About six million Texans live in HOAs. If you're one of these people, you're certainly invested in the success of your HOA community. A great HOA is good for property appreciation, which is the one thing every homeowner wants.
How your community is managed will make a big impact on your quality of life. At the helm of your HOA is a board, which is responsible for implementing and enforcing the covenants, codes, and restrictions of the community. This includes maintaining the HOA's communal assets, such as clubhouses, swimming pools, landscaping, and more.
Association property management isn't a walk in the park, especially if the board doesn't have the right professionals on the team.
Continue reading for deeper insight into the matter.
Good Budgeting Is Key
Your community's assets need routine maintenance and repairs when necessary. Driveways need to be cleaned and recarpeted from time to time, clubhouses need to be in proper condition at all times, and the gardens need tending.
Your HOA needs funds to hire the relevant contractors for these tasks. Where does this money come from? You guessed it right; HOA fees.
Every household in your community pays a monthly fee. The board collects it and allocates the funds accordingly. This is where sound budgeting comes in.
Some HOAs struggle to maintain community assets because they run out of funds to pay contractors. With good budgeting, the management will have a clear picture of how much money is needed for these expenses.
Hire the Right Contractors
Community assets need the best care. This care can only be provided when you have the right professionals doing the job.
More often than not, there's a tendency for HOA boards to not treat the recruitment of contractors with the seriousness it deserves. Sometimes a board can hire the cheapest contractors just to make a saving or even with other motives.
There are cases of embezzlement of HOA funds arising from shady deals with contractors and service providers. Some board members accept vendor bribes and kickbacks, compromising the integrity of the recruitment exercise.
Your HOA board must be keen on finding the best contractors. These are companies that have the experience, manpower, and tools and do the job they're contracted to do properly.
Outsource Association Property Management
The smartest move an HOA community can make to safeguard its assets is to outsource its management. An HOA board can be doing a good job, but at the end of the day, it's comprised of people who have other personal activities to attend to.
Hiring an HOA management company to oversee the community's assets ensures they're properly and routinely maintained. The management company can also take over other functions, such as collection of HOA fees, and budgeting and accounting.
PMI Nortex Properties Can MAnage Your Dallas HOA
Managing an HOA community isn't easy. That's why your Dallas HOA deserves to work with the best association property management company in the region.
At PMI Nortex Properties, we understand that every community is unique, so we customize our services to suit your needs.
Give us a call and let's talk about how we can improve your HOA in Dallas
