Becoming a real estate investor can be very rewarding if you are prepared to handle all of the responsibilities that come along with it. Unfortunately, not a lot of people enter this business with help.
That is because 70% of all rental properties in the United States are owned by individual investors.
What can you do to get some help here? You can look into hiring association managers to help out with operations around your community.
Read on to find out more about what the biggest benefits are for hiring a property manager.
Working With Vendors
Something that a property manager can help you with is finding reliable vendors to work with your HOA. You are going to need vendors to take care of routine needs around your community and you need to find people who will do it for a reasonable price.
These are positions such as landscapers, waste management, electricians, plumbers, roofing contractors, lifeguards, and more.
The point is that if you are going to run an HOA, you are responsible for these needs to get taken care of. Vetting the right vendors to help out your community can take a big load off of your shoulders.
Enforcing the Rules
Another thing that a property manager can help your HOA with is enforcing any rules that you might have. These rules are typically put in place to help keep the peace within your community as well as maintain property value.
One of these rules could be about what color you are allowed to paint your house in this HOA community.
Let's say that someone wanted to paint their house purple. There could be rules in the HOA guidelines about house colors only being neutral colors. So, purple would stand out too much for this rule.
The property manager can help enforce this rule and take further action if a homeowner refuses to budge on this.
Creating a Budget
Finally, a property manager can help your HOA board come up with a realistic budget for your HOA community. This can include any routine maintenance expenses that come up.
Let's say that your HOA is responsible for the exterior of the homes in your neighborhood. The typical guideline here is to dedicate 1% of the home's value towards this annually.
So, if homes in your community are worth around $500,000, a property manager may suggest that you collect at least $5,000 in HOA fees to account for this.
Look Into Association Managers
These are a few things that association managers can do for your community. They can be the people that help your community find reliable vendors to work with you. Also, they can be the people that help enforce the rules that your community puts in place as well as come up with a realistic budget to continue operating your HOA.
Do you want to hire an association management company for your HOA? Message us here to get started.