Running a homeowners association can become a full-time job if you let it. There is always something that needs to be done. If you aren’t planning for a meeting or reviewing the budget, you’re addressing maintenance issues or member inquiries. And if you’re not quite sure what you’re doing, these tasks can take even longer and you may run into problems.
Hiring a property management company can relieve some of the stress from board members and allow them to better manage their responsibilities. Plus, you can have greater peace of mind that you’re getting sound advice and guidance that will make your HOA community even better.
Here are some signs it may be time to consider hiring professional help:
- Board members don’t have enough time. When your board is also holding down full-time jobs, time can be tight. There are only so many hours in a day, plus they have personal commitments as well. There are numerous tasks that can be delegated to a property management company that will allow board members to focus on what’s priority. They can achieve better balance in their own lives and spend more time on important issues. Also, this can help ensure that tasks do not get overlooked.
- Board members lack in-depth knowledge. There are a lot of policies, procedures, and regulations to remember, and creating and managing a budget isn’t easy. Unless there is an accountant or financial planner on the board, you may not be managing funds as effectively as possible. A property management company can help you not only become more financially stable, but also save money in the long run. They are well-versed in the policies and procedures that govern HOAs and stay abreast of changing regulations as well.
- Members are not very engaged. Members are an essential part of the HOA and when they’re not active and involved, it can make running the HOA more difficult. A property management company can help the board to improve communications and attract volunteers. They can assist with planning of events and create a stronger sense of community. There needs to be a certain quorum at meetings, so boosting relations can encourage more involvement and sharing of ideas.
- There is a lack of consistency. Rules and regulations should be enforced in a uniform way. If assessments are not being collected or violations are being overlooked, this can send a confusing message to homeowners. While some people are getting notifications, others may not be. A property management company can help the HOA to become more organized and develop proper procedures to run things more smoothly and efficiently.
Hiring a property management company to partner with your HOA can turn things around for the better and allow your HOA community to thrive. The more you work with them, the more benefits you will discover.