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Property Management Blog

Published on Saturday, April 4, 2009

Advantages Of Homeowner Association Management

 Homeowner association management involves management of a large number of households. An association of home owners is usually an elected body headed by a board of directors or any other board who actually looks after the job of management on behalf of all the members. But these people are no professional managers of properties. So they are not always competent enough to look after all the details that go into a successful management of an association.

 

A homeowners association is formed with a specific purpose, which is to take care of the individual homes which form parts of the total community. It is well known that in our world today, living individually as an island is not possible. There are various problems that can be best solved as a team than as an individual. These problems often deal with laws and regulations of the local bodies. When some law or regulation seems to be not in favor of the house owners an individuals protest does not get heard at all. But if the same protest is made by an association, it gets heard and when the same protest is made by a number of associations, then it gets revoked. So there is always strength in numbers.

But numbers bring in number of problems. All the people do not have the same mentality and there are bound to be some problems arising out of such matters. The greatest problem that an association faces is the responsibility to take up maintenance jobs. Everyone tries to find another person to do the job, and he finds another. So it is better to appoint a homeowner association management agency to look after all the jobs related to management of the units within the association.

Usually the homeowner association management companies look after all the jobs related to day to day management of the units from changing the light bulbs to looking after the tax matters of the association. These companies look after matters like appointing people for the minor repairs that are needed almost every day, taking care of the garbage removal, maintenance of common areas including pathways and gardens and collecting the association fees. These agencies also carry out periodic inspections and suggest any major repairs that need to be undertaken. They not only stop at suggesting but also look after the next processes like inviting the tenders, evaluating them and also help in negotiating the best deals with the contractors. Then they supervise the work and give a regular progress report on the work.

Homeowner association management involves lots of paper work and accounting. The agencies also provide secretarial and accounting services to the societies. They produce monthly reports on the financial conditions of the association to the directors and also suggest ways to improve the financial health. They take care of the various taxes and tax deadlines that an association needs to adhere to. Most importantly, these agencies have expert legal personnel on there roll to assist the associations if the need arise. They take care of everything from drafting the petition to making the appearances on behalf of the association.

Finally, it cannot be left untold that most often the homeowner association management companies run a 24 hour helpline to register complaints and requests and promptly take care of them. So by appointing such an agency, an association can sleep comfortably.

Onyx Management Group has been professionally managing homeowner associations  since 1994. We strive to provide the most professional, accurate and efficient property management services available. Onyx Management Group has a company wide commitment to maximizing long term appreciation for our owners, while maintaining quality of life that is appreciated by all owners. 

Whether you are looking for a company to fill your property management or accounting needs for your Home Owners Association in Philadelphia, Bucks County or Montgomery County areas, give Onyx Management Group a call. Thanks for visiting this online residential and commercial real estate property management source.

 

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Landlord Knowledge Base

If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.

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