According to the Community Associations Institute (CAI), Arizona has 10,000+ community associations. Over 2.24 million people in the state live in nearly 893,000 homes governed by one of these associations, which include homeowners associations (HOAs). Most residents rate their experience as positive (67%) and say their association's rules boost property values (68%).
However, without proper guidance, your association in Phoenix, AZ, may become riddled with resident disputes and complaints.
The good news is there's an easy way to prevent those problems: Hiring an HOA property management company.
Join our team at PMI PHX SW as we share insights into how a property management firm can streamline your HOA's operations.
Better, More Effective HOA Maintenance Strategies
A June 2024 article by MortgagePoint reported that the cost of owning and maintaining a single-family home has jumped by 26% from four years ago.
Despite that increase, homeowners should never delay upkeep and repairs. Doing so will only lead to more problems and worsen existing ones.
Unfortunately, some property owners still do. For some, it's because they don't have time to research and compare repair contractors.
An association property management company helps simplify things for HOA board members and residents. They do so by providing the community's members access to an innovative online portal. The platform enables users to file maintenance requests online, wherever and whenever.
Another way an HOA property manager can help is by partnering with contractors and vendors who:
- They've thoroughly screened and vetted
- Are highly experienced
- Meets all mandatory license, insurance, and bond requirements of the state
HOA residents can tap into that network if they need something fixed or improved at home.
Enhanced Use of HOA Fees
Among the top uses of mandatory HOA fees are:
- HOA maintenance costs
- Operational expenses
- Community updates, upgrades, and repairs
- Association management costs
Unfortunately, some communities may be unable to maximize their funds due to a lack of planning, accounting, and financial management. Failure to compare bids and negotiate with vendors can also lead to wasteful use of HOA funds.
A reputable, highly experienced HOA property management company has financial experts on board. For example, our full-service firm, PMI PHX SW, provides associations with professional accounting services. With these solutions, we aim to improve their communities' HOA fee utilization and overall financial health.
Some examples of the accounting and financial services we provide are:
- Expert budgeting
- Preparing accurate balance sheets and statements of cash flows
- Prompt processing and collection of HOA dues and fees
- Help with savvier financial planning and decision-making
Since we also coordinate with vendors, we can help our HOAs save money on necessary contractor services.
Partner With the Best HOA Property Management Company
An HOA property management company can benefit your association by boosting its property maintenance strategies, enhancing and maximizing its budget, and improving its financial health.
Our association management firm, PMI PHX SW, can do all that and more for your community. We'll use our skills, expertise, state-of-the-art technology, and support from PMI, our parent company with over a decade of experience, to manage your HOA's finances, admin, building, and maintenance.
Call us today to request a bid or learn more about how our services can help your Phoenix HOA!
