Both smaller and large associations have their respective obstacles to overcome when it comes to managing money, whether...
What Important Services Should an HOA Management Company Cover?
An experienced HOA management company should offer a variety of comprehensive services. Typically, when management tasks become overwhelming for the volunteer board of directors, many HOAs hire an HOA management company to effectively carry out the management of their community. Sometimes, however, the lines can be blurred as to which party does what and where homeowners stand. Here are some of the most important services that an HOA management company should cover, and how they can benefit your community association.
HOA Administrative Support Services
HOAs involved with an HOA management company will have an experienced manager to act as the community’s primary contact. An HOA manager will be an expert in community management and have an idea of how to navigate through any situation that a community may encounter through proper means of communication. A well-developed HOA management team will be able to provide easily accessible support as well as:
- Schedule and attend board meetings
- Provide monthly management reports
- Uniformly enforce the rules and regulations of the community
- Respond to homeowner inquiries in a timely manner
- Getting bids and proposals from vendors
- Guide the board through preparing an annual budget
A professional HOA management company should be well-versed in many aspects of accounting. They’ll be up-to-date on state law regarding collections and ensure that notices sent to delinquent owners are compliant with those requirements. The main accounting services that an HOA management company should cover include:
- Assessment Collections
- Late notices / Pre-lien Letters
- Payment of bills
- Financial statements
Community management is an extremely important piece of the HOA management puzzle. The management company should be familiar with the CC and R’s, rules, and by-laws of the association and follow them and enforce them uniformly among members. The overall goal should be to establish a working relationship with the Board to ensure that the Community the management company represents is able to thrive.
In general, the HOA management company should be familiar with a variety of community management tasks, including:
- Scheduling and attending Board meetings
- Homeowner correspondence
- On-site inspections
- Rules & violation notices
- Bids and proposals
HOA Financial Services
One of the main benefits of working with a professional HOA management company like Associated Professional Services is their experience with the local financial industry and accessibility for the HOA Board of Directors to make easy decisions when needed. Essential financial services that an HOA management company should cover include:
- Budget preparation
- Reserve studies
- Income tax preparation
- Special assessments
- Audits and Reviews