Real estate investors understand the importance of running a homeowners' association (HOA) like a tight ship. One of the main ways to do this is by treating property maintenance with the importance it requires.
Timely, consistent property maintenance is a hallmark of a good HOA. With the right strategies, you can accomplish this and hit all of your property goals. Use these five tips to make the most out of your HOA property maintenance.
1. Make the Grounds Shine
You don't have long to make a first impression with a property. This first impression begins with the exterior, which is a large part of the curb appeal. The best HOA properties have impeccably manicured grounds and use professional landscapers that don't do average.
Earmark a significant portion of the HOA budget for trees, grass seed, eliminating weeds, and keeping your grounds green and fresh. Members will appreciate having such a lush landscape to navigate, and it will make your community a warm and inviting place to live.
2. Take Care of Shared Property
The HOA has a major responsibility to take care of the common areas. In many cases, these are buildings with amenities and services that homeowners regularly take advantage of.
Examples of this might include a clubhouse, golfing green, entertainment room, gym, sauna, or other amenities. All of these common areas require maintenance so that their fixtures are working and the environment is well-kept.
3. Handle Owners' Housecalls Diligently
Thorough HOA Property Maintenance means taking care of each call with the importance that they deserve. HOA property managers use Software as a Service (SaaS) to track every ticket and workflow. Repair professionals are dispatched and will handle each repair quickly and to the liking of the owners.
Dragging your feet with these sorts of repairs will hurt the HOA board and cause members to lose trust. Be a good steward of people's fees by making sure they never have to worry about going long without repairs.
4. Make Improvements to the Property
Never be satisfied with the current state of your property. Part of running an HOA is to make improvements that keep the property values high and the property up-to-date. This means upgrading to new technology and infrastructure when necessary.
Your HOA board should have a mind toward the future and should consider upgrading to different forms of sustainable energy, green appliances, and smart technology. Always make improvements that double as convenience measures and equity boosters.
5. Keep a Rainy Day Fund for Your HOA Properties
You must always have access to capital when you need to make repairs or improvements. The worst thing you would want is to collect people's HOA fees for years, only to come up short when emergency repairs are needed. Maintaining quality insurance aside, the only way you can guarantee this is by keeping a beefy reserves fund.
Fill the coffers throughout the years so that your HOA is liquid and able to exercise options.
The Importance of HOA Property Maintenance
HOA property maintenance requires some diligence. The efforts are never wasted, and your property and HOA members will always reap the biggest rewards. It takes the help of a rock-solid property maintenance company to make sure your projects are handled to high standards.
PMI Queen City serves real estate investors in Charlotte looking to get the best from their properties. Unlock the full potential of your HOA management by contacting us online or at 704.800.6432.