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4 Key Advantages of Association Management Services
According to Rocket Mortgage, fewer than half (47%) of HOA residents say their neighborhood is better with an HOA. Fewer than two in three (64%) believe their HOA honestly handles the finances.
Your residents may feel more comfortable with a community management company handling these tasks instead. Association management services can help your community thrive. Effective management solutions can boost property values, resident satisfaction, and more.
Not convinced? Read on to discover four amazing property association benefits!
1. Improved Aesthetics
Professional management solutions can keep your community in good shape. Their maintenance and building management services may cover:
- 24-hour availability
- Obtaining competitive bids from vendors
- Managing maintenance plans
- Vendor insurance tracking
- Online work order management
- Common area inspections
- Architectural request tracking
They can help you discover effective ways to improve the neighborhood's curb appeal. According to the National Association of Realtors, 99% of realtors say curb appeal can fetch higher home prices.
Residents will also take more pride in their homes. About 75% of homeowners who invest in curb appeal are more inclined to stay home. Another 59% say they find more enjoyment at home and 63% feel a sense of accomplishment.
Improving the community's visual appeal can make it a better place to live. These services can increase the community's collective property value. You could have an easier time attracting future residents.
2. Financial Management Solutions
Remember, some residents are concerned about how their HOAs handle the finances. Board members may feel uncomfortable collecting delinquent fees from friends. Instead, rely on professional HOA services.
An association manager can remove any conflict of interest. Their financial management services may include:
- Handling payroll for HOA employees
- Preparing and managing financial records
- Preparing and filing tax returns
- Processing HOA dues and fees
- Managing the HOA's budget
- Providing financial reports
- Assisting with financial planning and decision-making
These services can increase transparency between the board and residents. Meanwhile, you can keep your community in good financial health.
3. Rule Enforcement
Your association manager can enforce the community's covenants, conditions, and restrictions. HOA board members won't have to enforce rules on friends and neighbors.
They'll also oversee enforcement, inspections, and record-keeping of violations and compliance reports. This will ensure fairness throughout the community.
4. Community Management and Harmony
Your association management team's administrative services can increase efficiency and transparency throughout the community. These services can include:
- Handling membership inquiries
- Communicating with authorities
- Monitoring local and national laws
- Selecting insurance providers
- Organizing and attending HOA meetings
They can use an online portal to give members and residents an easy way to communicate. Residents will have real-time access to information, increasing transparency.
Choose Reliable Association Management Services
Your board or community volunteers don't need to manage these tasks alone. Instead, rely on professional association management services. Professional HOA services can help your community thrive for years to come.
PMI Terminus will take the time to understand what makes your community unique. We'll tailor our services to meet your community's needs.
Trust our professional guarantees, state-of-the-art technology, and brand promise. Contact us now for a free consultation.
