Massachusetts is one of the states with the highest HOA rates, with over 11,000 operating in the state.
If you're a Boston-area resident of an HOA, you may be questioning your decision to buy into an association. Not all HOAs are created equally and when you're frustrated with how yours operates, it's usually down to poor leadership.
You can rectify this situation by hiring community management services. In today's post, we'll look at the role of association managers so you can decide if it's something you should approach your community with. Keep reading and you'll see how professional management guidance can improve your HOA.
Financial Management
If your HOA board doesn't properly manage your community's finances, you're going to have issues. All HOA homeowners must pay their monthly dues to experience all of the benefits of community life. These funds pay for everything your community needs, from maintenance to amenities.
Poor money management means that HOA fees won't cover those needs. In the end, the board will have to raise the fee amounts, which is never a popular decision in any HOA.
Property management experts have professional accountants on staff. These people will collect fees, then confidently balance books and create budgets to boost the financial health of your community.
Vendor Coordination
HOA maintenance is essential for multiple reasons. When your community is well maintained, not only will residents feel comfortable and safe, but it actually becomes more intriguing for property investors.
When you have real estate investors looking at your community, property values will rise. HOA communities can have properties as high as 4% more valuable than similar homes outside of communities.
HOA Meetings
Good HOAs keep residents in the know and on the same page. When everyone's pulling in the same direction, you can achieve so much more. You can do this with open and productive HOA meetings.
If your meetings are to be fruitful, you need them to be organized. With a strong community association leadership, you can create neighborhood improvement plans that everyone's on board with. Community managers can implement plans and ideas that ensure residents get the most out of HOA life.
Governance
HOA governing documents tell homeowners how to act. Some include rules around home maintenance, while others have rules around allowing pets and renters.
All communities have people who don't feel that the rules apply to them. A good HOA manager will be able to keep bad actors in line by issuing penalties and fines. They can also diffuse arguments between homeowners to ensure greater cohesion and harmony.
Find the Best Association Managers in Boston
These are just some of the benefits of bringing association managers on board your HOA. Getting everything out of community life requires a confident professional at the helm.
If your Boston HOA needs help, PMI Bay State is the answer. We're a top HOA management service and part of the top property management firm in the country.
To learn how our experienced professionals can improve your community, don't hesitate to contact us today.
