The number of homeowners associations (HOA) throughout the United States has increased dramatically in recent years. Though most HOAs still exist for residential purposes, many are now becoming commercial as well. And today, a growing number of developers and business owners rely on HOA management companies to handle day-to-day operations for their association.
Hiring an HOA management company is a responsibility that comes with both benefits and drawbacks that can make it difficult to decide whether or not this is the right choice for your community. Click here to understand how an HOA management company can benefit your community.
Here are 5 compelling reasons to hire an HOA management company.
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Professional and financial administration
Most HOA management companies have a team of professionals that are dedicated to the purpose of providing effective and efficient management for your community. These professionals include attorneys and title company representatives who ensure your association’s legal documents are in order. They also include accountants to ensure that financial records are accurately kept and monitor compliance with contractual agreements.
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A high level of community appeal
A professionally managed HOA will generally offer more benefits to its homeowners than an association that does not hire a management company. This is especially true when it comes to the aesthetic appeal of the community. Many of today’s most popular amenities for homeowners and residents, such as swimming pools, tennis courts, walking trails, and parks, require special maintenance that can be costly and difficult for even the most dedicated homeowner to keep up with themselves.
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Legal expertise
Although many HOAs were established to prevent legal disputes from arising, these documents can sometimes be confusing and difficult to interpret. An HOA management company will be able to give the advice needed in these situations and ensure that your community remains in compliance with local zoning ordinances.
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Help ensure compliance
HOA management companies ensure that all members of the HOA follow the rules set forth by the community. They also assist in resolving conflicts or problems between members and may even take legal action if needed.
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Adds value to the property
When you hire an HOA management company, the value of your property will increase. This is primarily due to the increased number of amenities and services provided to your community. And often times, a professionally managed community can result in a faster sale than one that is not well managed.