Being entrusted with the responsibility of running a homeowner’s association by achieving compliance can be a tough call. You are sure to be aghast at the multiple responsibilities that you have to ensure without fail. It is a good idea to rope in a reputed HOA property management company that has served diverse associations and communities in the right manner. Yes! Serving on the board can be rewarding but adapting to the need and enforcing the rules can be extremely challenging. Finding the required time for all related activities can be difficult especially when you have another profession to think of.
Why hire a HOA property management company?
Having the company aid you will help you to fulfill your obligations perfectly. The company will have several members on their team to look after the nitty-gritty. Some of the major responsibilities the company will willingly shoulder include the following:-
Time Effective
There are sure to be several residents who want to do their bit for the community. Unfortunately, they are volunteers and may not feel compelled to complete the tasks assigned to them. Others may hold full-time jobs. Sparing the required time for the betterment of the community is a big ask for them. No worries! The property manager will have the required skills as well as the experience to ensure…
- Overall operations and administration of the HOA
- Project management as and when needed
- Contract and vendor management
- Dealing with Insurance matters
- Dispute resolution between members
- Agenda preparation before every meeting
- Ensuring Meeting attendance
- Maintenance of the Building and premises
- Budget preparation
- Billing and collections
- Keeping all residents informed about the services completed and pending
Enforcement of Rules & Regulations
Trying to enforce rules can be a point of contention. Asking the neighbors or people you meet regularly on the premises to pay their dues can be a sensitive topic. It is normal to feel apprehensive and uncomfortable. Sadly, putting it away or delaying tactics will not help either. It is best to offload this responsibility onto the management company personnel who are adept at handling such problems. Proper enforcement of all rules and regulations is ensured when the professional team takes over. You will be relieved to find complaints and billing issues resolved without prolonging the disputes. What’s more? The professional team will also ensure total compliance with the standards of the city, town, state, and locality.
Accounting
Money matters result in complicated situations with the board members being concerned with setting up the budget, dealing with expenses, and day-to-day accounting. Thankfully, the management company can lend a helping hand here too. Not all HOAs have highly qualified financial professionals as members. Luckily, the company can provide timely assistance with day-to-day accounting and budgeting as needed. Keeping the records updated and taking care of special assessments can help to maintain healthy finances for the HOA. The highest standards of security and safety are maintained with the management company being extremely cautious about monetary transactions
A new HOA will have the board members worried about finding the right professionals. The HOA property management company is sure to have valuable connections and will be able to provide lawyers, architects, landscapers, and builders along with CPAs as required.
