According to a recent report, nearly half of the homes in Florida belong to homeowner's associations. The state has more HOAs in it than most other states throughout the country.
If you live in one of these HOA communities, protecting your community assets will be very important. By doing this, you'll be able to keep your HOA in better financial shape. You'll also be able to ensure that your community is able to grow and become more valuable than it is now over time.
An association property management company can help protect your community's assets. Here are several ways in which an HOA management company will help you do this.
Keeps Your Reserve Funds in Good Order
Every HOA will collect HOA fees to cover certain expenses that might pop up. In some cases, these expenses will be recurring expenses that'll be used to pay for things like landscaping. In other instances, they'll be infrequent expenses that'll be used to pay for things like roof replacement.
As you might imagine, it can be tricky keeping tabs on reserve funds and ensuring there are enough of them to go around. An association property management company can help your HOA with this. They'll come up with an HOA asset management plan that'll see to it that you don't ever run lower than you should on reserve funds.
Makes Sure Your Prepaid Expenses Are Covered
There are some prepaid expenses that you'll need to get squared away from time to time for the sake of your HOA. For example, you'll need to invest in insurance policies to protect both the people who live in your HOA and all the common areas scattered throughout it.
An HOA management company can help you keep an eye on prepaid expenses and ensure they're covered so that they don't go unpaid. It'll allow you to steer clear of any complications that might arise stemming from these unpaid expenses.
Maintains Your Common Areas and Land
For the most part, those who live in an HOA will be in charge of maintaining their own living quarters. But an HOA will have to maintain common areas and the land that an HOA sits on in general. It'll keep the value of this land and everything that sits on it on the higher end of the spectrum.
An HOA property management company can work to maintain common areas and land for you so that your HOA is able to preserve the value of its most valuable assets. This is actually one of the biggest benefits of HOA property managers.
Our Association Property Management Company Can Assist You
If your HOA's community assets ever nosedive in value, it could take a toll on everyone who lives in your HOA community. For this reason, you should consider working with an association property management company that can help ensure the success of your community assets.
PMI Property Solutions can provide you with the association property management services you need. Reach out to us today to take advantage of them.