Benefits of Hiring a HOA Management Company

Many residential communities have well-designed and neatly laid-out buildings that are occupied by like-minded homeowners. A homeowners’ association, or the HOA, is responsible for formulating the rules of living within the enclosed area and managing the day-to-day tasks. However, the organization of the residential area, along with certain common spaces such as the swimming pool, garden, playing spaces, and gym, is governed by an elected board of the HOA. The board members are volunteers who may or may not have any professional expertise. Handling all the required tasks needs assistance as well. Most of the communities prefer to outsource such needs to a competent HOA management company, therefore.

The management company is likely to have the requisite skills and experience in dealing with the necessary tasks and also provide services to ensure the enforcement of rules without disputing with the residents.

Responsibilities Of the HOA Management Company

It is the onus of the management company to deal with the day-to-day tasks required by the community. Moreover, the management company also serves as an advisor and assistant to the board members who are elected by the community members. The primary responsibilities that are ensured when such a management company is in place include the following: –

• Financial Management– The assistants are responsible for the collection of the dues from the residents by making the right assessments. Moreover, they pay the required bills to the government organizations and private service providers as needed. Additionally, the management company also deals with budgeting, creating financial reports, and oversees the use of the reserve funds while attempting to increase the funds for future use.
• Maintenance Tasks– Handles the day-to-day upkeep of the property by keeping a close watch on the common areas and diverse facilities which are used by members of the community. Hiring appropriate vendors for cleaning and repairs of such facilities and spaces is ensured by the management company as well.
• Administrative Support-The company not only remains informed about every aspect of the HOA but also prepares the schedule for future meetings and shares the information with the community residents. Additionally, they also manage the meetings and ensure that the agenda is followed closely. Keeping track of the income and expenses made by the board is noted, and records are updated as required.
• Community Communication– The company representatives working as the assistants of the board become the first point of contact for all residents within the community. They work as representatives of the board and answer the queries, share important information, and address the issues. Dispute resolution by a neutral third party is also appreciated by the residents.
• Vendor Management– It is a common practice for a homeowners’ association to hire multiple vendors for the completion of essential tasks. Having a management company for assistance can help contact the right vendors and negotiate with them. This ensures obtaining quality tasks at cost-effective rates.

The best benefit of having a highly reputable HOA management company assist the board is the ease of enforcing the rules.