The property management industry accounts for $88 billion in revenue every year in the US. HOA property management companies offer Homeowner Associations a third party to help with their large number of responsibilities.
This type of property management differs from a landlord hiring a property manager to oversee rental properties. HOAs are governed by a board of community members who voluntarily perform duties related to the community. Hiring a manager takes the responsibility of acting as a bill collector and rule enforcer out of the hands of the homeowners who make up the board.
Are you trying to decide whether or not to hire an HOA property manager? There are many benefits of HOA property management, but is it worth it? Let’s take a look.
Hiring an HOA Property Manager
When you have a large community with an HOA, managing the collection of HOA fees, handling complaints, and keeping up with maintenance can become difficult for the board of volunteer community members to manage. When looking for a company to manage your community, here are some things you need to consider:
- What services do they offer?
- How many HOAs do they currently manage?
- Do you need to sign a yearly contract with the company?
- Do they have an insurance certificate?
- What will it cost to have them manage your property?
Compare a few different management companies to find the one that fits the needs of your community. Get and check references before signing a contract.
Duties of an HOA Property Manager
The board makes the decisions regarding HOA dues, maintenance, vendors, and is the primary contact for the homeowners. The property manager is there to perform the following duties:
- collection of HOA fees
- payments to vendors
- schedule and be present for board meetings
- enforce the rules and regulations of the community
- assist the board in outlining the annual budget
- responds to homeowners’ questions and concerns
- oversee the maintenance of the pool, common areas, landscaping, and other maintenance issues
- inspect the community for rule violations
- coordinate board-approved actions or new community rules
- estimate yearly maintenance costs
- manage bank accounts and accounts payable and receivable with detailed records
- create and provide monthly financial statements
- review monthly billing for HOA fees
- guide the board in figuring out long-term funding to keep the community in good shape
Having a company to provide these services leaves the homeowners with the simple task of doing their part…pay dues on time, keep up the curb appeal of your home, clean up after your pets, and keep the common spaces clean.
Read more on HOA management here. We’ll manage your HOA so you can enjoy your community.
HOA Property Management
Now that you know the benefits and duties of an HOA property manager, you can make an informed decision on whether or not it’s worth it for your community. Do your due diligence when considering an HOA property management company to ensure a successful working relationship.
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