Property management companies can play an important role with regards to Home Owners Associations (HOA). Every HOA designates a set of rules and guidelines that residents must follow in exchange for a detailed list of services or benefits that will be offered by living in that community.
Normally the HOA board oversees a property management company chosen to ensure that all the laws, licenses and legal rights are followed correctly.
However, choosing the right property management company to manage your HOA responsibilities is critical because you want to ensure they are experienced in handling multiple issues and compliance bylaws.
Here are just some of the many tasks your property management company should handle:
- HOA Board meeting attendance and scheduling
- Compliance with all bylaws of HOA
- Property inspections, late notices, collection services
- 24-hour emergency services
- Monthly: Financial statements, meetings, newsletters, reports
- Revenue: Collection, association operating expenses, capital improvement, budgeting
- Coordination: Employee and vendor services, buying and selling of units
Managing a HOA can be a difficult and time consuming process, from dealing with difficult tenants to conflicting viewpoints on how to handle a challenging situation. It’s highly recommended that you choose a property management company with good communication skills and experience in professionalism.