If you're considering buying a home in an HOA or developing a community, you're in luck. Over 75 million U.S. residents live in homeowner's associations. This share represents over 30% of all housing property stock in the country.
Watch these numbers as they continue to grow.
Why are HOAs still popular with homeowners, real estate developers, and renters?
The HOA approach fosters a sense of community like no other neighborhood structure. HOA management companies are the heart of in-demand communities. They ensure rules are being followed to optimize quality of life.
Learn more about the benefits of having trusted HOA management experts by your side.
The Community Difference
Think about the advantages of living in a community that comes together to support its growth. One of the most important contributions of association management is the assembling of HOA boards. These boards are comprised of real HOA homeowners with natural leadership skills.
HOA board meetings are held regularly to update the community on the following action items:
- Any neighborhood development progress (i.e. new construction, etc.)
- Changes to rules and regulations
- Upcoming community events
- Introduction of new HOA members
- Issues of concern
- Question and answer forums
Any resident can submit project ideas to the board as well. If the project is accepted, the board will also approve any necessary funding. HOA boards have access to reserve funds to pay for community-building events and other resources.
For example, if a resident has a great idea for a holiday event, like a Fourth of July carnival or live music for families, they would have to submit a plan for approval.
Professional association management oversees these reserve funds as well, ensuring sound practices and investments are being followed.
Association managers also help with HOA board elections which is integral to good community management.
Rules and Regulations
One of the more unique aspects of HOAs that generate a lot of discussion is the subject of violations. While this term may seem jarring at first, it's vital for maintaining the community-first approach of homeowners associations.
Households must follow rules for HOA maintenance and behavioral integrity standards. However, these regulations are easy to follow. For example, HOA rules may mandate all curbs be free of garbage or debris. Some communities have landscaping rules that prohibit the planting of certain trees or plants.
The above rules are in place to keep a unified aesthetic throughout the community. A violation system ensures the longevity of this aesthetic which also contributes to higher property values.
The last point of home value also speaks to the importance of rule enforcement. HOA communities may enjoy rising property values. Homeowner's associations with even more amenities like parks, recreation centers, and pools may enjoy even higher values and demand.
Discover the Best HOA Management Companies
Real estate developers have a real opportunity to create thriving communities with the right HOA services. Think about the type of memories you want to foster within these communities.
If you're a developer, look for HOA management companies with a strong team of association managers.
PMI JCM Realty Group is a leader in association management. We're part of a growing nationwide franchise with over 20 years in the property management industry.
We're committed to transformative property management that optimizes communities and profit strategies for the highest returns.
Learn more about our management philosophy!
