Why Is Homeowner Association Management Important?
Homeowner association (HOA) management can mean the difference between success and failure for a community or neighborhood. Hiring the right association management company to handle most day-to-day responsibilities can improve the quality of life in the community.
Due to the diverse makeup of any given community and the broad array of issues or difficulties that can arise, it can be difficult for a self-managed association to adequately handle all situations. A good association management company will have experience in handling issues professionally and effectively by using expertise to handle day-to-day operations, perform ongoing maintenance duties and communicate with residents.
What Does A Homeowner Association Management Company Do?
Sometimes homeowners confuse the roles and responsibilities of the Board of Directors of the association and the association management company, especially when it comes to community rule enforcement. An association management company does not set the rules or policies of an association or the penalties for violating those rules or policies. The responsibility of the association management company is to enforce the community policies and regulations made by the Board of Directors on behalf of the homeowner association.
The association management company provides a wide array of services to an association. The primary services provided are listed below.
- Maintain communication with the board, association members/owners, and vendors
- Respond to letters, emails and phone calls from owners
- Send notices of annual meetings
- Collect assessments
- Ensure bills are paid
- Produce financial statements
- Establish a draft budget for the board and implement budget policy
- Ensure tax forms are completed and taxes are paid
Advice and Consultation
- Advise the board on governing documents
- Refer the board to other professional advisors (e.g. attorneys, CPAs, engineers)
- Research insurance coverage and process claims
- Maintain files for each member of the association/owner
- Maintain records for the association
Property Management & Maintenance
- Hire, supervise, monitor and terminate vendors, as necessary
- Negotiate contracts – with board approval
- Inspect and maintain common elements
- Respond to emergency situations
As your association manager, we partner with the Board of Directors to optimize property values and work to ensure pleasant living environments for all residents. When the Board and their property manager work together, they can ensure that a community or neighborhood is a place that all residents enjoy living in and are proud to call home.