Learn Why You Should Hire HOA Property Management
To run a community effectively is a big challenge. A Home Owner’s Association is in charge of management of the business affairs of a corporation along with balancing the needs of neighborhood communities. To accomplish these tasks efficiently, it requires professional assistance of a property management company. Most of the people get confused between the roles and responsibilities of an HOA and an HOA management firm. Understanding the differences and duties of both the entities would help in choosing the best for your community.
How does HOA function?
The responsibilities and roles of your homeowner’s association and the owners rely on the governing documents, state, federal, and local laws. An HOA is executed by a volunteer “Board of Directors”, appointed by the Homeowners.
Gilbert is a town located in Maricopa County, Arizona state, US. Gilbert HOA Management Service oversees maintenance of common amenities and areas and provide shared services in communities. Tasks related to collection of dues, enforcement of governing documents, cover expenses, and save for bigger capital expenditures is what an HOA responsible for.
How does HOA Management function?
An HOA management firm saves a lot of stress, time, and money of a company. HOAs are regulated by Boards that comprise of community members who carry out their duties on a volunteer basis. Most of the HOAs seek assistance of a professional 3rd party management company to cover their large room of responsibilities. An HOA management form is responsible for:
- Guiding and consulting with Board of Directors to meet their duties
- Perform regarding making decisions, policies and directives, and getting approved by the Board of Directors
- Document activities, transactions, and records of the association
- They take all the decisions regarding actual dues collection, vendor payment, and maintenance.
The key responsibilities of an HOA management firm can be bifurcated down into 4 main sections:
- Administrative Services
- Site Management
- Accounts Receivable Management
- Accounting Services
A well-organized HOA management firm provides easy to access support and:
- Scheduling and attending board meetings
- Providing monthly management reports
- Enforcing the regulations and rules of the community
Accounts Receivable Management
Management of debt with an HOA management firm involves task such as:
- Reporting antisocial accounts and sending updates to the board
- Initiating authorized action for funds collection as per the directives/policies established by the Board
Tasks performed during an on-site visit comprise of:
- Check maintenance related issues
- Coordinate various board approved actions
- Ensure that pool cleaning, lawn care, and other vendor related tasks are accomplished on the basis of the contracted specifications.
An HOA management firm is liable to carry out following task such as:
- Managing bank accounts for the entire community
- Evaluate monthly bills for community assessments and dues
- Provide elaborate record keeping on all accounts receivable and accounts payable
When tasks get overwhelming, many communities choose to hire an HOA management company for effective execution of the management tasks. Understanding the actual responsibilities of an HOA management firm and how it benefits your community association would assist you in serving your community purpose well.