Community Management: How to Know When to Hire a Professional Management
With HOA demands, board members can easily get sucked into a full-time job. On the flip-side, HOAs must find the right balance of value and cost when they turn to an outside provider. So how do you know when it’s time to hire a professional management company? Consider these major benefits:
Minimizing Stress and Reducing Demands on Board Members.
If board members are maxed out with handling owner calls, complaints, unpaid assessments and more, it may be time to turn over these responsibilities to an HOA management company. You may not even be able to find owners willing to serve on the HOA board. In this case, you have no choice but to turn to a community management company.
Acquiring and Maintaining the Required Level of Industry Expertise.
The right management company will be well versed in industry issues and have the experience necessary to manage your community efficiently. A professional management company will know the ins and outs of collecting unpaid assessments, legal matters, maintenance issues and more.
These two benefits alone create an attractive scenario and make the internal – external management decision somewhat easier. However, HOA board members need to realize it won’t be a hands-off relationship. Board members still need to stay on top of budgets and services. Proper oversight is necessary for any relationship to run smoothly. Continue to read the Associated Asset Management Blog for information about Community Management.
Continue to read the Associated Asset Management Blog for information about Community Management.