About 25-27% of the US population lives in an area with a homeowners association.
Heading into the spring, you may be thinking about a good seasonal HOA idea such as a cookout or pool party. A HOA will only be able to set up such events if they're organized, and this can be difficult. An association management company can support an HOA to help them stay on top of things.
So what is the difference between an HOA and an HOA management company? Keep reading to find out.
What Is an HOA?
A homeowners association is a board of individuals who work to serve their community in a range of ways. They're typically made up of volunteers from within their community.
They oversee the maintenance of common areas. This can include pools, gyms, clubhouses, parks, and more. They also organize things like vendors and trash removal for the community.
The board has regular meetings to discuss community matters. These will involve making decisions and ensuring all board members are on the same page.
Another responsibility they have is establishing community policies. They're in place to keep everyone happy and all residents need to follow them.
The board will also handle community finances. This involves collecting HOA dues from residents, organizing budgets, and determining how community funds should be used.
Many HOAs struggle with these responsibilities and others. As boards are made up of community volunteers, they often don't have the most relevant experience and skills.
When it comes to complicated tasks, especially, they can run into a lot of challenges. Managing finances is usually an issue here. If any legal issues arise, they can also have a hard time dealing with everything.
What Is an HOA Management Company?
An association management company provides a professional service to HOAs. They can support them with a range of tasks to help them stay on top of their duties.
They're specifically trained for this, so they can make up for the lack of experience that HOA board members have. When it comes to handling accounts and finances, for example, they know the best approaches and methods. This can help keep mistakes to a minimum and they can often optimize budgets so that a community can get the most out of its funds.
An association manager can be incredibly helpful in legal situations, too. They have an extensive knowledge of property law, so if anything arises, they'll be able to offer expert advice and guidance. Your HOA board would otherwise need to go on the hunt for an experienced lawyer to assist them.
They can also help with various other tasks such as:
- Overseeing maintenance
- Organizing maintenance
- Administrative work
- Communicating with residents
- More
Help With a Seasonal HOA Idea
Coming up with a seasonal HOA idea isn't easy, especially if your HOA board is overwhelmed. An HOA management company can provide support and assistance to ensure everything runs as it should within your community.
PMI Cascade provides professional association management services throughout Tacoma and the surrounding areas. The PMI croup manages over 650 associations across the US and has been operating for over 20 years. Take a look at our association management page to find out more about our services.
