Being on the board of the Homeowners’ Association (HOA) can be prestigious but it comes with many challenges as well. It is important to remember that you and fellow board members may be reckoned as pillars of the community and the society but the time you are putting in is purely voluntary. Moreover, you may not have enough professionals on the board to look after the nitty-gritty and resolve all issues. Hiring a competent HOA management company to assist as needed can be of enormous help in the long run.
It is most important to be aware of such companies and be informed about the types of responsibilities that such companies are prepared to shoulder. Do some research if you have misgivings about roping in strangers merely based on their word.
It suffices to know that such a company can help by taking on most of the day-to-day responsibilities, unlike the community members who often lack the time and motivation. The company workers will be able to spare full days to the HOA-related tasks thus enabling the association to fulfill all duties. It makes sense to interview the company owner or management before making the final decision in favor of hiring them. You will be pleasantly surprised to know that the reputed companies have a proven track record of managing diverse HOAs thus being able to satisfy the board and community members.
What does the HOA management company do?
Needless to say, the responsibilities of the company are varied with different HOAs requiring different types of services. While the management company is sure to be skilled at various tasks of managing the HOA, the services provided depend upon the willingness of the board members to delegate major responsibilities. Overall, most of the HOA management entities are likely to handle the following responsibilities on behalf of the board:
- HOA’s budget management which includes bookkeeping, and drawing up the required financial reports
- member fee collection along with issuing notices on time, tracking down the payments made and pending payments, and charging late fees as needed
- Processing the maintenance requests from community members
- Maintenance of common areas such as pools, playgrounds, tennis courts, gardens, gym, library, etc
- Hiring vendors for snow removal, garbage collection, lawn mowing, and other regular maintenance tasks
- Management of vendor relationships
- Guiding the board on financial, insurance, and legal matters
- Management of large-scale projects such as the installation of a new community playground or common structures
- Enforcement of rules and regulations established by the board
- Handling all administrative tasks on behalf of the board including booking meetings, sending out agendas, etc.
- Timely Communication with members
- Resolution of member conflicts
A quality HOA management company will be available to answer questions of the board without fail. Moreover, the team members will not only keep the board apprised of the present problems but will also make an effort to provide cost-effective solutions when required. A well-maintained HOA is viewed positively with the vacant properties being sold on the basis of the promotional drives undertaken by the board. This is possible due to the effort put in by the HOA management team.
