According to Yahoo Finance, it's estimated that there are as many as 365,000 HOAs found in the United States. If you're on an HOA board, you know how stressful the job can be. In addition to dealing with neighbor disputes and budgeting, it's also on you to ensure the success of community assets.
If you feel the pressure is getting to your board, you might want to consider an association property management company for your Utah HOA. In this community management tips guide, we'll answer these questions so you can optimize all of the assets in your community.
What Is Association Property Management?
Association property management isn't designed to replace your HOA board. Rather, its goal is to assist the board with the day-to-day tasks of running an HOA.
It also helps ensure that your HOA complies with any HOA laws in Utah. That way, you won't face legal repercussions. As an objective third party, they're better equipped to deal with any potential disputes between neighbors.
The roles and responsibilities of HOA management will vary from association to association, helping to keep your community running smoothly.
Proven Strategies
Association property management can help you prepare your financial reports to ensure that budgeting and accounting are on track. They bring years of proven financial strategies that help you stay organized.
This type of management ensures that the common areas and public facilities are well-maintained. This allows homeowners to enjoy their community while attracting interested homebuyers.
They collect dues and fees while making sure that your HOA is always compliant with Utah state laws. Association property management also oversees big-picture items.
When not concerned with day-to-day details, your board can turn its attention to major improvements in the community, like public pools, playgrounds, and gardens.
When properly implemented, association property management also helps by:
- Resolving disputes
- Managing vendor relationships
- Enforcing rules
- Manage community assets
- Maintaining the community common areas
- Offer guidance on association management strategies
That being said, certain roles will need to remain with the board. These include setting the budget, approving vendors, planning improvements or amenities, and changing any policies or rules within the HOA.
How to Choose the Right One
Since not all HOA management companies are created equally, consider experience when picking the right one. The more years of operation an organization has under its belt results in practical knowledge that will help your community assets thrive.
Once you have a few good options on your list, take a closer inspection of the association management services.
Do they offer everything your board needs from a management company? Reviews associated with the company can be a valuable way to learn if they will provide you with the full range of property management benefits.
Ready for Great Association Management? Contact PMI Reliant
We hope this guide helped you learn more about how association property management can help your community assets. Here at PMI Reliant, we've helped manage a staggering 650 different HOAs.
During that time we've become experts at managing harmonious HOAs that not only function as a community but also increase property values. So if you're ready for the help your Utah association needs, get in touch with us today.
