Does your HOA get managed properly? Think about it. You want to be sure the person or company has specific qualifications that manage two important aspects of your life: your home and hard-earned money.
We breakdown the pitfalls that come along with having an HOA so you can be prepared and make an educated decision:
Financial transparency
Financial transparency is arguably one of the most important factors when it comes to deciding who will manage your HOA. As a condo owner you do not always have full control of how money is spent however, you should at least know where it is being spent and for what purpose. This is why it is important to stay involved and attend owner’s meetings as they come up. HOA fees are in place for the purpose of maintaining the common areas, building a reserve, paying bills, and fixing any problems that arise. Management companies ultimately serve the needs of the HOA at the direction of the trustees, and it is reasonable as a condo owner to expect budgets and financial transparency from your management company.
Lack of performance
Have you been noticing a lack of or poor performance? signs of this are easy to spot This could consist of issues that haven’t been addressed, untimely response, lack of preventative measures, or just look around the common areas, are they being neglected? If you answered yes to any of these then start the process of getting someone new.
Poor communication
Ever hear the expression, “Communication is key”? Well, in an HOA communication is critical. If those that manage an association are not actively listening to your concerns and requests, and alerting the members of changes, issues, or concerns, you’ll have bigger problems on your hands. Finding a team or organization that is approachable and fully involved in all matters concerning the property. The last thing you need is to have feelings of mistrust when it comes to your HOA.
Can’t shop vendors
Homeowner Associations don’t always have the right connections to get the very best vendors to maintain your property. Property management companies work with many vendors and have established relationships with them so they can be sure they are getting the best prices and quality work. Having these close relationships is important especially when urgency arises.
Lack of funds
Mismanagement of the reserve fund happens due to overspending and not budgeting correctly. Also there needs to be a review of expenses on a yearly basis and the fees should be adjusted accordingly. What happens when a member isn’t paying their share? You don’t want to have infighting; you want a neutral party that can go in and address the issue the correct way.
So, what is the best way to handle these?
Ultimately HOA’s are difficult to handle. There are multiple owner’s that often have differing opinions on maintenance, finances, upgrades, and vendors. It is virtually impossible to keep everyone happy all the time. Therefore having an owner run association is not ideal. At some point disagreements and problems will arise that will eventually create problems with your neighbors. whereas a third party keeps an unbiased opinion and approach when handling community processes.
When dealing with an HOA it’s easy for things to get messy. With a neutral third party, like Lamacchia Property Management, you can rest assure that your home and your needs are properly taken care of. Financial transparency Is guaranteed along with clear & open lines of communication. For more information about the services we provide, reach out to us at (855) 213-3410.