Choosing a HOA Management Company
Homeowner’s property managers associations (HOAs) are governed by a board of directors, made up of members of the community. While you may be tempted to run for a board position if you’re passionate about your neighborhood, you won’t get paid. That’s why many homeowners prefer to hire a third party company to take on HOA management. The sheer amount of work is too much for most HOA boards to handle.
To avoid disappointment, make sure to read the contract and find out how much the HOA management fee is. While most fees are fixed and predictable, some activities may incur additional charges. These might include engaging in collections activity, attending board meetings, or preparing documents. Make sure to check the terms and conditions of the contract before agreeing to a service provider. In addition, make sure to find out what fees the management company will charge for each service.
A good management firm will provide accounting services as well. These services can range from basic bookkeeping to recommending how much to budget for upcoming expenses. They can also assist with hiring a contractor to perform repairs. Accounts receivable management also includes reporting to the board, updating the board, and completing legal actions if necessary. Choosing the right HOA management company is an important decision for any HOA board. You don’t want to end up with a management company that doesn’t meet your needs.
If you’re a board member of an HOA, it is important to look for a management company with a solid track record of customer service. This will ensure a smooth operation of your community and minimize any problems. They’ll also help you with budgeting and management selection. In addition to managing your HOA, many of these management companies also handle emergency issues, resident relations, and seasonal pesticide treatment. They can even help with maintenance of common areas.