A homeowners association (HOA) is a private association to help govern many aspects of a grouping of owned residential properties or buildings.
A condominium building is a great example of an HOA. Each unit might be owned by an individual person or family, but everyone in the building uses the lobby, elevator, and any other shared areas such as a parking garage or rooftop lounge.
So who takes care of these shared areas? And who makes sure everyone is properly maintaining their unit?
This is where the HOA comes in. This organization will enforce the agreed-upon conditions, covenants, and restrictions (CC&Rs) for the mutual benefit of all property owners.
Developers might institute an HOA in a subdivision as they complete their work. This makes it easier for them to manage and sell the surrounding homes.
HOAs offer a list of benefits to those that live there. And sometimes, they’ll outsource their needs to a
Nashville HOA management company like Synergy Real Estate Group.
Many people might imagine the duties of an HOA management company would be similar to that of a residential property manager, but there are actually quite a few stark differences.
Here are five unique considerations for HOA management in Nashville:
Property managers preside over residential or commercial buildings full of rental units. The people under contract in those units understand that their claim to the physical structure isn’t total and complete. They are only in those units as long as the contract stipulates, unless they decide to sign another or extend the current contract.
The people living within an HOA, however, own their property. They have a different set of rights and responsibilities in relation to the structure.
This is a big difference when it comes to the expectations of the management team from the residents. All types of property management should be respectful and cordial, but HOA management needs to keep in mind the dynamic is slightly shifted.
The power dynamic within an HOA is vastly different from that of a commercial or residential rental complex.
HOAs will have a set of bylaws and CC&Rs that will give direction and provide a hierarchy for decisions, standards, and more.
HOA management has a set of rules and responsibilities they must adhere to. These responsibilities are set by the HOA itself, usually through a committee or a board of directors.
Property managers are able to disseminate information from the owners to the tenants. But in an HOA, the tenants are the owners, which puts management in a different position.
An apartment complex will have an owner — whether it’s a company or an individual. This means that the property manager will answer to this owner, who will be in charge of making all of the large-scale decisions.
One major aspect of a property manager’s job is to disseminate information from the owner of the building to the tenants. But since an HOA is full of owners, the process is slightly reversed.
HOA management will still need to maintain lines of communication between the general members of the HOA and the board of directors. But stipulating rules and processes will be handed down to them from other members of the HOA.
Community areas in a rental property are generally left up to the property managers to maintain. However, HOAs operate a little differently. There are still going to be areas used by the community that management will need to maintain, but they will also need to enforce community standards on the tenants’ personal spaces.
The CC&Rs will differ between particular areas, but there will almost always be standards that need to be upheld. Examples of a failure to adhere to these standards could be a lawn that is far overgrown, offensive decorations, or anything else that doesn’t abide by the association’s stipulations.
HOA management will be tasked with enforcing these rules.
Expertise in managing shared living spaces such as condominium buildings or even sub-divisions can come from a variety of areas. And just because a board of directors will have ultimate say in many matters relating to an HOA, that doesn’t mean an HOA management company can’t offer another point of view.
Professional HOA management companies like
Synergy Real Estate Group in Nashville, TN have a lot of experience with a variety of situations. And even if members of the HOA are familiar with a particular problem, it can be beneficial for the management team to offer some advice.
Are you in need of an experienced, reliable, and professional HOA management team in Nashville, TN?
Nashville Property Management
