Texas has the third-highest number of community associations in the US (21,680)! How does your community stack up among the rest? If your HOA is struggling to thrive, consider association management services.
The value of homes in community associations is $11 trillion. With the right association management options, you can exceed that average.
Not sure where to start? Read on to discover the types of property management you need for a better community!
Financial Management
Many community members aren't comfortable with their HOA board handling the finances. Due to inflation, community associations may need to raise dues by 10 to 15%. While your community's financial health is essential, raising dues could cost you members.
Your association manager can help ensure the community stays in the best financial health. Their financial management services can cover:
- Providing financial reports to the board of directions
- Preparing and filing tax returns
- Preparing and maintaining financial records
- Handling payroll for HOA employees
- Processing dues and fees
- Managing the budget
Allowing a neutral third party to step in could make your community members feel more comfortable. Otherwise, they may feel wary about an inexperienced neighbor ensuring the community's financial health.
Keeping the community financially stable can lead to future growth. You can use these funds to further enhance your investment property.
Administrative Management
As you review your association management options, look for an association manager who can remain readily available. Your community likely receives dozens of phone calls, emails, and membership inquiries daily.
In addition to handling membership inquiries, your association manager can:
- Enforce community covenants, conditions, and restrictions
- Organize and attend membership meetings
- Communicate with state, city, and county authorities
- Monitor local and national laws
- Provide advice on legislative issues
- Select insurance providers and policies for approval
- Maintaining residential properties
Allowing your association management company to handle these tasks will save your volunteers valuable time and energy. As you explore different types of property management, prioritize teams that rely on technology. They can automate these tasks to reduce inefficiency.
Maintenance
Maintaining your beautiful Dallas community will allow property values to rise. The community will become a more desirable place to live, leading to more memberships.
Your association manager can gather competitive bids from Dallas contractors. Their 24-hour availability will ensure maintenance requests are processed without delay.
Their maintenance services can include:
- Common area inspections
- Management of maintenance plans
- Vendor insurance tracking
- Architectural request tracking
- Online work order management
- Coordination of Reserve Study
Rely on Association Management Services
You don't have to run your community association alone. The best association management company in Dallas can support your efforts. With their professional services, you can increase the value of your community.
PMI Alliance specializes in community association management in the Dallas area. We have 20 years of industry experience and the awards to prove our success.
Our fully integrated and proprietary software system will allow your community to access all the information they need. We're the clear choice to manage your association. Contact us today to bring the power of PMI to our community!
