Homeowners’ association and property managers are two different concepts in real estate. While the HOA focuses on managing neighborhoods, common areas in housing communities, managing finances for the community, investigating complaints, acting as a mediator, holding meetings, and documenting communication, property managers aim at fulfilling the needs of HOAs, maintaining properties, conducting inspections and managing residential and commercial rental properties.
In Arizona, a lot of properties are under HOA communities. However, although many investors own a house under an HOA, they need property managers to take care of their rental management requirements.
A good manager can be an effective liaison between the owner, renter, and the HOA board members, ensuring that all the three parties are functioning in perfect harmony. Here are several more benefits of hiring Phoenix property managers for investors and HOA board members.
Streamline The Communication Between Investors, Tenants, And The HOA
With proper communication, property managers can provide the right support to investors and HOA members in different tasks. They can be a mediator between investors and HOA and help both the parties in conducting meetings, reporting maintenance or any other problems, help in managing accounts, rent collections, communicating with members, and ensuring tenant compliance with rules.
Address Tenant Maintenance Requests
HOA only manages common spaces within the neighborhood, such as parks, swimming pools, and walking trails. For the repairs and maintenance-related work, investors can hire property managers to tackle the issues for the various properties. Property managers can discuss the problem with tenants, identify issues, such as roof leakage, damaged plumbing system, fault in HVAC, or non-functioning appliances and get them resolved.
This can help investors to comply with HOA rules and provide a safe living to their tenants. Also, investors might seek help from property managers in case of tenant screening to find their potential tenants who will fit into the neighborhood.
Manage Financial Reporting, Budgeting, Rent Collection
If you are an out-of-state investor and own a house in an HOA, you can take the help of a property management company to manage all accounts. They can also help you set the rent charges for your tenants and take care of your yearly financial budget including all income, expenses, and HOA fees.
Maintain Your Property
Property managers can help investors with the regular upkeep of their unit in accordance with the HOA guidelines. They can conduct move-in, move-out, and routine inspections of your rental and give you updates about the current condition of the house. If there is significant damage to your property, they can report it to you, help in setting the maintenance budget, and fix the issue.
Help Tenants Follow HOA Rules
HOA communities have their own rules and guidelines for investors and tenants. A property management company can go through the HOA governing documents to determine the scope of work. The document generally includes a declaration of covenants, conditions, restrictions and easements, articles of incorporation and bylaws, and any other written rules and regulations.
Many owners ask their property management companies to coordinate the daily operations for their unit, such as regular trash pickup, regular maintenance like pool cleaning, pest controlling, and paying the cost of the HOA facilities. With the help of a property manager, you can easily follow HOA guidelines and maintain a good relationship with your HOA board members.
Help HOA Board In Taking Care Of Common Areas
Property managers can help HOAs in various things such as taking care of common areas, overseeing paid staff or contractors, collecting dues, handling emergencies, and communicating with residents. HOAs can share the workload with property managers and build a mutually beneficial partnership.
A trusted property management company is thus beneficial for HOAs in establishing seamless communication between landlords, tenants, and the HOA, maintaining the standard of its properties and providing a safe living environment to the tenants.
Let our property management professionals at Keyrenter Premier Property Management company help navigate your properties under homeowner associations. With years of experience in rental property management, we can help investors and tenants comply with HOA rules and make the living under HOA better
For more information, connect with us at Keyrenter Premier Property Management.