According to the National Association of Realtors, more than 75 million Americans live in a community governed by a homeowners association (HOA). The growing popularity of HOAs has everything to do with the many advantages they afford, including solid home value retention.
They also require a lot of work, usually carried out by a volunteer board. For this reason, many HOAs consider outsourcing association management responsibilities. There are many pros to doing so.
Below is a comprehensive guide to successful association operations. Keep reading for expert management insights for your Charlotte, NC, neighborhood.
Financial Management
One of the main aspects of association management is overseeing the neighborhood or condo complex budget. This includes collecting HOA fees and enforcing late payment policies.
It entails determining how best to spend these funds. This includes budgeting for regular expenses, such as community services, and grounds and building maintenance. It means saving for a "rainy day" fund and allocating funds toward community improvement projects.
Financial reporting is also a significant aspect of HOA fiscal management. All of this can be overwhelming, especially if your board lacks accounting or financial management experience.
Property Maintenance
An HOA is responsible for maintaining and repairing communal grounds and buildings. They must conduct regular inspections to identify and address any issues. Examples include:
- Landscaping
- Fencing and gates
- Pest control
- HVAC, electrical, and plumbing
HOA boards may also need to schedule regular upkeep of amenities such as pools, gyms, or tennis courts. This might entail soliciting bids from vendors or contractors and lining up an agreement. It also means ensuring that work or services get completed.
Community Standards Enforcement
Another primary responsibility of an HOA board is deciding on and enforcing community standards. These can vary by neighborhood, but they usually extend to property and lawn maintenance. There are often rules regarding building or property conformity.
Community standards may detail the property alteration approval process. HOA boards must review requests for changes to buildings or landscapes, such as adding onto a home or putting in a swimming pool.
Finally, there are often rules regarding pets or noise levels. An HOA also must levy and collect fines related to community standards violations.
Community Relations
HOAs are responsible for regularly communicating with community members. This includes updating them on the board's interworkings and letting them know about upcoming community events, such as neighborhood festivals or volunteer work days. They might send out a newsletter to ensure residents stay informed.
Finally, HOA boards must address resident concerns and occasionally resolve disputes between neighbors. In some circumstances, this could involve legal matters, such as seeking liens.
Find Association Management Services Near You
Association management involves many moving parts. Hiring a qualified management company can enhance operational success while alleviating a lot of work and stress for your board.
PMI CLT is a comprehensive association and condo management company serving Charlotte, NC, and the surrounding areas. We provide a range of services, from accounting and bookkeeping to grounds maintenance, vendor coordination, and more. Reach out to us today for more Charlotte, NC, management tips.
