Homeowners' associations (HOAs) are increasingly popular in Arizona. Nearly one-third of all homes belong to an HOA, which is good for the 5th-highest ratio in the United States. The 31% of homes belonging to an HOA is almost 10 percentage points higher than the national average.
With so many HOAs, there is great competition to secure the best companies. There are a few things you should know before hiring HOA property managers.
Read on to learn best practices for homeowners' association property management. Explore the best strategies for managing an HOA and how the best Phoenix HOA communities find success.
Communication Is Key
HOA property managers need to communicate effectively with many stakeholders. Property managers report directly to the HOA board.
This is the party responsible for paying the property management company. They also direct the property manager on what tasks to do.
They also communicate with contractors who service the community. This includes landscaping companies that mow lawns and lay down fertilizer each season. Other contractors include pool treatment, roofing, and power washing companies.
Utility companies also communicate with the property manager. For example, many property managers negotiate a community-wide price for TV providers.
Lastly, HOA property managers can handle community members' inquiries. Residents may have questions or concerns. Property management services should handle these inquiries professionally.
Transparent and Responsible Budget Management
Along with the HOA board, property managers are stewards of the community's dues. If they do not manage the dues well, costs will increase, and members will pay higher monthly fees.
To make an HOA community successful, property managers must negotiate contractor rates. It is up to them to ensure that the cost of community services stays within reason.
They should find cost savings when possible. This will reduce the burden on community members.
Transparency is also key when handling the community's finances. To build trust, property managers should divulge detailed cost breakdowns upon request.
A good HOA property manager can focus on the most important work to ensure it gets done first. Not all problems experienced in the community carry the same weight.
It is up to the property manager to prioritize the schedule, labor, and budget. Items that are essential to keep the community safe should be a priority.
For instance, repairing a broken water main should take priority over sprinklers. Property managers may need to make tough decisions to set community-wide priorities. The community should feel confident in the decisions made.
Your Guide to Homeowners Association Property Management
You now understand what characteristics successful property managers have in common. They should have great communication skills and manage the budget well.
Property managers must be open and transparent with all stakeholders. They also need to make good decisions when it comes to prioritization.
PMI PHX SW has been developing these skills for more than two decades. They have built a reputation of successful HOA management as a result. If you want to hire homeowners association property management, contact us today at PMI PHX SW to speak with an expert.