Formulas used to calculate necessary expenses and estimates of property value and maintenance requirements are usually handled by a combination of real estate and accounting experts in an HOA management company. The areas around a neighborhood – containing homes of comparable stature – can serve as gauges from which reasonable cost interpretations can be made. An HOA management company is likely to base a lot of their cost analysis around likely rent and purchase estimates of homes within their community and its immediate proximity. Real estate professionals who have experience in a particular region should have a background in determining a home’s value against those of other, similar subdivisions or communities. Current market conditions can have an effect on a homeowner’s association’s assessments or dues, as these numbers regularly correspond with estimates to rent or lease property in the designated sector.
Property management companies are often the recipients of complaints that stem from something under the control of the board of directors or the members themselves. HOA property management companies should be staffed with professionals capable of cataloging and resolving complaints through service and action. Business-trained personnel who have experience with sales or marketing may have been exposed to complaints at some point in their professional experience. Handling complaints in a productive manner is essential to maintaining a positive relationship with the members of a homeowner’s association and the community. HOA property management requires a mix of soft skills and savvy strategizing to keep peace among a large constituency. Accounting practices are often a source of complaints, particularly for homeowner’s who feel their dues are not reflected by the conditions or amenities of the neighborhood. Keeping operations and plans transparent is a good business strategy for those working for an HOA management company.
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