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How Can a HOA Management Company Save You Money?

October 1st, 2019

Here are several ways outside management services can help save your HOA time and money.

Vendor Management

HOA management services companies can assist with vendor management. They can make sure issues are handled and disputes minimized. By not letting problems escalate, the management company ensures the community receives good workmanship at a fair price. In addition, the management company can develop positive relationships with the HOA’s vendor pool, which can lead to contract discounts and a more efficient use of time.

Legal Knowledge

Companies who provide HOA management services are typically quite knowledgeable regarding state legislation that relates to homeowners’ associations. Many communities lack the necessary expertise, which could result in HOA provisions and rules that are in conflict with the governing laws. A management company can review your HOA policies and ensure everything conforms with current legislation. This can result in significant financial savings reducing the risk and litigation expenses the HOA could be faced with.

Financial Planning

Having someone look at your long-term finances and help plan for the future is an essential part of a community association. HOA management services companies can help streamline your annual budget while providing recommendations for future years. They can also make suggestions for saving money in the areas of management, upkeep, and more.

Keeping the Community Happy

At the end of the day, what is important is that community members are happy. If homeowners feel their HOA is not doing their job or don’t trust how finances are allocated, it can create a lot of animosity. Ideally, the happier the community members are, the more likely it is that new people will buy into the development. An HOA community management company can make sure that the HOA Board makes good decisions for the Homeowners in the community, and possibly shed light on certain issues.  Making the right choice for the HOA and community is all that a management company can want.

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Arizona Association of Community Managers