Did you know that there are approximately 22 new homeowners associations formed in the U.S. every day? HOA responsibilities include making and enforcing rules and regulations, collecting HOA fees, and maintaining the community.
Managing an HOA is a tough job which is why many HOAs turn the responsibilities over to an association property management company.
Community association management is sometimes misunderstood, but it's important to know that using this type of service makes your community run more efficiently.
There are several qualities that the best HOA management companies have in common. Keep reading to learn more about the HOA management services you should expect from an HOA property manager.
Billing
Most HOAs collect monthly fees, rent, and issue notices for delinquency. A property management company will act as a third party in billing and collecting payments due to the HOA.
A good property management company will coordinate with the HOA's financial and legal counsel when a delinquent account becomes a problem.
Administration
A management company will take over many of the duties like scheduling board meetings, preparing the annual budget, and enforcing community rules.
It also handles communication with homeowners and manages the community writ large.
Enforce the Rules
A good management company will know the rules and regulations put forth by the HOA. It will also know the covenants, conditions, and restrictions as it will be responsible for implementing the policies and enforcing them.
The management company ensures that all those living in the community comply and adhere to any decisions made by the board.
Maintenance
One of the main goals of an HOA management company is to keep up the property and its property values. It does this by maintaining the property.
A good management company will keep the common areas mowed, maintain the pool and playgrounds, and handle snow removal. It will also field maintenance requests from the community residents and follow through on completing the requests.
Manage Vendors
One of the biggest services a management company provides is vendor management. It helps coordinate vendors like landscaping companies for common area maintenance and pool service for the upkeep of community pools.
A management company solicits bids and negotiates and re-negotiates contracts with vendors. It also acts as the primary contact for vendors.
Reduce Risk
Risk reduction is an important function of a property management company to keep residents safe in their community. A thorough assessment of liabilities helps the HOA regulate safety hazards. It also helps the HOA address any existing risk.
A management company will also look at the HOA's insurance coverage to assess its adequacy.
Best HOA Management Companies
Are you looking for one of the best HOA management companies to manage your community? We at PMI Main Source are here for you. We are a full-service real estate asset management company. We provide professional property management and real estate brokerage services.
We are committed to providing prompt and professional services with the goal of increasing the value of your property over time. Contact us today to schedule a consultation.
