5 Things You Should Know About Florida HOAs Part 1
The purpose of a homeowners association (HOA) is to help serve your community by streamlining communication, addressing concerns, and representing the best interests of the residents. HOAs also make decisions on behalf of the community they oversee and are authorized to “impose assessments that, if unpaid, may become a lien on the parcel.”
Unfortunately, most HOAs are composed of homeowners that, while well meaning, have little experience managing a property that serves dozens, perhaps even hundreds, of residents. This is why many HOAs opt to hire the services of a Tampa homeowners association management company, like Wise Property Management, Inc.
In this two-part series, we will discuss five important facts about Florida HOAs. Over the years, we’ve helped dozens of HOAs gain control of their communities by providing invaluable services designed to satisfy your residents and decrease pressure on your board. Over the course of this article, we will explain how your community can benefit from the services of a Tampa homeowners association management company, even when dealing with some of the most basic HOA responsibilities, like collecting fees and dues. As you will see, even the most rudimentary responsibilities can be streamlined to alleviate pressure on your board and help forge closer bonds between the residents and HOA of your community.
1. HOAs Collect Fees and Dues
HOA dues are typically calculated by assessing the per-resident cost of various amenities and services used by the community, including:
- Front/Back Gate
- Community Pool
- Tennis Court
- Basketball Court
- Children’s Playground
- Right of Ways
- Exterior Painting
- Parking Areas
These costs will vary based on the type of community. For example, the board of directors for a condominium association will most likely be responsible for addressing roof repairs, while the HOA of a neighborhood of single-family homes would place this responsibility in the hands of the homeowners. These fees can also be utilized for other community costs like trash pickup and cable/internet depending on the rules of the neighborhood. These dues are typically collected each month or quarterly to maintain accountability.
As we mentioned above, refusing to pay HOA fees can result in a lien being placed on a resident’s home, but if you fail to keep accurate records, you could find yourself embroiled in a dispute with a homeowner. One way to help ensure that your fees are being satisfied in a timely manner is to partner with one of the best Tampa HOA management companies, Wise Property Management, Inc. We employ proven processes to ensure that HOA fees and dues are collected on time and stored for future access. When residents refuse to pay, we can take swift action on your behalf to deliver any lien or eviction notices.
2. Turnover Leads to Confusion
Typically, the developer maintains control of the HOA until the community is more than 90 percent finished. At this point, the developer relinquishes control to a resident-controlled HOA in accordance with Florida law. This is referred to as “turnover.” When turnover occurs, HOA costs tend to rise as the developer will generally pad their HOA fees with their own funds to attract buyers to the community. This often comes as a surprise to homeowners, and they may seek answers from the HOA. You can take some heat off your HOA by consulting a Tampa homeowners association management company for assistance with implementing a smooth turnover.
Are you ready to work with one of the top Tampa HOA management companies that makes life easier for you and your board members and improves the value of your property? If so, submit our proposal request form today!