About 25% of Americans live under a homeowners association. HOAs have a lot to offer residents in Tampa Bay, Florida, from increased security to a greater sense of community.
However, there's no denying that they can be a lot of work to run. HOA boards are often so busy focusing on maintenance, disputes, and accounting that they have little time to focus on anything else. That's why many boards choose to invest in HOA management services.
These types of management companies assist HOA boards in daily operations. But what exactly can your board expect when you invest in these types of services?
In this guide, we'll cover some of the common things they do (as well as their limits when it comes to this type of association).
1. Deal With the Busy Work
HOAs often get bogged down by a million things they need to accomplish. In addition to administrative tasks, maintenance, and vendor coordination, there's also the matter of billing and collection.
The average monthly HOA fees amount to $170. In addition to collection, there's also the matter of financial management.
And that's not even counting chasing after missing payments from people in the community. HOA management will help with every area involving the day-to-day operations of the HOA.
2. Resolve Disputes in the Community
One of the biggest HOA community benefits that professional management can provide is an impartial perspective during dispute resolution.
Since board members are a part of the community, it's easy for emotions to get the best of people during these altercations.
HOA management represents an objective third party that bases all of its decision-making on the rules and guidelines of the community. That way, emotions are kept out of any disputes.
3. Simplify Operations
HOA management services, like the kind found at PMI Arrico Realty & Property Management, go a long way toward simplifying operations. One way we do this is by becoming a point of contact for all homeowner communications.
This is invaluable because it prevents important messages, concerns, and questions from getting lost in the chain of communication.
4. There Are Some Things That HOA Management Can't Do
An HOA management company can provide a lot of help during daily operations. However, some things should be left to the board. For starters, they can't change the rules, policies, or regulations of the community.
Things like setting the annual budget, approving any relevant expenses, and initiating any financial audits should also be left to the discretion of the board.
Need HOA Management Services in Tampa Bay?
We hope this guide helped you learn more about HOA management services in Tampa Bay, Florida. While there are some limitations to what they can do, there's no denying that these services can provide huge benefits to HOAS.
However, these benefits ultimately depend on the specific HOA managers you hire.
Here at PMI Arrico Realty & Property Management, we bring decades of management experience to the table. If you want to learn more about how we can help your Tampa Bay HOA, contact us today.