Homeowners associations are quickly becoming the preferred living situation for Americans.
Over 73 million Americans now live in HOAs across every state. These communities come with a set of perks that you just don't get with traditional homeownership. If you value community engagement, having maintenance dealt with, and living under certain regulations, an HOA is for you.
They're not all perfect, however. The quality of your HOA depends upon the people running it, which is often an HOA board comprised of volunteers. In today's post, we'll discuss the role of an association property manager and what you need to do to become a good one.
Every HOA needs great leadership. Read on to find out how proper management can help your community thrive.
How to Manage Properties
To become a successful HOA manager, you need to be able to manage properties effectively. Doing so in an HOA is slightly different than residential or commercial property management. Instead of looking after individual properties, you look after the interests of an entire community.
You won't perform maintenance to rental units, you must instead coordinate with local vendors to perform community maintenance. You won't just look after rent and expenses for a single home, you'll accept HOA payments and create realistic annual budgets for the entire HOA.
Skills and Responsibilities of an HOA Manager
The main skills that any HOA manager needs to possess include organization, communication, and leadership. You need to be able to make important decisions, but you have to listen to the wants and needs of the community. To put plans into action, you need to be incredibly organized with HOA finances and scheduling.
Accounting
As an HOA property manager, you'll be responsible for the financial health of the association. As mentioned, this involves creating a budget that accounts for all maintenance, repairs, and improvements that the community may need.
Community Engagement
You'll also be responsible for holding meetings, both with HOA board members and the community at large. Annual community meetings give homeowners the chance to voice any suggestions or concerns about the direction of the community.
Board meetings tackle the day-to-day management of the community. A manager will oversee such meetings to ensure the HOA is running as efficiently as possible.
Coordinating Vendors
Dealing with local vendors is an important aspect of effective property management. You'll need to build relationships with vendors and make sure regular maintenance is scheduled. If any repairs or large projects are on the docket, you'll have to arrange this with vendors as well.
Upholding Rules
HOAs are popular because they have rules and regulations. Whether it's a noise curfew or maintenance standards, every homeowner must abide by the rules. Whenever you gather dozens of homeowners, however, you'll have some rule breakers.
Broken rules lead to disharmony in the community. An HOA manager must mediate conflicts between residents and uphold regulations so that the community stays happy.
Finding an Association Property Manager
Being an association property manager is a big job. What we've discussed here only scratches the surface of an HOA manager's responsibilities. That said, every HOA needs a good manager to thrive.
If you want the best for your HOA, hiring PMI Manhattan Group is the right move. Contact us today to learn about our services and how we can help your HOA.
