Homeowners associations, or HOAs, are communities run by a community elected board. They function as a unit and work to provide the best possible living circumstances for people within the association. They upkeep community areas and amenities and enforce rules that are needed to ensure a peaceful, happy living space.
However, HOAs can’t generally do everything on their own. They a volunteer board and their jobs can be time-consuming. That’s where homeowner association management services come into play. These residential property management companies help HOA boards do their job and manage the broad spectrum of responsibilities they have.
One way that HOA residential property management helps is by dealing with financial factors. These factors can include things like:
- Handling delinquent accounts
- Helping coordinate legal action for delinquent accounts
- Managing community bank accounts
- Creating financial reports
- Offering long-term financial guidance
These processes can be complicated and time-consuming. Having extra help to assure that they run smoothly can move them along faster and easier.
An important part of running an HOA is assuring that maintenance is up to date. Maintaining the properties in the community is a way of assuring the quality of life that HOAs offer. Residential property management services will often oversee maintenance to be sure that everything is being done and that it’s done on time. They won’t perform the maintenance themselves, but they oversee contracts, rules, and schedules.
These companies are also very involved in the administrative processes for an HOA. They attend to a variety of tasks such as:
- Board meetings
- Enforcing rules and regulations
- Responding to homeowners needs
- Creating management reports
They oversee many different administrative areas and are greatly involved in the running of the community. Assuring that the communities needs are met is that main goal of property management companies, which means they need to be closely involved in decision making and administration.
The Difference Between HOAs and HOA Management
The biggest difference between these two is that the HOA is in charge of the community, while HOA management offers assistance and guidance to the HOA. Management doesn’t make the final decisions or write the rules for the community. They can, however, offer advice when it comes to making such decisions. They also help to carry out the rules and regulations that the HOA puts into place.