Homeowners’ associations (HOAs) are the organizations that are formed within a planned community, the building containing individually owned apartments or subdivisions. They have the authority to administer the common areas and amenities within the development and to carry out the CC&Rs, i.e., covenants, conditions, and restrictions. The main goal of an HOA is to maintain property values. HOA management means governing and handling the homeowners association, which daily manages the community. The work of an HOA management company and the HOA board is similar, but the HOA board is formed by volunteers who often lack time to complete the tasks, so here the HOA management company works best.
Work of HOA Management Company
These management companies try to make the life of an HOA easy, and apart from these, the work of the company is divided into some categories, which are:-
Accounting services include:
These companies are well versed in handling the complications of finances and do the following tasks:
- Preparing monthly financial reports and assessments within a turnaround time.
- Guiding long-term funding.
- Administering the community’s bank accounts and ledger.
- It calculates the maintenance cost-effectively.
- Providing records on all accounts receivables and payables in detail.
- Advising and guiding the community board during the formation of the budget.
An HOA provides administrative services:
Management Company can cater to any situation by the means of proper communication, and this is because of the experience they hold. The other administrative services being offered by them are:
- Schedule, felicitate, and attend board meetings.
- This creates the agenda for the meeting.
- Send notice of the meeting.
- Provide management reports every month.
- Respond to the homeowners’ inquiries as soon as possible.
- Take notes on the meeting.
- Enforces the rules and regulations by regularly visiting communities to spot violations and sending violation notices.
Site Management Services:
In property evaluation and management, site management plays a significant role. Several tasks that must be performed during an on-site visit are:
- Coordinate the various actions approved by the board.
- Do a detailed inspection of the violation of the rules.
- Keep an eye on the issues of maintenance.
- Make sure that all the vendor tasks, such as cleaning and lawn care, are based on the specifications of the contract.
Accounts Receivable Management Services:
The HOA Management Company, being professional, will be up to date with the laws of the state regarding the collection and perform the following duties:
- This ensures that the errant accounts are being reported and then updated to the board.
- Initiates legal action to collect the funds as per the policies of the board.
- Take care of the billing process.
- Work with the attorney of the association.
The HOA management company is not the final decision maker, but there are numerous benefits to having a professional management service. These include clarity, consistency, open communication, legal knowledge, vendor management, neighborhood commitment, and varied expertise. This functions as an agent of the board, so it is the first choice of a homeowner for the HOA issues. For more information, visit lifetimehoamanagement.com.