The number of HOAs in America is always growing, with 3,000 more starting up in the past year.
If you're an HOA homeowner in New York, you've probably paid a great deal each month in the form of HOA fees. These fees are supposed to give you all of the perks of HOA living, so if they're not, it's totally reasonable to want changes to your HOA leadership.
Hiring a community association manager can revolutionize what you get from your HOA. In today's post, we'll explain how quality association management can lead communities to thrive and flourish. Keep reading to find out how they do so and what perks you'll see from an overhaul in HOA leadership.
Greater Community Well-Being
With HOA management skills backing your community up, you can improve community well-being in various ways. Firstly, a community manager understands how to properly maintain a community. Not only does this ensure all community members are comfortable in the HOA, but it also makes the community more attractive to buyers.
When you've got real estate investors who want to buy into a community, it drives property values up. Some HOA communities have property values as much as 4 - 5% higher than similar properties outside of HOAs.
They do this through proper vendor coordination. Communities rely on local vendors to tackle maintenance, whether it be recycling pickup or snow plowing. Your HOA manager will ensure the right vendors are scheduled at the right times.
Residential Communication Strategies
Another way that HOA management can help your community thrive is by improving internal communication. HOA meetings are meant to get all homeowners on the same page concerning things like HOA governance and community planning.
If you have poorly run HOA meetings, nothing will ever come to fruition. A community manager knows how to run effective meetings where all homeowners have a chance to voice their opinions. Even more important is their ability to enact whatever the community wishes.
When everyone's pulling in the same direction, the community can flourish in innumerable ways. This is how communities can thrive in 2024.
Improved Resource Allocation
As mentioned, New York has some of the highest HOA fees in the country. If your HOA board isn't maximizing those resources, you have to start asking questions. Poor money management is unacceptable when HOA fees are as high as they are.
One of the crucial HOA management skills is resource allocation. They'll collect HOA fees from everyone, balance the community's books, and create budgets that maximize the financial health of the community.
With strong money management, you'll never have unnecessary HOA fee increases. This kind of stability is what all HOA homeowners are looking for in their community.
Hire Manhattan's Top Community Association Manager
These are a few of the many ways a community association manager can help an HOA flourish and thrive. If your community is leaving a lot to be desired, PMI Manhattan Group is here to help.
As one of NYC's top HOA management groups, we can take your lackluster association and turn it into a thriving one. We offer all of the services mentioned here and more, so contact us today to discuss your community's needs.
