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A report by the Foundation for Community Association Research indicates that homes in associations could reach a value of $11 trillion. Without property association management, however, your condominium association won't thrive. Potential residents will turn to other associations in Morristown, NJ instead.
Before that happens, apply these HOA best practices. With efficient property management, you can improve your property value and ensure lasting growth. Read on to set your community up for success.
Maintain Open Communication
Communicate with your residents to remain transparent. Ongoing communication can foster a harmonious community.
If conflicts arise between members, consult a property management company. They can step in as a neutral third party to mediate conflicts. Their ability to find amicable solutions can help you maintain a happy community.
To remain organized and efficient, send notices on an online resident portal. Your residents expect regular updates from the board. Send notices about:
- Upcoming events
- Financial updates
- Policy changes
- Community developments
You can also communicate using bulletin boards, social media, and a print newsletter. Update these platforms regularly to remain transparent.
Your property manager can also respond to membership inquiries and tenant concerns. Residents will feel cared for and valued if they receive quick responses. Your volunteers won't feel stretched thin between responsibilities.
Understand HOA Governance
Review your community's governing documents and confirm that they're up-to-date. Ensuring everyone follows your Covenants, Conditions, & Restrictions will create a harmonious community.
Your volunteers may feel awkward enforcing the rules on their neighbors. Instead, allow an association manager to handle this task. They can help you avoid uncomfortable situations while ensuring HOA governance.
Choose an association management company that will take the time to understand what makes your community unique. They'll tailor their services to your community's needs.
Complete Ongoing Maintenance
Schedule routine inspections to ensure your community remains in good shape. Maintaining your community can improve property values. Residents will take pride in their beautiful neighborhood.
You'll have an easier time attracting future residents. To keep up with maintenance requests, outsource. An association management company will hire reliable contractors at competitive rates.
They'll ensure property upkeep while helping you save time and money.
Remain Financially Healthy
Your community management company will ensure your HOA remains financially stable. Their services can cover:
- Managing the budget
- Handling payroll for employees
- Preparing and maintaining financial records
- Assisting with financial planning
- Providing financial reports to the HOA board
- Processing dues and fees
- Preparing and filing tax returns
To keep up with inflation, some communities may need to raise dues by 10 to 15%. A property manager can help the community maintain good financial health. They could help you avoid fee increases, leading to happier residents.
Invest in Efficient Property Management Tools
A property management company can give you access to state-of-the-art technology. Their tools can help you operate more efficiently. You'll save time and money while ensuring your community's growth.
Hire an Association Management Company
These HOA best practices and strategies can ensure your community's long-term success. Otherwise, consider requesting association management services. With help, you can enhance property values and attract new residents.
PMI Prime Property is committed to adding value through honesty, communication, and accuracy. Trust our 10 consecutive years in the Top 500 and professional guarantees. Contact us now for a free consultation.
