20 Benefits of Hiring an HOA Property Management Company
A professional property management company can save your association money, manage vendors, improve relationships between neighbors and more. Hiring a management company is cost effective and brings many benefits to your community. Here’s a checklist of some of the advantages your community can gain with the right community association management company.
- Reviews information to understand the big picture and unique needs of the association.
- Knowledgeable about industry and state regulations to advise Board members on decisions.
- Ensures that HOA is managed and operated as required in the HOA’s governing documents.
- Understands financial statements, funding reserves, etc. to suggest choices for the Board.
- Handles most day-to-day administrative and financial responsibilities, including collecting dues and paying invoices.
- Maintains detailed and fully auditable records of all actions and transactions.
- Ensures that rules and policies are consistent and clearly defined.
- Suggests communication channels for covenants, restrictions and guidelines to all residents.
- Counsels the Board on consistent enforcement of rules and policies.
- Provides monthly reports to the HOA Board and ensures that all information is available upon written request to any homeowner.
- Manages vendors for common area maintenance and services.
- Maintains vendor list for a variety of services HOA’s may need.
- Make scheduled and/or unscheduled site visits to review property conditions.
- Assist in developing an annual budget.
- Attend Board meetings.
- Recommends options to deal with owner compliance issues.
- Solicits vendor bids for improvement and/or repair projects.
- Suggests insurance options.
- Offers training options for HOA Board members.
- Suggests solutions in resolving owner complaints.
An Accredited Association Manager Company (AAMC) will be able to work with your association to formulate effective financial, communication and maintenance strategic plans that cover both short-term and long-term. It’s important that the Board and manager always work as a team. The Board adopts rules, enacts policy and approves the budget. The manager executes the plan at the direction of the Board, ensuring that the actions comply with governing documents and state and federal law.
Your final destination: solid property values and satisfied owners. Be sure your community is well maintained, has a balanced budget & reserves, and the residents are happy owners.