Community management services are a vital part of any thriving community. Whether you are an owner in a neighborhood association or a manager of a complex, it is indispensable to know the benefits of community management. Below are the three main benefits of community management: maintaining common areas, advocating for the community, and managing assessments.
Benefits of Community Management Services
1. Maintaining Common Areas
One of the most important roles of community management is maintaining common areas. This includes tasks such as landscaping, painting, and repairing common area features. By keeping common areas in good condition, management services help to increase property values.
In addition to those tasks, community management also often provides amenities for residents to enjoy, such as maintaining a community pool, organizing community events, or providing access to a clubhouse or other recreational facilities.
Keeping common areas well-maintained and providing residents with amenities makes the community a more enjoyable and valuable place to live. These services and perks also make potential residents more likely to move into your community.
2. Advocating for the Community
Management services also advocate for the community. They communicate with local government officials, work with law enforcement, and coordinate community initiatives. By advocating for the community, community management ensures that the community is a safe and desirable place to live.
Besides advocating for the community, community management also offers resources for residents. Things like providing information about local events, sharing news about changes in the community, or offering advice on how to get involved in the community helps the community become a more informed and engaged place to live.
Many families prefer to live in active neighborhoods with lots of community events. If a management company offers perks, more families will likely move in, and then property value will increase.
3. Managing Assessments
Community management services manage assessments by collecting assessment payments, paying bills for common area expenses, and preparing financial reports. By providing these services, community management companies ensure the community has the resources it needs to maintain and provide amenities to residents.
Other things management services provide includes budgeting and financial planning advice for communities. This means they might provide information about ways to save money on common area expenses or offer advice on how to raise assessment rates.
How Much Does Community Management Cost?
The cost of servicing community management varies depending on the size and needs of the community. However, there are four fees that are typically associated with community management:
- Initial Setup Fee: This fee is charged when the community association is first formed. It covers the cost of setting up the association, including registering the community with the state and preparing legal documents.
- Monthly Management Fee: This fee is charged on a monthly basis to cover the cost of ongoing community management services.
- Assessment Management Fee: This fee is charged whenever assessments are collected or paid out. It covers the cost of managing assessment payments and preparing financial reports.
- Budgeting and Financial Planning Fee: This fee is charged whenever financial planning services are provided. It covers the cost of developing a budget and preparing financial reports.
The cost of community management can be a significant expense for community associations. However, the benefits of management services can far outweigh the costs.
Community management is a vital part of any thriving neighborhood. By maintaining common areas, advocating for residents, and managing assessments, community management helps to make the area a better place. If you are considering community management services for your community, be sure to reach out to companies like Trestle Management for a free consultation today.