Are you worried about your home value? Do you have common areas in your neighborhood that could use some attention?
If you answered yes to either of these questions, HOA property management could be just what you need.
Considering that the median value of homes in Colorado Springs declined by 2.2% from last year, you may be looking for more ways to maintain your home value. This guide breaks down the main benefits of an HOA manager.
Setting a Realistic Budget
One of the main jobs of an HOA manager is to create and maintain a budget for the HOA. This comes down to how much money the HOA has and what expenses they have to maintain.
Normally, an HOA is responsible for everything that is attached to a house. This includes the pipes, the roof, the stoop, the landscaping, countertops, and more.
Then, they are also responsible for things in common areas of your neighborhood. This can include playground equipment in a park, fences, a community pool, and more.
Part of an HOA budget has to go towards routine maintenance for these things. On average, it is recommended that people dedicate 1% of their home's value annually towards maintenance.
If an HOA manager uses this as a guideline, they can get an idea of what the annual maintenance needs are for your community. Then, they can recommend certain fees that the HOA board should charge homeowners.
Another thing that an HOA manager does is arrange vendors for your community. These are the people that handle all of the daily needs that your community has.
An example can be an HOA manager arranging garbage pickup with a vendor. They may need to find a roofing contractor that they can call to fix homes in the neighborhood. They might also need to come up with an agreement with a landscaper to mow every lawn in the community routinely.
The HOA manager has to negotiate reasonable deals for these vendors along with verifying that the vendors can do their jobs properly. If these things go wrong, the HOA manager is the one that will hear about it from the HOA board along with the homeowners.
They should take the time to determine what services are necessary, how often they are going to need these services, and how much they can afford to spend on these services.
Add HOA Property Management
HOA property management can make an HOA board's life easier. That is because there is a clear authority figure as to who comes up with the budget, who manages the HOA fees, who deals with the vendors, and who determines what kind of services are needed in your HOA.
If you have an HOA property manager that can do all of this for your HOA, you should see an increase in home value shortly.
Do you need an HOA property management company? Message us here to see how we can help.