Although hiring an HOA management company comes with a cost, it can save your association money every year. Your HOA manager helps control some tasks of an HOA. Reputable Chandler hoa management companies help with homeowner communication and offer your board solid advice for managing an association. With some board members not having the skills to manage major aspects of HOA management, hiring a management company that can apply industry-standard practices is a worthwhile decision. Here’s how hiring an HOA manager can save your organization money:
Connections
HOA management companies have been offering management services for longer than members of your HOA board have. They have been able to establish solid relationships with professional contractors such as landscapers, plumbers, electricians, and others. When you hire a company to manage your HOA, you can benefit from their vendor network. They will offer your HOA high-quality services at reasonable rates.
Negotiations
A professional HOA manager may have worked with other associations in your area. Thus, they have probably hired contractor services to handle routine tasks across the communities they manage. This means that the manager may have negotiated low-cost contracts with this contractor, which can apply to your own community when you hire them.
Know-How
Your homeowners’ association board members may not have enough knowledge of the law. Meanwhile, HOA managers can give you direction in terms of understanding local and state laws. Typically, HOA management companies have a team of lawyers who study and stay up-to-date with laws that impact HOAs. Additionally, they have years of experience, which means they can share valuable advice with your board. When your organization stays compliant with the law, it can avoid lawsuits that can cost a significant amount of money.
Technology
When you hire an HOA manager, you don’t need to worry about developing a website or making an application from scratch. This is because they have an existing infrastructure you can take advantage of. Typically, an HOA management company will use its own tools. For instance, the company may have an online portal that allows homeowners to pay their dues and violations. Also, they may have applications that let HOAs monitor work orders.
Budget Reviews
Although your HOA may have set an annual budget, monthly or quarterly budget reviews must still be done to make sure the budget can meet the associations’ goals. A reliable association manager has access to professional financial advisors who can help facilitate the budget reviews for your HOA. With these reviews, you can monitor the state of the budget and ensure your HOA does not run out of cash when paying vendors and dealing with emergencies.
