lives along with their board responsibilities. Hiring a property management company can help reduce this stress. The company can oversee numerous processes and procedures while also providing insight and guidance. Board members are not left on their own to handle anything that may arise.
If your HOA is currently self-managed, it may be time to consider how partnering with a professional management company can make a positive difference. Kuester Management Company encourages HOAs to reach out with any questions or concerns they may have and learn more about how Kuester can help. We provide HOA Management in Huntersville NC, Charlotte and Myrtle Beach.