Around 74 million Americans, or 27% of the country, live in an HOA or homeowner's association. They add $280 billion to the national economy.
How can these communities remain a positive force and a pleasant place to live? How do you know who you can trust to manage them?
Read on to look for the top five qualities to look for in an HOA property manager in Indianapolis.
1. Certifications and Experience
A qualified HOA property manager needs to have the certifications to back themselves up. These credentials include:
- Certified Manager of Community Associations (CMCA)
- Association Management Specialist (AMS)
- Professional Community Association Manager (PCAM)
These certifications must be up-to-date and come from the Community Associations Institute (CAI).
They should be familiar with all the duties of a community association manager. Ask to see a set of established operating procedures.
Local experience is also essential. It allows them to provide specialized HOA management tips that fit the market and laws.
2. Financial Management
An HOA manager needs to be trustworthy and skilled enough to be put in charge of the finances. This includes:
- Budgeting and financial planning
- Collecting assessments
- Managing accounts
- Preparing financial statements and reports
They should have a strong financial background. Any systems they use to help keep track of the money must be top-quality. It should also be easy for board members to cross-check their data.
3. Legal Knowledge
Effective property management starts with knowing the community's governing documents. It then requires understanding local and federal laws.
Managers need to keep the board in compliance with regulations such as:
- Corporate and business operation status
- Taxes
- Fair housing
- Tenant evictions
This keeps everyone free from serious legal or financial repercussions.
4. Communication Skills
Communication is arguably the most important of all property management skills. Nothing gets done if the community isn't listening to each other.
Managers need to respond promptly to inquiries and provide updates. They need to communicate with vendors and supervise their performance.
They also need to take the time to listen. An HOA property manager can't do their job effectively if they don't pay attention when the community members voice their unique needs.
5. HOA Leadership Qualities
HOA communities are made up of various groups of people, including:
- Board members
- Residents
- Vendors
Their wants and needs can often be at odds. You need someone to step in and help them find a solution that works for everyone but doesn't disobey the community guidelines.
That requires a leader. HOA leadership qualities include:
- Communicating
- Sticking to guidelines
- Diplomatically settling disputes
Managers need to present these qualities to prove they can lead the community.
Find a Quality HOA Property Manager Today
An exceptional HOA property manager exhibits special qualities such as experience, financial and legal knowledge, communication skills, and leadership ability.
PMI Meridian Management is headquartered in Indianapolis, IN. Our mission is to build strong communities through exceptional, innovative real estate services.
Our devotion to service has helped us retain many of our original clients. Contact us to see what we can do for your community today.
