Similarities

Here is a brief on the similarities between residential and community properties

• The management of both these properties involves collection of payments. While tenants in residential properties have to pay rent, it is the property owner who has to pay for community properties.
• Both these properties require maintenance, upkeep and ground services.
• Both residential management and community management need utility servicing either for individual units or for a common area in the community.
• Both these systems of management have to adhere to and enforce specified parameters, stipulations and provisions.
• Services related to community management have to handle duties like adherence to community – CCRs codes, covenants and restrictions, collection of dues, maintenance of common area, service and utilities and overall operational activities and accounting functions.
• Management of residential properties involves similar duties like rent collection, unit and grounds maintenance, utilities related to specific units and adherence to city provisions and HOA. Like in the case of community realty management , management of rental properties also includes accounting functions.

Different Working of Community Properties

Now, here is a look into the different working styles of community management. Community association managers have clearly specified duties and responsibilities. These managers must have the ability to manage the community on a small portion of the funds set aside to handle all costs involved in community management. If one considers the pre foreclosures, foreclosures and other activities that are aberrant on HOA dues, it would definitely put a strain on the management and the services that can be provided by or paid for by the HOA.

Community property management that involves bank owned properties makes the lender responsible for settling HOA dues and handling compliance issues and grounds maintenance of all those properties that they own. This goes a long way in relieving strain and preventing any adverse impact on such communities.

Property owners planning to invest in community associations must be aware of outstanding balances to be paid to the association based on agreements in contracts or deferred payment dates. If such matters are not resolved in a timely manner, the property owner may find it impossible to implement necessary services of the community from the income generated from the community alone. Community property management along these lines will obviously lead to more dues and a community impact caused by the shortage of money required for running the community.

Advantages of Hiring Property Managers

Property manager offer excellent results in preserving and enhancing the value of a community property in such a way as to maximize profit for property owners while keeping expenses to a minimum. A property manager must be able to classify the maintenance works into preventive maintenance, recurring jobs, remodeling, major expansion or minor repairs and hire qualified handymen to carry out the work.

The property manager must be careful in choosing handymen for community property management maintenance tasks. Hiring more personnel than necessary will incur unnecessary expenses. On the other hand, inadequate staffing will lead to degradation of property and additional expenses in the long run. It is best to avoid contractual staff and choose permanent maintenance personnel for large community properties.

Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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