Over 57,000 HOAs in the United States use association management companies. This is largely in part because managing all aspects of an HOA is a tough job.
But what exactly does HOA management entail? This guide to HOA management outlines the services that HOA management companies provide. Keep reading to learn how partnering with an HOA management company can help your community.
Administrative Services
HOA management companies provide a community with an experienced manager. This manager serves as the primary point of contact for residents and owners. As an expert in community management, the HOA manager is able to handle any situations that might come up.
The management company schedules board meetings, enforces rules, and prepares an annual budget. They're also responsible for responding to homeowner inquiries. Having an effective building manager is one of several benefits a community gets from hiring a management company.
Site and Vendor Management
An HOA management company operates with the purpose of increasing property values. Part of this responsibility includes maintaining the visual appeal of the property. It also includes ensuring residents are upholding all community rules and regulations.
When the management company identifies any needed maintenance, they alert the HOA board. The board then decides if action is needed. The management company will find a vendor and see that the work gets completed.
The management company oversees regular maintenance. This might include pool maintenance, landscaping, or snow removal.
Accounting Services
It's unlikely that members of the HOA board are qualified or have the time to manage the financials of the HOA. HOA management services include keeping financials secure and adhering to accounting principles.
A management company will manage bank accounts for the community. They will also collect dues, cut checks to vendors, and compile monthly statements. The HOA can trust that the management company is well versed in carrying out appropriate accounting practices.
Debt Management
It can be hard for an HOA board to deal with the legality and logistics of delinquent accounts. A professional HOA management company is well-versed in this area. They will handle late payments and take the potential stress away from the board.
It is the responsibility of the management company to stay up to date on applicable state laws. They deal with billing, reporting delinquent accounts to the board, and sending delinquent notices. They’ll also start legal action for the collection of funds in coordination with the association’s attorney.
HOA Management Companies Provide Many Services in One
Managing an HOA requires expertise in various domains and a huge time investment. HOA management companies are a great one-stop solution for HOA boards who can’t do it all themselves.
If you are looking for a qualified HOA management company in Vancouver or Portland, contact us at Invest West Management, LLC. Our team of experts is ready to provide you with the property management services you’re looking for.
