The Key Advantages Of HOA Property Management | LBPM

The Key Advantages Of HOA Property Management

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The Key Advantages Of HOA Property Management

Los Angeles HOA The LBPM Way

Are you a Homeowner’s Association (HOA) in the Greater Los Angeles that’s expanding or experiencing rapid growth? For new and established HOA communities, property management services can boost day-to-day operations as well as overall value for these particular property investments.

For over 30 years, LBPM has provided premier property management solutions for commercial and residential properties throughout Los Angeles County, including services specifically tailored to HOAs.

Don’t have time to read about the full advantages of partnering up with a property management team to streamline your HOA? Here are some key takeaways:

  • A property management company can help manage an HOA within a set budget, including allocated expenses for maintenance and repairs.
  • HOA property managers act as a third-party, keeping residents informed and satisfied with the board’s services.
  • Property management teams can also aid in hands-on project planning and management.
  • Because property managers are required to attend board meetings and inspections, they can contribute a strong sense of community among the association’s members.
  • As a third-party, property management companies assist in enforcing rules and regulations set forth by the board.
  • A savvy property management team will foster long-term vendor relationships in order to save expenses and facilitate quick turnaround.
  • From education to training, property managers are well-versed in providing resources for HOA boards.

To learn more about our property management services geared towards HOAs in detail, click here or speak with a specialist directly by calling 818.918.3967.

How HOAs Work

As you probably already know, the role and responsibilities of a homeowners’ association for single family and townhome communities are often times very similar despite the differences in property types. Within HOAs, homeowners are responsible for what clearly falls within their property’s parameters. However, any shared property that’s part of the community must be managed by a third-party (a.k.a. the HOA board). This encompasses applicable shared walls (in addition to any pipes within them), as well as shared outdoor property in the form of neighborhood signs and/or clubhouses.

It is not uncommon for HOAs with condominiums to have additional responsibilities, since members and residents tend to share more walls, hallways, roofs, and parking lots with these types of properties.

As mentioned earlier, an HOA board is elected as a third-party to represent the interests of residents and homeowners (who pay their dues), manage the budget, and handle administrative tasks. It’s also important to note that HOAs are also responsible for filing legal documents that clearly state the rules and regulations for the community, while also outlining key operations. These documents are originally created when an HOA is established and can be revised and amended as needed over time.

Last but not least, HOA board members are typically volunteers who care about the community enough to dedicate their time and energy towards managing it. The only requirement to become a board member is that they must be homeowners within the community. They are not paid for their roles as board members and must pay dues like everyone else in the community.

HOA + Property Management Teams Working Together

Because HOA boards are comprised of everyday homeowners with professional and personal responsibilities, daily and administrative responsibilities for the community can become overwhelming. When an HOA board elects to partner up with a local property management team, compliance and growth can be guaranteed–and your board members will be thankful for the extra help. Property managers can assist with any of the following when it comes to HOA properties:

Key Points

  • » Common Lawns, Trees, Trails, Ponds, + Dog Waste Stations
  • » Clubhouse, Party Rooms, Fitness Rooms, + Pools
  • » Shingles + Roofs For Condominiums
  • » Shared Walls + Pipes
  • » Hallways, Stairs, + Elevators
  • » Mail Rooms
  • » Balconies + Patios
  • » Parking Lots + Sidewalks
  • » Utilities

What Property Management Can Do For Your HOA

When it comes to your HOA properties and community, you can’t go wrong by hiring a local property management company to offset the labor and administrative overhead. All of the following benefits linked to HOA property management will boost the quality and value of individual homes and/or condominiums in addition to the community as a whole. Plus, your residents and board members will be satisfied with the improved conditions. It’s a win-win for everyone–here’s how!

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» Handle Day-To-Day Operations

Whether it be condominiums or houses, managing an entire housing community is rife with daily tasks–large and small. In addition to maintaining any common areas or shared property, day-to-day operations also include everything behind-the-scenes. Property management companies and/or teams can help juggle any and all financial responsibilities including: collecting dues, paying invoices, and keeping detailed records of all transactions for overall transparency and auditing purposes.

» Act As Consultants For HOA Board Members

Property managers can serve as a major informational asset to an HOA’s Board of Directors by offering key insights backed by real estate expertise, important decision making, and suggesting efficient ways to enforce rules and policies. Additionally, a property management team can be instrumental in helping HOA properties manage and even growing their revenue by helping set up an annual budget for success, and filing all necessary documents to ensure compliance.

» Communicate Directly With Homeowners

In order to increase value at your HOA community, tenant satisfaction is key. Property managers can be helpful when it comes to directly communicating rules, covenants, restrictions, and guidelines to the homeowners with transparency. An HOA board must keep in mind that written information must be available to residents whenever they request it. Clear communication will also involve responding to complaints and helping resolve any disputes. Property managers can act as a third-party that serves the interests of all involved while providing timely, around-the-clock service that board members might be unable to fulfill.

» Manage + Maintain Vendor Relationships

Successful vendor management will help an HOA save on expenses in the long run by building savvy business relationships. Property management teams can help secure quality vendors to complete routine maintenance, building, landscaping, and trash services at the best price for your community’s budget. When an HOA receives bids for occasional repair projects, a savvy property manager can take the time to solicit these requests and help the board in selecting the best option.

Why LBPM?

Are you wondering if LBPM is the right property management company to team up with your Los Angeles HOA. Besides having over 30 years of experience in managing HOA properties and communities successfully, here are some of the immediate benefits our HOA clients receive from us:

  • Clear Communication + Response Times
  • Full Accounting + Financial Services
  • Property Maintenance + Upkeep
  • Dues + Collection Services
  • Board Meetings + Inspections
  • Board Member Education + Training
  • Tracking Requests From Homeowners
  • 24/7 Access To Records + Documents

Would you like to learn more about what LBPM can do for you when it comes to HOA property management? Feel free to contact one of our property management specialists to discuss our tailored services and receive your free HOA property management quote today! Call us at 818.918.3967.

Hiring a HOA Property Management in Los Angeles

LBPM is widely considered one of the best HOA property management company in Los Angeles.