When you look at a community of condominium residents or townhouse owners, it may seem like the operations run smoothly and efficiently without any apparent efforts. However, there is much more going on behind the scenes than you may expect. A property management company could be the wizard behind the curtain of the harmonious community in question.
But what exactly do these companies do and how would they make a difference in your residential community? Let’s take a look at what services property management companies provide for homeowners associations and other residential communities.
Property management can cover operations for a few specific types of communities, including homeowner association management companies and condominium association management. As many of the people on the board of a homeowners association are also residents of the community, addressing issues like overdue payments or delinquent accounts can create tense relationships. With Americans having a one in five chance of buying a home that is part of an HOA, this issue is relevant for many.
As a neutral third party, a professional HOA management company can collect on these accounts without harsh feelings. The company will also be well-versed in the local laws regarding collections and send the appropriate notices in accordance with these regulations.
Of course, managing the actual property is an important responsibility of any type of real estate management. If residents don’t follow the rules of the association, home values could decrease and the reputation of the community could be negatively impacted. Professional HOA managers will be familiar with the rules of the association, enforce them uniformly among members, and stay up to date with all maintenance issues. They will also ensure that any contracted services, such as lawn care and pool cleaning, are completed to satisfaction.
When working effectively, property management companies take the pressure off of board members to act as strict managers for their friends and neighbors. Instead, board members can simply represent the interests of the larger community and communicate their needs as they arise. To learn more about what a property management company can do for your community, contact Beck and Company today.