One of the most headache-inducing aspects of serving on the board of directors for your neighborhood is figuring out a reliable system for collecting and recording HOA fees. Fortunately, this responsibility doesn’t have to rest on your shoulders alone. There are many St. Petersburg condo management companies that can lend you their services to streamline your collection efforts and ensure prompt payments; chief among them: Wise Property Management, Inc.
At Wise Property Management, we’ve transformed condo management into an exact science, starting with the way we handle HOA fees. HOA fees are vital to the success of your neighborhood. These fees are utilized to enrich the value of property all residents share, ensuring the long-term success of the community and the satisfaction of all active residents. When these fees are ignored or neglected, everyone suffers. For a stronger community that acknowledges its value and potential, rely on the services of Wise Property Management, a St. Petersburg condo management company.
The Role of the HOA
The HOA establishes rules and regulations that must be abided by. Whether you live in a single-family home, townhouse, or condominium, the HOA will enforce the covenants that dictate the community rules. This includes guidelines for interacting with shared community spaces and individual living units. The HOA has a lot of power, and residents should be made aware of any noteworthy rules prior to joining the community. The last thing you want is a displeased resident causing chaos because they weren’t privy to the fact that they can’t park a boat in their driveway (or shared parking lot).
What HOA Fees Cover
Your community needs HOA fees to cover monthly costs, including city services, lawn care, insurance, common areas, pest control, maintenance, and repairs. When you are unable to collect HOA fees, these services cannot be funded, which leads to the degradation of the neighborhood over time. This doesn’t help anyone in the neighborhood. For active residents, it means a reduced quality of life. For potential residents, it means choosing a different option.
A Wise Solution
There’s a reason that Wise Property Management is one of the top St. Petersburg condo management companies: experience. Since 1981, we’ve witnessed firsthand what works and what doesn’t when it comes to HOA fees. For annual fee collections, we contact residents on your behalf in December to alert them to due fees the following year. Typically, we give residents approximately 60 days to pay their dues before administering a penalty. This ensures that HOA fees are collected in a timely manner while simultaneously giving your residents time to breathe, collect their dues, and process their payment. In fact, we offer several different payment processing options to meet the needs of all types of residents.
Are you ready to work with one of the top St. Petersburg condo 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!