18.8% of New York State's homes are in HOAs.
New York City is mostly associated with condo associations, but there are still thousands of New Yorkers living in HOAs. When it comes to community living, you're going to experience countless perks, but there are challenges as well.
In today's post, we'll tell you how community association management can help you navigate your HOA in New York. Association managers can assume the lion's share of the work in an HOA community, so keep reading and see how they can help your community thrive.
Better Governance
Every HOA in New York and abroad abides by a unique set of governing documents. These outline the rules and regulations that all homeowners in a given HOA must abide by. They might include clauses about whether or not pets are allowed, where to park, and how your home should look.
Governing documents aren't always satisfactory to all homeowners, which usually results in people breaking the rules. It can be tricky for HOA board members to issue penalties for bad actors, as it creates a strange power dynamic between homeowners.
Community management can come in as a neutral party and uniformly govern your HOA. They'll issue penalties to bad actors, mediate disagreements, and create more harmony in the community overall.
Community Maintenance
One of the biggest perks of living in a New York HOA is having your community maintenance dealt with. When you pay your monthly HOA dues, you get a well-kept community with plenty of amenities in return. Communities that prioritize this are happier with higher property values.
An HOA manager enters the equation with built-in vendor relationships. You'll never have to worry about where your HOA dues are going. The necessary maintenance will be done on time, every time.
Accounting
HOA accounting is important for the financial health of the community. Again, homeowners should never wonder where their HOA fees are going each month. That said, it requires someone with professional experience to handle bookkeeping and budgeting for an entire community.
HOA management always comes with experienced accounting staff. You'll have access to a reliable accountant who can maximize the money coming into the community. This will help you keep HOA fees as low as possible without sacrificing maintenance or future amenities.
Encouraging Participation
For an HOA to function at the highest possible level, there needs to be community-wide engagement. The important decisions need to be made or agreed upon by every single member of the community. If anyone feels left out, they'll be unhappy.
Your HOA manager will come in and lead organized community meetings. They'll help ensure that all members are heard and important decisions about governance and future plans satisfy everyone.
Get the Right Community Association Management in NYC
Community association management can completely alter your HOA for the better. With so many HOA managers out there, however, it's important to find one that is in line with your beliefs as a community.
PMI Manhattan Group is part of one of the biggest and most reputable property management firms in the country. Contact us today to learn how we can help your community in 2024.
