HOAs place a lot of priority on property values. Property owners and property managers can partner together to not only avoid low property values but also build equity over time.
Below, we provide some tips on how to build equity and maintain a strong presence in the real estate market. If you need further assistance, you can contact our office. We’ll be happy to go over the property management services we provide.
Keep Your Properties Looking Immaculate
You should be maintaining the appearance and condition of your property on a regular basis. Maintenance includes routine inspections on plumbing, electrical systems, etc., as well as beautifying the grounds, making sure all buildings are up to city and state codes, and reminding the HOA members of their responsibilities.
Community projects should be scheduled at the beginning of each year and carried out like clockwork.
Assess Your Fees Regularly
Fees play a decisive role in whether someone wants to live in an HOA community. HOAs that pride themselves in higher fees because of public perception may want to rethink their marketing strategy.
If a homeowner has to lower the price of their property due to high fees in order to sell their home, it could affect the property values in the rest of the community. Your HOA board should evaluate the fee structure in the organization from time to time.
Review Your Reserve Study Annually
Reserve studies are a safety net that keeps your funds in check. When the time comes for you to make upgrades, repairs, or recover from a natural disaster, you can take care of the property financially so that it’s condition doesn’t deteriorate. We recommend setting up regular meetings to review the current state of your reserve study and make updates as necessary. With the right funds set in place, you can keep your property value high.
Gassen Offers Property Management Service in Minneapolis
Gassen can help you manage your HOA. We offer comprehensive reserve studies, local property management, and accounting for all property owners and organizations. We can help you protect your HOA with the right tools.
To schedule an initial consultation, call us at 952-922-5575, or you can message us on our contact page.