We are having a major dilemma in our subdivision. Our subdivision has just been completed and the developer/builder has turned the HOA over to the community. We have elected our Board Members, who have agreed to handle this very time consuming and sometimes grueling task. After much research, the Board Members decided it was in the best interest of the subdivision to have the HOA managed by an outside source. Our by-laws allow the Board Members to make these decisions and that is why we elected them. The Board Members will remain active and the management company will handle the business end of running a HOA and report to our Board. The catch is our dues will go up $5 per month. Well as you may have guessed, the uproar is ridiculous. There are "For Sale By Owner: signs in several yards, threats have been made, rumors are spreading like wildfire and total chaos. This is all over $5 per month.
I think most people don't understand the purpose of an HOA and legality of running an HOA. They all want their community to be in top shape and they want their neigbors to follow the rules but they don't understand the process to achieve these things.
From a realtor's perspective, the subdivisions in our area that have been managed by an outside source have been more desirable for buyers and the listings have been easier to sell. Does anybody have any thoughts on Management Company versus Self Managed HOA?
Have a Great Day!
Ginger Ryals
Keller Williams Realty
Comments (5)Subscribe to CommentsComment