Over 16% of New Jersey's population lives in HOAs.
If you're an HOA homeowner, you may be frustrated with how your community is run. The success or failure of an HOA community almost always depends on the quality of your HOA board. A board is made up of volunteer homeowners, so they may have trouble meeting resident expectations for HOA services.
That's where community association management comes in. Today, we'll tell you what an association manager does and how they can bolster your Morristown community. Keep reading and learn how to change your HOA for the better in 2024.
Accounting and Reporting
Accounting is a major part of daily operations for an HOA. If you've got a great treasurer on your HOA board, your HOA dues will go further and property values will rise. With good management, HOA property values can be as much as 4% higher than other properties.
When your treasurer is in over their head, your money won't be spent wisely. The community will go over budget and HOA dues will rise while property values fall.
An HOA manager comes with accounting professionals on staff. These people will balance books, sign vendor contracts, and create a budget that makes sense for your community.
Compliance and Governance
All community associations have unique governing documents that inform homeowners on how they should fit in the community. It might include rules on how to present property, HOA rentals, whether pets are allowed, and a variety of other things.
Trying to get dozens of homeowners to obey governing documents is tricky for an HOA board. Since they're volunteers and fellow HOA members, governance creates a power dynamic that not everyone will respond well to.
An HOA manager has no qualms about issuing penalties to bad actors. They'll also diffuse conflicts between homeowners to promote harmony within the community.
Community Maintenance
Vendor coordination is one of the most important responsibilities of HOA leadership. Community maintenance is essential for the profitability of the HOA, as well as safety and community happiness.
Maintenance ranges from snow plowing in the winter to year-round garbage removal. If your HOA board doesn't maintain vendor relationships, the community can fall into disrepair.
HOA management services come with built-in vendor relationships. Whatever your community needs on any given day, a great local vendor will be a call away.
HOA Board Meetings
HOA board meetings and annual community meetings decide the future of the HOA. You need regular communication between leadership and homeowners so that everyone feels heard and is satisfied by the way the HOA operates.
Meetings give everyone a chance to voice their opinions about everything from amendments to governing documents to new amenities. HOA managers have experience running these meetings in an organized fashion. Once matters are decided upon, an HOA manager will work tirelessly to make sure the community's wishes are upheld.
Get the Best Community Association Management in Morristown
Community association management is a great way to turn an ailing community into a thriving one. For Morristown residents, that means hiring PMI Prime Property. As part of the top property management group in the country, we can give you all of the services mentioned here and more.
To learn more about our services and how they can help, don't hesitate to contact us today.
