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Property Management – Encino – Reasons to Hire HAO Property Management

ENCINO PROPERTY MANAGEMENT

Top Reasons to Hire an HOA Management Company

Homebuyers are attracted to an HOA community for several reasons, such as social and cultural opportunities, the uniqueness of its grounds and architecture, and the impressiveness of its bundle of services. In order for these things to be possible, though, a neighborhood must be well managed in numerous respects, which is where an HOA management company comes in. If your association governed community does not have an HOA manager on its side, below are four reasons to hire and HOA management service today.

Professional financial advice

Many board members lack education or experience in finance. Although managing the community’s finances does not necessarily require a degree or formal training, financial professionals should ideally handle the investment of assessment fees, especially when multiple accounts are funded. Putting the community’s finances in the hands of professionals is the best way to ensure that present services and future projects remain on track.

Board members do not have to collect delinquent fees

Ideally, someone who lives outside of the community should collect delinquent assessment fees. When board members are forced to handle payment negotiations, and refer the matter to an attorney when no progress is made, relationships between neighbors can be irretrievably damaged. Having an HOA service collect delinquent fees prevents this from happening. An HOA manager will also help the board develop a new collection policy if the current one needs to be more binding.

Improved vendor management

An HOA community needs vendors to perform services. Consequently, it needs someone to perform vendor management, which involves overseeing the work of vendors, ensuring that services are delivered as stated in contracts, and changing vendors when doing so is beneficial for the community. Thinking that starting a new relationship with different service providers is easier than learning the ins and outs of current vendor relationships, some newly elected HOA boards hire new vendors without much forethought. However, what is best for the community – not what makes things easiest for the board – should take priority.

Having an HOA management company perform vendor management helps the board change vendors only when it benefits the community.

Board members have more time

A board that tries to handle all the administrative tasks of the community on its own often finds itself without the time to do so. This is especially the case when board members are volunteers, and have a regular job and a family on top of their HOA duties. An HOA management company allows board members to delegate administrative tasks to trained community managers, and spend more time acting as representatives to the community.

Conclusion

An HOA management company can do more than improve how a community is managed; it can also improve how residents feel and about the community and its future. If your association governed community does not have an HOA manager, retaining one can improve the financial management of the neighborhood, prevent board members from having to collect delinquent fees, improve vendor management, and allow board members to spend more time addressing the needs of residents.

By Johnathan D. Smith

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.