California is home to an estimated 55,000 homeowners associations.
Millions of Los Angeles residents own residential properties situated in HOAs. An HOA is supposed to bring a certain standard of living, but a community is only as good as the people in charge. Sadly, most communities are run by an ill-equipped and inexperienced HOA board.
If your HOA in Los Angeles isn't cutting it, it's time to hire a property manager. Today, we'll explain how an HOA property management company can support the growth of your HOA by offering various types of services.
HOA Accounting Services
The growth of any HOA community is intimately tied to its financial health. All community members have to pay their HOA dues to live in the HOA. These funds are pooled together to pay for everything from community maintenance to brand-new amenities and everything in between.
This is where a lot of HOA boards struggle the most. Without professional HOA accounting, the money from the HOA fees won't go as far. Monthly dues will start to rise as a result and, in some cases, property values can fall.
An HOA manager brings experienced accountants to your HOA. They'll collect HOA dues promptly, then perform bookkeeping duties, and formulate sensible budgets that put the community in a position to succeed.
Vendor Coordination
HOA maintenance has a major effect on the quality of a community. Firstly, a well-maintained community is safe and comfortable for all members.
Secondly, communities that look and feel good are more attractive to property investors. When you have more interest from real estate investors, property values will rise - sometimes as much as 4% above non-HOA home prices.
To maintain your community, you need to coordinate local vendors. A good HOA manager will bring vendor relationships to your HOA. They'll make sure regular maintenance comes on schedule and emergency repairs can be handled with a single phone call.
Governance and Compliance
Every HOA, in Los Angeles and abroad, has its own unique set of governing documents. These are the rules and regulations that HOA homeowners must live by to create a community-minded environment.
Some HOAs have rules around rentals, while others have rules around pets. If a homeowner disobeys a rule, the HOA board should issue penalties to keep bad actors in line. Unfortunately, this can create an uncomfortable power dynamic in the community.
An HOA manager has no problems handing out fines to bad actors. They'll also diffuse arguments between homeowners to promote harmony in the HOA.
Get LA's Top HOA Property Management Company
These are some of the main responsibilities of an HOA property management company, but there are plenty more. A good HOA property manager can handle everything your community throws at it and offers support to your HOA board so that the power remains in the homeowners' hands.
To get the best management services in LA, PMI LA Pacific is the answer. We offer a wide range of services including everything discussed here. Contact us today to learn more about what we do and how we can help your HOA.
