Texas is home to around 20,000 homeowners associations, housing around 5 million people.
If you own Katy real estate, there's a decent chance it resides in an HOA. Living in an HOA can present countless perks, but only if your community has strong leadership. An HOA board of directors that doesn't know what it's doing can lead to some of the many HOA horror stories we've heard over the years.
If your HOA board isn't cutting it, you need an HOA property management company. Today, we'll explain how HOA management services can streamline operations for homeowners. Keep reading and start making your life as an HOA homeowner easier.
Managing HOA Funds
An HOA's funds are made up of every homeowner's monthly HOA dues. These are pooled together to pay for everything the community needs, from repairs and maintenance to building new amenities.
If your HOA board of directors doesn't have an experienced treasurer, the community's financial health will suffer. The result could be higher HOA dues and, even worse, lower property values.
An HOA management company has accountants on staff. They can handle fee collection, bookkeeping, and budgeting for the entire community so that it stays in a strong financial position.
Maintaining the Community
Community maintenance is important for a variety of reasons. Most important is the safety and enjoyment of the HOA members. That said, a well-maintained community is more desirable for real estate investors, which drives property values up - HOA properties can be as much as 4% higher than other similar ones.
Maintenance comes down to vendor coordination. You need a variety of local vendors to tackle all aspects of maintenance, from garbage collection to grass cutting. An HOA manager brings existing vendor relationships to the table so no maintenance is missed.
Enforcing Rules and Regulations
All HOAs are governed by a set of unique rules and regulations. Common rules include clauses around pets, rental properties, and individual property maintenance.
Whenever you have a set of rules governing an entire community, you'll end up with bad actors. It's the job of community leadership to take action against these bad actors. The problem is that it can create issues with power dynamics when the HOA board attempts to enforce penalties.
An HOA manager can act as an impartial third party. They'll have no issue giving out penalties to those who fail to obey rules. The result is a happier, more harmonious, and compliant community.
Running HOA Meetings
HOA meetings are where important matters are discussed, ranging from amendments to governing documents to future amenities. If your HOA board can't run organized meetings, homeowners won't feel heard and nothing will get done.
A good HOA manager will guide the community through these meetings. More importantly, they'll enact the community's wishes so that meetings feel fruitful and more people participate.
Get the Best HOA Property Management Company in Katy
These are the types of services you can expect from an HOA property management company. The goal of outsourcing property management for your HOA is to bring in someone who can guide your community.
That's exactly what we do at PMI Prestige. Our management services can help your Katy HOA thrive like never before, so contact us today to learn more about our role in your community's success.
