Have you ever lived in a condo? Or a townhouse? Residents who live in communities and collective societies know that they work differently than your regular homes around the corner. The concept has been introduced and implemented to have a certain regulation of shared facilities. People who live in condos may have the same gym, café, or swimming pool used by all the other residents. The regulatory body that sets and implements rules and regulations in the community is generally called the homeowner association.
The homeowner association is a shared entity of the condominium building, the residential complex, or the apartment infrastructure you live in. Any person who buys the house in its jurisdiction automatically becomes a member of the association. Since there are many shared communities in the US, the HOA or homeowner associations are quite active regulatory bodies that may often control and manage the renting system within the complex.
According to statistics collected in 2020, there are around 355 thousand community associations in the US. Community associations is an encompassing term for homeowner owner associations.
If you’ve rented a condo, your homeowner association may be involved in setting the rent and collection methods for the rent.
Hire a Property Manager for Help
A large community may be too much for an association board to manage. PMI Northwest Houston offers reliable property management to large communities, including townhouses and condominiums, and apartment complexes.
Here’s a quick guide to how HOAs operate.
Collecting Fees from Homeowners/Renters for Community Amenities
A condominium and residential complexes are huge buildings that offer basic amenities to all its members. These amenities include a gym facility, play area facility, community halls, community swimming pools, parks, and gardens. The association collects a small fee from the residents to maintain such facilities.
Managing the entire condo complex can be too bothersome for a few board members. This also includes record-keeping and managing funds. Board members who find it challenging to manage take the help of property management companies.
Board Members for Home Owner Associations Are Regular Residents
The people who take up the management of the entire building are not trained managers but volunteers to know people in the complex and who are willing to work for the collective good. People who join the HOA leadership are supposed to debate and negotiate about common building policies, raise or maintain building fees, and generate a proper record for the revenue and expenditure of the fees collected from other residents.
The process may not be very rewarding for many on-job residents. Homeowner associations, in some cases, are also responsible for setting fixed criteria for rent collection and the annual rent increase for the complex.
To manage the much complex records, scheduling and maintenance, and inspection processes in a townhouse or a condo, go with experienced rental property services in Houston. PMI Northwest Houston would be the best pick for the job! We are skilled at handling commercial enterprises, and we manage Associations in Houston equally well. Contact us for our brokerage services here at 281.907.8190.