Moving into a new home governed by an elected board of the homeowner’s association can be a blessing in disguise. Such a move is sure to reduce the responsibilities with many of the requirements being addressed as needed. Unfortunately, such a board almost always includes voluntary members who find it impossible to give time for the improvement of the community/association. It is therefore important to select a HOA management company that provides excellent services. The service providers can concentrate on their duties without involving the board 24/7.
Role of aHOA management company
A reputed HOA management company can take on the primary responsibilities on behalf of the board members. From dealing with the day-to-day administration tasks to financial management, and maintenance as well as connecting with vendors, the concerned community can run smoothly and in a hassle-free manner.
The primary purpose of the management team is to provide close assistance with various responsibilities as and when needed. Moreover, the professionals are adept at enforcing the regulations and collecting dues from the association members without creating any disputes. Some of the most important tasks handled by the management company are as follows: –
- Budgeting- The pros can help the board members check the requirements and go through the books diligently to create the budget for the year ahead. Sharing the information with the community once the budget is created is also their responsibility as is proper management of finances.
- Collection of Dues– Many types of fees need to be collected from the members for maintenance and extra expenses. The HOA management team is capable of doing this without creating any sort of problem due to their neutral stand.
- Financial Reports– The finances are examined meticulously with professional accountants and tax experts roped in as necessary. Transparent financial reports are created on behalf of the association and shared with all the concerned parties.
- Accounting– While this is one of the main responsibilities of the HOA board, the management company can pitch in by maintaining the books and keeping records of all financial transactions. The day-to-day records are thus accurate with no discrepancies
- Board Meetings– It is imperative for all board members to attend the meetings to discuss the requirements and management concerns. The company is responsible for coordinating the meetings, handling all communication, and drawing up the agendas.
- Vendor Management– Almost all HOAs include additional spaces such as swimming pools, gardens, gyms, or tennis courts as well as parking areas. It is the onus of the management company to hire vendors for regular maintenance and ensure new construction as and when needed.
- Enforcement of Regulations– The service providers are sure to deal with communication by informing every resident about the new regulations or revision of the existing ones. Maintaining the community covenants, conditions, and restrictions becomes easier for the board with the dues being paid on time.
However, the greatest function that the HOA management company performs is the swift and effective resolution of disputes that may occur between the Board and individual residents or various members.
