Two very common reasons that homeowners associations (HOAs) seek out the services of a property management company are for rules enforcement and collections. A property manager can ensure that the expectations outlined in the HOA’s governing documents are upheld and that dues are paid on time to support financial stability. However, these are not the only reasons why working with a property management company can be beneficial. They often have a lot more services to offer HOAs and can provide comprehensive support.
- Understanding HOA Laws and CC&Rs
A quality property manager stays up-to-date on all of the laws and requirements that apply to homeowners associations. They understand how the industry has changed over the years and where it is headed. They can help HOA boards ensure that they are compliant with local, state, and federal regulations and disclosures.
In addition,a property manager also knows the ins and outs of an association’s CC&Rs. They can assist with updating and enforcing documents as well as advising the board on decision making. Any changes are also communicated to homeowners so everyone is on the same page and knows what the expectations are.
- Extensive Networking
Given their involvement in the community, property management companies have often cultivated extensive networks with professionals in a variety of fields.Whether they’re sourcing vendors, recommending a financial advisor, or coordinating a reserve study, they know who reputable providers are and conduct thorough vetting. Furthermore, they may be able to use these connections to help the HOA negotiate discounted rates or bundle packages for its members.
- Professional Development
Level of knowledge and experience tends to vary greatly on HOA boards. Some individuals may be highly trained while others are just learning. A property manager can work with the association to organize training classes, participate in workshops or seminars, locate educational resources, and be a go-to source for information. They can support board members in better understanding and executing their roles and working in the best interest of the community.
- Emergency Preparedness
A disaster can strike at any time, and the board may not know how to respond in a timely fashion. Fortunately, the property management company does. They can get ahold of the appropriate service providers and resources to help manage the situation. From natural disasters to pipes bursting, they can assist the HOA with putting proper plans in place and executing upon them should the need arise.
A property management company can tailor its services to the unique needs of the HOA providing assistance in areas the association could benefit from most. Many companies offer comprehensive services as well, which can alleviate some of the burden on the board and allow them to use their time more effectively on issues that cannot be delegated. If your HOA could use support – whether administrative, financial, or otherwise – contact Kuester to find out how we can help.