Even in a small condominium or homeowners association with a dedicated board, managing the day-in and day-out of property management can be a tiring and thankless job. Once you reach 30 units or more, forget about it – it’s a full-time job! Hiring a property management company that specializes in condominium and homeowners associations can make a tremendous difference in the long-term success of a community.
Experience & Expertise
Self-managed communities may struggle with some issues due to lack of experience or training. A property management company will have systems in place to handle financial issues, legal issues and much more. Most companies have the connections to handle whatever pops up – because they’ve had to deal with it before!
Clarity & Consistency
A condominium management company enforces rules with consistency. They also make sure that those rules make sense and are easy to follow. Because an HOA property management company consistently enforces community policies and rules, it reduces the perception of unfair treatment and other owner conflicts.
Open Lines of Communication
It’s important that everyone feels comfortable voicing their concerns when an issue comes up. An HOA management company can open lines of communication among board members and homeowners.
Act as an Impartial Third Party
Because an HOA property management company consistently enforces community policies and rules, it reduces the perception of unfair treatment and other owner conflicts. Working together with homeowners, they can respond to and prioritize homeowner concerns and desires. A management company has the ability to look at the big picture, and can even help with board elections.
Property management companies are familiar with the most recent landlord-tenant laws and can help prevent costly legal battles when something goes wrong. Avoiding even one lawsuit will help reduce headaches and financial burden. There are both state and federal laws covering areas such as tenant screening, inspections, evictions, rent collection, and more.
Although having rules and guidelines is always important, they lose their value if they are not actively and properly enforced. When individuals do not follow community covenants and by-laws everyone suffers, home values may decrease and a negative precedent is set for the rest of the community. HOA Management companies can perform periodic community inspections to identify maintenance issues and rule violations, coordinate board-approved actions including property maintenance, administer violation letters, issue fines, and more.
Reduce Stress for Owners
Like we said before, managing even a small condominium can be a full-time job. A property management company will do most of the work for you, freeing owners’ time and saving them a few gray hairs.
A good property management firm can easily become one of your greatest assets to your community. Choosing the right property management company can ensure that your condominium or HOA runs efficiently.