New York is home to thousands of community associations with NYC's HOA fees being among the highest in the country.
If you're not getting what you should from your homeowners association, you need to look at its leadership for change. However, an HOA board is made up of volunteers, not professionals. They may not have the answers you're looking for.
In today's post, we'll explain the role of association property management in improving HOA assets. You don't have to settle for poor HOA leadership that puts your community in a bad spot. Keep reading and see how a bit of community association guidance can make all the difference.
Better HOA Accounting
Strong accounting practices are essential to the success of an HOA. A community is funded using the fees collected from each homeowner. If these fees are properly managed, they should cover everything from regular maintenance to the creation of new amenities.
If your HOA board doesn't manage funds well, the community's resources won't go as far as they should. In the end, HOA fees will have to go up as a result of this financial mismanagement.
HOA managers bring professional accountants to the proceedings. They'll collect fees, balance books, and create budgets that preserve your community's financial health.
Improved HOA Property Maintenance
HOA maintenance is important for a couple of reasons. First, it ensures the comfort and safety of all of the community's residents.
Second, a well-maintained community is attractive to outside investors. The more investor interest you have, the more property values will grow in the community, benefitting everyone.
To maintain an HOA, you need solid relationships with local vendors. You need people to pick up trash, mow lawns, and repair amenities. Good HOA managers will ensure vendors are scheduled as needed.
Stricter Governance
A unique feature of HOAs is that members must abide by the governing documents. Some communities have rules around allowing pets and renters, while others have quiet hours and parking restrictions.
Every community has rule breakers, but it's how these people are dealt with that marks the difference between a well-run community and a poorly-run one. If your HOA leaders aren't handling bad actors, it sends a message to the rest of the community that the rules don't matter.
When you hire an HOA manager, you get stricter governance. They'll issue fines and penalties for infractions, as well as liens and foreclosures for those who don't pay their fees. All in all, you'll have a more cohesive and happy community with better governance.
Hire the Top Association Property Management in New York
There are plenty of HOA managers in New York City, but only one gives you everything mentioned here and more. PMI Manhattan Group is the city's top association property management company, offering comprehensive community management solutions.
If you're having trouble with your HOA leadership, there's no better time than now to make a change. Don't hesitate to contact us today to learn more about our services and how they can turn your community around in 2024.
