Written by Spectrum AM
When a community is seeking an HOA management company, their first step will be learning what the management company is responsible for. Understanding which duties the board will continue to oversee, versus which tasks can be handled by an HOA management company, will help the decision process when trying to find the perfect fit.
Every management company will offer different levels of assistance on certain jobs and duties, however, here is a list of responsibilities every great HOA management company will offer your association.
Billing and Collections
The financial status of a community is imperative in maintaining the health and wellbeing of the HOA. It is the management company’s job to protect the financial status by keeping up to date with a community’s billing and collections.
An HOA management company will be responsible for billing residents for assessments and fines, keeping the board updated on delinquent accounts, and staying current on relevant state laws.
Site Management (Policy Enforcement)
Maintaining property value by ensuring homeowners adhere to community policies is a crucial part of what management companies do for their HOAs. HOA management companies will provide professionals, such as community managers, site managers, and/or community coordinators, to be onsite and hands on in maintaining the upkeep of the neighborhood. These professionals will be responsible for driving within the community to ensure all homes are complying with the governing documents.
It’s the HOA management company’s job to find, verify, and manage vendors for a community. They alleviate the burden from the board by taking on those responsibilities and making sure to choose the best, verified vendors for the job. Some management companies even have the resources and networks to find deals that a board might not be able to get on their own.
Administrative Office Duties
A good management company will act as a site location for the HOA and its homeowners and will perform office duties for the community. Daily tasks such as handling homeowner questions and attending to phone calls, voicemails, and emails, are all things that should be handled by the management company.
Accounting Services/Accounts Receivable
An HOA management company should also be responsible for maintaining financial records, producing reports, and carrying out general accounting duties for the communities they partner with.
Accounting services will:
-manage and balance ledgers and bank accounts,
-provide the community with financial reports,
-maintain reserve accounts for upcoming projects or unexpected expenses,
-and deliver timely accounting reports.
It is important that whatever HOA management company a community chooses to partner with, they find a company proficient in communicating with the board members, homeowners, and vendors alike. Good communication will ensure that homeowners are happy and informed on neighborhood updates, such as pool card activation steps, how to pay assessments, or knowing when community events are scheduled.
Knowing the scope of what an HOA management company offers can help the board when deciding management options for their community. If your community is in search of a great HOA management company, consider taking a look at us here at Spectrum Association Management, where we stand out from our competitors and create good in every HOA we manage.
The post Responsibilities of an HOA Management Company first appeared on Spectrum Association Management.
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