New York City homeowners associations have the highest HOA fees in the entire country, but are these communities doing more for their members?
If you own property in an NYC association, you have the answer. There have been plenty of issues with HOA leadership across the nation. Poor leadership leads to financial issues and a general feeling of dismay in these HOAs.
Fortunately, it's a solvable problem when you hire an association manager. In this post, we'll examine the key responsibilities and skills of an association manager. Keep reading and learn how to bring professionalism to your New York HOA.
Property Maintenance
One of the most important responsibilities of an HOA manager is to maintain the community. Strong community maintenance makes the HOA a safer and more comfortable place to live for residents. It also makes the community more enticing for new buyers.
More investor interest has a direct correlation to property values. Some communities have home values up to 4% higher than similar non-HOA homes. Having good maintenance depends on vendor management.
An HOA manager has existing vendor relationships. Whether your community needs weekly trash services or seasonal home inspections, the right vendor is on your HOA manager's contact list.
Policy Enforcement
All HOAs have unique governing documents that tell homeowners what they're allowed to do in the community. Some HOA rules are centered around allowing pets, while others are around rental homes and everything in between.
If certain homeowners aren't following the rules, the HOA manager can help to keep them in line. They'll issue fines and penalties to bad actors and work with disgruntled homeowners to maintain the peace in your community.
Community Engagement
Community engagement is essential to leading an HOA. Most of the best engagement is done at community meetings, where homeowners can voice their opinions. Meetings should be open and give anyone with something to say the chance to speak.
If your meetings aren't open and organized, they'll never amount to anything. An HOA manager can run effective meetings and enact the community's wishes, as laid out in these meetings.
Financial Help
HOA members pay monthly HOA fees. These funds are pooled together to pay for everything the community needs, from vendor contracts to emergency repairs. If you don't have good accounting practices, HOA fees won't go as far as they should.
A bad HOA will increase monthly dues when this happens. A good one with a solid HOA manager will adjust accounting practices accordingly. HOA management companies staff experienced accountants who can collect fees, take care of bookkeeping, and formulate budgets.
Hire the Right Association Manager for Your New York HOA
These are some of the most important roles of an association manager. To truly improve your community, you need the best HOA manager available. For those in New York, that's going to be PMI Manhattan Group.
We're a full-service HOA management group, offering a wide range of services that includes everything mentioned here and more. To learn how we can improve your community in 2024, contact us today.
