In Texas, homes in community associations are worth around 4% more than similar properties located elsewhere. These high home values are attributed to strict architectural guidelines, a good sense of community, and appealing on-site amenities.
All these attributes are considered community assets, which help attract new homeowners and ensure the ongoing satisfaction of residents. It's up to an elected HOA board to ensure that their HOA retains its value by safeguarding these assets.
Hiring an association property management company helps these board members live up to their community's expectations. Read on to discover association management best practices for preserving your HOA assets.
Precise HOA Financial Management
An HOA board is responsible for compiling an annual budget that covers the community expenses for the year. Every homeowner in the association contributes equally to this fund.
These HOA fees are used to maintain the onsite facilities and preserve the value and appeal of the community. The HOA board is accountable for how these funds are spent, collected, and recorded.
Modern data management systems help with financial tracking, record-keeping, and centralizing community information. A professional HOA association manager can help the board achieve financial excellence thanks to their experience.
Effective Community Maintenance
An HOA's onsite amenities are its major drawcards and also play a role in building community spirit. They include facilities like:
- Parks
- Swimming pools
- Community centers
Roads and verges also fall under the areas that the HOA board must maintain.
The first step in managing these assets is setting up rules to prevent undue damage and ensure everyone may enjoy them equally. Homeowners who do not comply with these rules may face fines or be forced to pay for damages they cause.
Secondly, the HOA board must see to the maintenance and repairs of these facilities to prevent them from decay or unnecessary damage. When you hire a community association management company, your HOA management fees include:
- A maintenance coordination plan
- Manage vendors
- Supervised maintenance and repair work
Build Community Spirit
In some aspects, community residents are its biggest assets. By arranging regular community events, the HOA board can help create a sense of belonging for residents. Some ideas include:
- Charity drives
- Community picnics
- Games evenings
People who know each other look out for one another, and this enhances the sense of safety and security in a community. Many home buyers choose to buy a home in an HOA because they want to belong to a close-knit community.
Effective Association Property Management in San Antonio
Managing an HOA effectively comprises numerous tasks and responsibilities. Sometimes, volunteer board members don't have the time and skills to carry out these duties to the fullest.
Hiring a professional association property management company can help fill in the gaps. PMI Brightstar works across the San Antonio area, assisting HOA board members to preserve community assets and create thriving communities.
We are committed to improving the lives of everyone who lives in the communities we serve and place a high value on exceeding their expectations. Discover our magic formula for HOA management success.
