Did you know that there are around 350,000 community associations in the US right now?
Community associations come in many different forms, but all have one thing in common - the need for effective management.
Whether it's overseeing the maintenance of common areas, enforcing community rules, or managing finances, an HOA management company can help.
In this blog post, we'll take a closer look at the duties of a community association management company and why they're essential to the success of any HOA or shared living space. Read on to learn more.
Maintenance and Repairs
One of the key duties of community association management companies is overseeing maintenance.
The property management company will see that all common areas are properly maintained. They will also make sure that any repairs are carried out efficiently.
This helps to ensure the community is a safe and attractive place to live and helps to protect the value of homes.
Financial management is another key duty.
Management companies are responsible for collecting dues, managing budgets, and making sure that records are accurate. They're also in charge of investing funds in a way that maximizes returns while minimizing risk.
By handling the financial responsibilities of the HOA or community, the management company helps to ensure the long-term stability of the community.
HOAs typically have a set of rules and regulations that must be followed by all residents.
The management company is responsible for enforcing these rules. This means everything from ensuring that homes are properly maintained to making sure that residents are following parking rules.
This helps to maintain a high quality of life for all residents. It also protects the value of homes in the community.
Did you know that 66.9% of new homes completed in 2021 were part of HOA communities? When everybody follows the rules, the community becomes a nicer place to live.
Finally, the management company will communicate with residents. This could be via letters, a weekly bulletin, or email.
They work to keep residents informed about important events and respond to questions and concerns. They will also provide regular updates and news.
In this way, the management company can foster a sense of community and build trust among residents.
Our team is on hand to help with all aspects of community association management. We believe that great communication is central to a strong community spirit.
How a Community Association Management Company Can Help You
The duties of a community association management company are wide-ranging and critical to the success of any community.
Here at Invest West Management, we pride ourselves on helping communities and HOAs excel. Your community should work for you, and our services can put it on the right track.
If you're part of an HOA, our friendly team is committed to meeting the needs of your community. We have over 40 years of experience in property management and are happy to help. Contact us today.