Being an HOA board member comes with a wide variety of responsibilities and duties. One such duty is to find ways to reduce the annual budget expenses. Retaining a Glendale HOA property management services company can help save your HOA time and money and improve relationships between the HOA and community members.
Here are several ways outside management services can help save your HOA time and money.
Vendor Management
HOA management services companies can assist with vendor management. They can ensure issues are handled and disputes minimized. By not letting problems escalate, the management company ensures the community receives good workmanship at a fair price. In addition, the management company can develop positive relationships with the HOA’s vendor pool, which can lead to contract discounts and a more efficient use of time.
Legal Knowledge
Companies who provide HOA management services are typically quite knowledgeable regarding state legislation that relates to homeowners’ associations. Many communities lack the necessary expertise, which could result in HOA provisions and rules that are in conflict with the governing laws or inadvertently breaking state laws. A management company can review your HOA policies and ensure everything conforms with current legislation. This can result in significant financial savings by reducing the risk of litigation and legal expenses the HOA could be faced with.
Financial Planning
Having someone look at your long-term finances and help plan for the future is an essential part of a community association. HOA management services companies can help streamline your annual budget while providing recommendations for future years. They can also make suggestions for saving money in the areas of management, upkeep, and more.
Keeping the Community Happy
At the end of the day, what is important is that community members are happy. If homeowners feel their HOA is not doing their job or don’t trust how finances are allocated, it can create a lot of animosity. Ideally, the happier the community members are, the more likely it is that new people will buy into the development. If your HOA has a reputation for being difficult to communicate with, overly demanding, or unreliable, a potential buyer will likely purchase a home elsewhere.
Proactive vs Reactive
Management services are always on the watch to see how things can be streamlined and potential issues corrected before they become costly problems. This can result in savings for the community if they correct something while it’s still potentially insignificant, rather than when it has become a costly nightmare.
Is Hiring a Management Services Company Right for our HOA?
As the board of directors, you need to decide what works best for your association. Many times, the size of the community is often the deciding factor on whether or not to hire outside management assistance. The larger the community is, the more important it is to seek specialized assistance to keep your HOA running smoothly.
Although community size is important, consider other factors like how many buildings, amenities, and other properties the HOA already manages. Are there qualified volunteers who are assisting, or are you short? What skills do the volunteers have that help with HOA management?
If your community association’s board of directors is interested in learning more about HOA management services, contact City Property Management Company. Our skilled team has been providing superb services to communities throughout Arizona since 1979. Call our office today at 602-437-4777 to schedule an initial consultation.
