A management firm is many times more valuable than the cost they charge as they often bring in additional revenue and save the community a lot of money.
Sometimes the association might have a tight budget when it comes to hiring a management firm and discover several months later that they’ve recovered a good amount of money for community. The raising of dues to meet collection costs, expenses of the association and the selection of vendors are only a few examples of how management companies could be worth more than their fee for management of your association.
An experienced and licensed manager can identify the signs that a vendor is costing too much for the scope of task. Managers gather estimates from trustworthy firms based on a precise need, and will ensure that the work is completed in a timely manner.
HOA’s could be liable for a loss of funds when using the wrong vendor, and then not properly managing them. A management company can ensure that funds from the association are not being wasted. In addition, the number of tasks that goes into managing this process could take longer than anticipated.
3. BOARD EXPERIENCE
Communities that are newer or have high levels of board turnover could require help, as well as a source of information regarding the management of an entire community. It’s very beneficial for board members who are new to the area to have an advocate to speak to and resources to use to handle the most difficult issues within their association.
A well-planned collection process is crucial to ensure your community’s success. Management companies do not just ease some of the stress caused by “neighbor to neighbor” collections, but they are able to oversee the collections and ensure that residents are held accountable for the HOA regulations they agreed to when they first moved into the community.
In certain instances, management companies can get many of the dues that were not paid during the first year they are in management. If your association is struggling in collecting dues, you might need to speak with the management company that manages your association. They can assist in collecting the dues owed to the association while easing any tension caused by board members who are trying to collect dues themselves.
A management company that is monitoring the community for violations and manage the process doesn’t just lessen the stress of self-management, but can improve the overall appearance and appearance of your community.
For more details on the ways a professional management firm can assist your community, visit Empire Management Group . We would be delighted to speak to the board members of your association to discuss whether professional management is a good fit for your community.