Benefits Offered by Experienced HOA Management Company
The biggest and apparent benefits of hiring a professional property manager would be accessing the wealth of knowledge and experience they have to offer. The experienced Scottsdale HOA management companies would be able to guide the board of directors through their decision-making process along with assistance in making a sound business decision.
You should consider the level of experience within your community leadership. You may already have experienced homeowners on your board of directors. In the event, you do not have an experienced board member; you should look forward to having one for several benefits offered by an experienced property manager.
HOA management companies would help you immensely when it comes to association financials. Collection of dues, budgeting, and working with collection agencies have become an important aspect of the management process. The HOA management company gathers the funds when the homeowner has been delinquent on dues. They should work with the board for creating a policy on the gathering of late assessments. Foreclosures and liens would need to work with attorneys and banks. It would be yet another job for management. Is your HOA management company is competent to handle association financials? Do they have accurate reports that are relatively easy to read?
In the event your association is self-managed, you should look forward to assessing the financial ability in the same manner. They should look forward to handling late fees and dues in the right manner. It would be imperative that your association allocate adequate funds into the reserve. You should rest assured that a good HOA manager would work with reserve specialists along with committee members for determining the right amount of reserve funding.
Without proper preparation, your association may not have time for major repairs or replacements. It could consist of re-paving the roads or replacement of the streetlights. When managing a planned community, you should rest assured to stay on top of the maintenance issues. It would prove difficult for larger communities or the ones having common properties. You should also emphasize on the quality of maintenance. It should not be only for the vendor, but also for the management. It would be painful when maintenance work is not properly done or not done at all.
You should also look for proper handling of maintenance issues of the community. The work orders should be issues within time. You should consider the time taken to complete the basic repair work in a community. Almost all professional HOA management companies have a list of vendors they use regularly. The list would be inclusive of landscapers, general contractors, insurance companies, and maintenance companies.
