Many areas of HOA management vary according to location. Most HOA Management services maintain a community’s landscaping, lawn care, exterior lighting, security, snow removal, and curbside recycling. Other community management services may include real estate taxes or financing decisions for projects like schools or parks. Most community management companies also handle financial and accounting duties, including management information systems and managing the association’s budget. If you are interested in managing your community’s assets, it is wise to research the different areas of community management.
HOA Management Tasks: Although most homeowners understand that their home is a considerable investment, many do not handle all the various HOA or community manager responsibilities. Many of the tasks required to maintain a great community or HOA are the duties of the homeowners. Some homeowners may be great at budgeting and finances but not so great at negotiating. On the other hand, some may not know about the various HOA or community manager duties but would be willing to do them on a rotating basis. Whether you are eager to do the duties or not, it is always helpful to have a professional HOA or community manager do some of the paperwork and administrative tasks for you.
Community Manager: The primary duty of a Community Manager is to keep the various communities under control. They usually receive regular reports detailing the performance of all board members and staff. A community manager has broad knowledge about building code regulations and can assist homeowners when legal issues come up. This person may also be involved in budgeting and may have other financial responsibilities, such as overseeing the financing of projects and collecting late fees. Many board members find that having a manager at their beck and call keeps them from getting too much unnecessary stress.
Third-Party Service: When a resident wishes to upgrade to a higher level of service, such as being allowed to select their deck materials, for example, rather than being required to choose from a list, the association may require an additional expense. HOA Management offers the following services to assist communities in these types of matters: third-party repairs, such as those required by a leaky roof or cracked door frame; replacement of common household appliances such as dishwashers and refrigerators; and, common areas for improvement like painting or carpeting. In addition, third-party services may also include repairing or replacing walkways, exterior doors, mailbox and entryways, gated entryways, fences, gates, parking lots, decks, pools, tennis courts, retaining walls, sprinkler systems, playground equipment, retaining walls, trees, statues and other common areas. If a HOA does not require the installation of a particular item, it may want to consider offering the service. Common items that are installed by a HOA manager include: outdoor lighting; gazebos, courts, pavilions, fire pits, and outdoor furniture; security fencing; driveway entrances; trees, birdbaths, pond supplies, landscape materials and signs.
Community Manager: The chief responsibility of a community manager is to make sure that everyone within the HOA is kept well informed about association activities and important decisions. In addition, the community manager makes sure that all homeowners within the community are satisfied with their association’s operations. A community manager oversees the construction of public facilities, maintains communications with homeowners and guests, and responds to requests from property owners. Most managers also plan special events, parties and lectures. However, some communities allow management companies to manage these tasks on an individual basis. In addition to these general tasks, a community manager may also handle and direct the hiring of maintenance workers, take part in training homeowners regarding safety and community standards, work to create a marketing plan and implement marketing campaigns.
Property Management Companies: Many homeowners decide to enlist the help of a property management company because they are not experienced with these kinds of projects. Property management companies have specialized personnel with experience managing different projects. Some property management companies are specifically trained to deal with HOA issues, while others offer their services to all homeowners. Generally, property management companies are hired to enforce rules, make sure homeowners pay their dues, and perform other duties as needed.
Professional Management Company: There are several advantages to using a professional management company. Some of these benefits include: no time commitment, no legal fees, no pressure from property management agencies and more. A professional management company can handle everything from improving your landscaping to selling your house fast. A good professional management company can also provide you with HOA management services, including: property inventory, appraisals, fencing, budgeting, insurance and many other services.
Financial Reports: Most communities are required by law to submit financial reports to the governing body, which are usually called the Public Accountants Association (PaaS). The budget, expenses, and revenues are all reported in the financial reports. Most of the time the HOA or management company will prepare the financial reports themselves and submit them to the PAAs. Some communities use the services of a professional accounting firm, while others rely on the services of a large accounting company like Booz and Co. Other HOA or community managers hire external accounting firms to prepare the financial reports.