A homeowners’ association (HOA) is an important body that oversees the upkeep of the entire property housing several residents located within its premises. While each unit becomes the responsibility of individual owners, the common areas and amenities are usually maintained properly to ensure their functionality and aesthetic appeal. It becomes necessary to hire a well-reputed HOA management company to take on this responsibility by sharing the tasks and providing assistance to the elected HOA Board as and when needed.
Role of the HOA management company
Dealing with the day-to-day tasks seems to be simple, but the reality is different. Moreover, many of the elected board members do it voluntarily and are hard-pressed for time when they have to attend to their professional responsibilities at the same time. True, the HOA company does not provide free services, but the expense is justified as the board is assured of the enforcement of rules and obtaining the necessary fees from the individual members of the association.
Connecting with vendors and dispute resolution is also the forte of such management companies, making it easier for the board members to deal with their responsibilities. The specific tasks which are handled by the management company proficiently usually include the following:
- Assistance with Daily Tasks– The management company team handles the common tasks that need to be done daily. It may include cleaning the common spaces such as the outdoor paths, garden, and driveways. Checking the gym and swimming pool within the premises is yet another task that needs to be taken care of regularly. Managing the vendors and their crews, as well as supervision, is ensured once the management company takes on the responsibility.
- Communication– Sharing of information is essential, which the board members often fail to do. Proper communication between the homeowners and the administration is ensured with the company happily answering the queries, sharing important information, and managing online platforms and HOA groups on social media.
- Budgeting– Money matters are crucial and take up a lot of time, with expertise of accountants often required. While the board members may or may not be equipped with such skills, the company team is sure to assist as needed. Drawing up an annual or quarterly budget, collection of dues, and generating/creating detailed financial reports to be shared with the board members and community homeowners are assured once the company takes charge.
Financial Stability– The financial status must remain robust at all times for an HOA. Thankfully, the management company can ensure this by spending diligently and on things that are truly required. The entire community is thus pleased to find the HOA accounts healthy with enough money saved for difficult times. Such efficient handling of finances contributes to long-term financial well-being for the community. - Regulatory Compliance– The HOA is guided by several regulatory standards at many levels, such as the local, state, and federal levels. The management company ensures compliance with all such standards, thus enabling the community to remain protected from penalties and legal claims.
The HOA management company takes on many roles, helping the board with diverse tasks. This ensures smooth and hassle-free functioning of the community.
