North Carolina Property Management Company Makes Life Easier for HOA’s
Short sales and foreclosures happen almost every day, according to the news. Foreclosures in North Carolina have gone up 56% since February 2006 and 1 out of every 1086 homes is likely to see a foreclosure. This is affecting the rental market as a larger number of tenants are failing to pay their rent at all or often are paying it late. In such an environment, Home owners associations are having a very challenging time collecting their dues to maintain their property operations. Preparing forecasts for collections and budgets is very difficult due to these uncertainties.
According to William Douglas, owner of WMDouglas Property Management at http://www.wmdouglas.com , “These hard times are where WMDouglas Property Management, a leading North and South Carolina Property and Financial management company, has seen an increase in financial property management requests. Some of the requests currently coming from HOAs are of a financial nature, such as preparation of budgets, billing homeowners and collecting homeowner dues and late fees. Quality management services since 1980 have allowed us to understand the Carolinas people and the markets at a very intricate level. This allows us to offer unprecedented quality in their Association and financial management services”.
Many Homeowners Associations have a hard time complying with regulations and understanding budgeting, which is necessary for these larger property associations. There are by-laws and other regulations that have to be followed to protect the values of the properties in the association. Many boards at the Homeowner’s Associations don’t do this as a full-time job and many have no expertise, when it comes to property management.
Having a property management company to handle all of the billing, collections, budgeting and finance, maintenance or repairs can be an essential part of the success for condominium owner associations, homeowner’s associations, town home owner associations, co-ops and commercial condominium owners associations.
Understanding the effect that financial resources can have on these properties is important when it comes to holding the property values of all concerned. In addition, resources for capital improvements are needed on a consistent basis, and developments are dependent on the prompt collection of fees.
Proper maintenance and repairs are essential to property values and curb appeal. Many associations make the mistake of letting all property values go down as more people fall behind on the fees and dues that are necessary to maintain the value of the properties. Not only is this not fair to those that pay, but it could wind up in a lawsuit. Homeowners Associations are looking for professional management companies, like WM Douglas Property Management, to attend the owner’s and board meetings, and stay actively involved in the properties that are managed. Efficient record-keeping, fee invoicing and collection procedures keep cash flow optimal. Online bill paying of fees helps keep the fees coming in to keep the associations financially secure.
A foreclosed home on a block can bring down the values of the rest of the properties. Through maintaining these properties, even after foreclosures have taken place, it is easier to sell them because people don’t like to buy a home in a declining neighborhood, even if it is a good deal. The same applies to condos and townhomes.
The financial responsibility of the board may be more than they are prepared to handle, and proven procedures, financial accounting and budgetary preparation can help them in audits, at tax time and during the annual property owner’s meetings. Preparing budgets and determining capital expenditure needs are part of the financial management services offered by full service professional management companies.
A website for maintenance requests can ensure it is easy to load a service call for repairs that are needed. The best and most effective property management tools are needed for successful management of homeowner’s associations or condo associations, and help quickly taking care of needed repairs. Having the systems in place makes it easy to handle them internally or call in outside technical support, when it is needed. Effectively handling repair needs and outside contractor bidding is important in meeting budgets and necessary for proper upkeep.
At WM Douglas Property Management, three decades in this business have helped them develop the most effective procedures and has made the company a leading property management company for associations across several states. Local representatives are close by to monitor the managed associations, in a physical aspect. This can be important when it comes to collecting fees and dues, also.
Most of the residents in managed developments like the convenience of paying their fees online with the use of a website. This improves cash flow and makes it easier for online billing and payment collections to be monitored. Many people like the convenience, but for the boards of associations, they like the ease of tracking and accelerated cash flow. The auto draft forms, maintenance request forms and change of address forms can be easily downloaded from the website.
Because property management is more important than ever to maintain property values and manage the upkeep of the developments that have HOAs, there is an increasing need for additional services to be professionally handled and convenient online services for maintenance, fees and dues invoicing and bill payments. A full service property management company, like WM Douglas Property Management is what many of the homeowners and condo-owners associations need, when times get rough.
North Carolina properties especially need guidance to weather the storm of foreclosures and slow-paying collections to maintain developments and make capital improvements that can increase resale and decrease the time it takes to sell property. Property owners can quickly sell homes, condos or townhomes in a development that is known for highly effective management and upkeep.
A professional and full service property management company, like WM Douglas Property Management Company can take care of financial, budgetary, maintenance, fee invoicing and collection needs. Their website explains the services to be expected from a full service property management company, including financial management at http://www.wmdouglas.com.
- Contact Information
- William Douglas
- William Douglas Property Management
- Contact via E-mail
This news content may be integrated into any legitimate news gathering and publishing effort. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.