We all want to protect our investments. This is no different with residents or homeowners living in a neighborhood with shared amenities. Considering that most residents would like to ensure they maintain or increase the value of their properties, a homeowners association (HOA) is a deemed to be a necessity. This body is tasked with all management functions in the neighborhood and ensuring that shared facilities are maintained in the right way.
Why HOA Management Companies
The HOA can only achieve its management functions by having a select few of its members tasked with the management function of the estate like speaking on behalf of other members. Unfortunately, there are some instances where the leaders have demonstrated some shortfall in their managerial capacity. These shortfalls could be linked to the lack of resources or some managerial incompetency. When a board is short of the expertise, the best option is to outsource this function by hiring a management company. These companies offer many benefits. This include:
They Make the Community Attractive
With every function done the right, the community is bound to attract some interest from the public. This could be a new buyer or tenant. This implies that the value of the property will increase, and the community will bring in better residents.
Efficient Collection of Dues
This area attracts heated debates and controversies when done by inexperienced individuals. Besides, it might ignite discord in the communities either from failure to honor commitments r when some members feel unfairly targeted. Besides, most HOA board members might welcome the idea of chasing their neighbors to pay their dues for obvious reasons.
As such, outsourcing this function to a management company is the best way to go about this. This company is a link between board members and the residents meaning that they can pursue the residents without affecting the relationships between the members. Moreover, management companies can also professionally deal with matters arising from non-compliance by some residents.
Free Legal Representation
Having no lawyers on the HOA board is a possibility. As such, the community can be forced to spend its reserves when involved in a legal suit. The need to have some representation in court can be provoked by cases of unpaid dues, burglary, paid services never rendered along with a list of other civil claims. The chosen HOA management company should have some legal professionals on board to deal with legal issues. The main advantage is that this service is rendered freely.
