Anyone who has dealt with a leaky roof knows that finding the right person for the job is crucial because – unless you know a thing or two about reattaching or replacing shingles – you are entrusting someone else with your home’s safety and your family’s wellbeing.
The same can be said of professional management companies. If you’re shopping around for a single-family home, condominium or townhome within a planned community, make sure you’re looking at more than just floor plans and amenities. It’s paramount to also research the financial condition and management practices of the residence’s property owner’s association (POA).
Like having a reliable and knowledgeable roofer, a reputable property management company, such as CAMS, is a good indicator to a potential homebuyer that the POA or homeowner’s association (HOA) is in good working order. And there is someone to call on when help is needed.
There are many key advantages to a POA or an HOA partnering with professional management, including financial planning and connection to specialists in a variety of fields.
Building a Solid Financial Foundation
A management company, like CAMS, assists HOA and POA boards with setting the budget for a new community and helps with annual fiscal planning thereon out.
This is important because well-run associations have the money on hand to meet operating goals, as well as adequate reserve funds to address long-term capital expenses or unforeseen expenditures that may arise.
And budgets aren’t quite as simple as they may seem. It takes a combination of specialized knowledge and experience to effectively prepare an annual operating budget and a long-term capital budget for any neighborhood.
CAMS will even contact local service providers, such as utilities, landscaping and insurance companies, to identify material changes or rate adjustments that may occur within a given budget period.
Professional association management companies like CAMS can make those calls because they have in-house expertise or have already established a solid network of specialists and providers in a variety of fields, including:
- Facility Management
- Project Management
- Governing Documents
- Human Resources
Unless you are a roofer, you’re not likely to take on those roof repairs yourself, right? And when you’re looking for someone to do the job, you rely on your own network of neighbors, friends, family and co-workers for recommendations of who to do business with – and, perhaps more importantly, who not to.
Similarly, CAMS knows that it pays to work with a specialist. A POA or an HOA that hires a professional association management company gets more than just that company’s specialized expertise and experience; it also comes with connections to tried-and-true specialists in the fields mentioned above if or when they are needed.
Perhaps the biggest advantage to a professional property association management company is commitment.
At CAMS, we take a long-term approach to guidance and services, with a community’s sustained stability and growth in mind and as our mission. And a happy POA or HOA makes for satisfied residents, which are, ultimately, the people who inspire us every day.