According to the US Census, 84% of newly built homes were part of a homeowners association in 2022.
HOAs are becoming more and more common in the country and California has the largest number of them. The idea of HOA living is to benefit homeowners, but that's not always the case. Many associations are poorly run with leaders who are ill-equipped and inexperienced to look after communities.
This is when hiring association management services is a great idea. In today's post, we'll discuss the role of an associate management company and how they can help your Del Mar HOA thrive like never before. Keep reading and you'll have a better idea of what AMCs bring to the table.
Financial Management
One of the most important association manager responsibilities is looking after a community's finances. All homeowners in an HOA pay association dues, which are combined to pay for everything the community needs.
When the person looking after the money is inexperienced, you'll start to notice major problems. The worst-case scenario is that your HOA dues won't go far enough and the HOA board will be forced to raise them.
If there's not enough money coming in to cover the community's needs, the community will start to suffer. Property values could even start to fall. Fortunately, an HOA management company has accountants on staff to handle bookkeeping and budgeting, which will put your HOA in a better financial position.
Rule Enforcement
All communities have unique governing documents that tell homeowners how to live in the HOA. Whenever you have a set of rules governing entire communities, you're going to have rule breakers.
Dealing with rule breakers can be awkward for the HOA board of directors. They're fellow homeowners and neighbors, so it creates an uncomfortable power dynamic in the community. This doesn't happen with an HOA manager.
HOA management can issue penalties to keep bad actors in line. They'll also diffuse conflicts between homeowners to promote general harmony in the HOA.
Vendor Coordination
All HOA homeowners deserve to live in a well-maintained community. When a community is looked after, association members can enjoy a safe and comfortable community. A maintained community is also desirable for investors, which drives property values - as much as 4% higher than non-HOA homes.
Maintenance depends on vendor coordination. You need your HOA leadership to contract and schedule local vendors to ensure regular maintenance is taken care of and emergency repairs are just one call away.
HOA management often comes with built-in vendor relationships. Whether your community needs weekly garbage pickup or seasonal landscaping, a local vendor will be there.
Get the Best Association Management Services
Association management services can take your community to new heights, but it's important to find the right fit. If you're in a Del Mar community, the only choice for association management is PMI Del Mar.
We're part of a nationwide HOA management firm offering a wide range of services, including everything we talked about here and more. To learn how we can make your HOA community a better place to live in 2024, contact us today.
