HOA management companies look after 85% of all HOAs in the United States. Without these companies, board members will find themselves burnt out from various tasks. This can be overwhelming, resulting in inefficient management and legal repercussions.
These companies tackle administrative, financial, and operational responsibilities. This allows the HOA board members to focus on making strategic decisions. With that in mind, keep reading to learn more about these companies' roles.
Financial Management and Reporting
Financial management is a key service provided by HOA management companies. This entails:
- Preparing and managing budgets
- Collecting dues and assessments
- Managing the association's funds
A professional community association manager oversees the financial affairs of the HOA. This ensures financial stability and upholds financial transparency for all members. They also manage bank accounts, investments, and reserve funds.
These accounting reports provide a detailed breakdown of the association's income and expenditures. It also shows the status of the reserve fund and any outstanding debts. This helps provide clear, tangible accountability to the community members.
Property Maintenance and Repair
The company ensures that the common areas are well maintained. Routine inspections help identify any areas that need repair or maintenance. These services keep the HOA property in excellent condition.
In the event of damage, the HOA manager arranges the necessary work. This involves:
- Obtaining quotes from vendors
- Overseeing the repair process
- Ensuring proper deliverables
They help maintain the quality and aesthetics of the community. This relieves board members of these often time-consuming duties.
The HOA manager ensures all homeowners abide by the association's governing documents. This covers everything from architectural standards to noise control. They work to resolve conflicts and violations.
A significant part of rule enforcement is handling complaints between homeowners. They investigate complaints and take action to resolve issues. This helps maintain harmony within the community and minimizes conflicts.
The HOA managers stay updated on local, state, and federal laws. This includes rules about:
- Real estate transactions
- Environmental regulations
- Fair housing practices
They also ensure the HOA complies with its own governing documents. They can coordinate with legal professionals if an issue arises. This service reduces the risk of legal disputes and non-compliance penalties.
Communication and Homeowner Relations
The HOA manager handles communications about HOA meetings, rule changes, and financial reports. They serve as the homeowners' primary point of contact by responding to concerns.
They also foster positive homeowner relations. They organize community events and support local initiatives. These services improve communication and enhance homeowner satisfaction.
The HOA management company will source, hire, and manage vendor relationships. These vendors provide essential services to the community, like:
Most landscaping companies raise their prices by two to five percent on an annual basis. That is why the company will negotiate contracts for the best price and quality. They will oversee their work to ensure it leads to community satisfaction.
Board Meeting Support and Governance
The HOA manager will schedule and plan meetings, prepare agendas, and distribute minutes. They will also assist the board in implementing the HOA's governing documents. They can offer advice on best practices in property management and real estate.
HOA Management Companies Allow Communities to Prosper
HOA management companies help enforce compliance and efficient management of the HOA. This makes them the backbone of the community associations. They handle daily tasks and complex management issues.
This frees up board members' time to focus on improving the community. If you're an HOA board member feeling overwhelmed by administrative tasks, we can help. Let us manage your HOA, so you can better serve your community.