Charlottesville is home to the University of Virginia, beautiful nature, and an eclectic blend of professionals. When you own a condominium in the area, there are certain expectations for how the homeowners association (HOA) is run. When the HOA is run in an organized and suitable manner, all of the residents and board members benefit.
The main way to ensure this is by hiring the help of a company that offers professional HOA management services. So what makes these professionals so impactful?
Read on to get a crash course in HOA management so that you can book a consultation with a company that can improve your HOA by leaps and bounds.
What Is HOA Management?
HOA management is a service in which a third party offers resources, guidance, and financial organization to your HOA board. Most HOA members are unpaid elected volunteers who are doing their best, while not necessarily having expertise in certain fields that could be helpful to running a small organization.
By outsourcing some of this management to a third party, your HOA board will be run more efficiently and will reap several benefits.
They Handle Budgeting and Finances
Since your HOA collects dues from every member each month, you need to take a proper accounting of every penny. Setting a solid HOA budget for the year keeps the finances on track and makes sure that the money is spent and saved wisely.
When you hire HOA property managers, you'll get the financial oversight that can help with your decision-making. These firms often staff accountants who have experience managing the money of small organizations like this. You'll make sure that your money is stored in proper accounts, can provide regular balance and spending updates, and will archive all of this information to keep your board more dutiful and organized.
Some community association management financial oversight will make sure you have enough money in the budget for your golf tournament in the fall, or to go all out with holiday decorations.
A Community Association Manager Offers Legal Help
You also need legal help for your homeowner's association to be run at its best. Attorneys can help you understand the contract before entering into relationships with vendors. A lawyer can also let you know what power you have to fine or penalize association members who break the rules.
They can also provide advice on local codes and ordinances to make sure that all of your building and grounds improvements are done with these laws in mind. Getting consistent access to this type of legal help keeps your HOA running smoothly and can prevent mistakes.
Your Rules Will Be Enforced
Finally, HOA management can help you enforce your rules. The managers you hire can help you write up a charter and can make amendments to it as needed. Your HOA will also have some teeth and strength when it comes time to enforce penalties.
This makes life easier for the board members since they won't be responsible for doing the dirty work. When the rules are enforced, it offers your HOA the power that it needs to be taken seriously so that everyone in the community can benefit.
HOA Management Services for Your Community
As you can see, hiring HOA management services can help your board in so many ways. When you're ready to look for these services, we're the company that you need to talk to.
Property Management Inc. (PMI) Commonwealth will make the lives of everyone on your board so much easier. To take advantage of our expertise and services, send us a message or call 434.326.4786.