Ready to let someone else handle your HOA property management duties? Perhaps it’s time to consider hiring an HOA property management company for your homeowners’ association. You might be wondering what they can offer you that you and the other board members can’t do yourselves. Take a look at four association property management duties a top management company should offer.
#1: Financial Management
An HOA board doesn’t have the time, and usually doesn’t have the experience, to manage the financial aspects of a homeowners’ association. This isn’t just about collecting dues from residents. A top management company will handle invoicing and bill payments. The company will also handle the banking, bookkeeping, and accounting for the association and its residents.
In addition, they should also be responsible for any tax filings required by the IRS. They have the knowledge to guide the board in budget creation and the experience to help manage it throughout the year. And, they can prepare financial reporting including prepping the financial statements for board members and board meetings.
#2: Record Keeping
The administrative tasks involved in managing a homeowners’ association can seem monumental. That’s where a good management company comes in. They will handle all of the legal documentation. Furthermore, they will handle all of the paperwork involved in adding and removing residents and collection notices. They will also prepare meeting notices and agendas, oversee proxies, and deal with keeping records of all of the rules and regulations that govern the association.
There is often more communication needed from and for an HOA than anyone might anticipate. This includes responding to simple email inquiries about rules and guidelines, trash collection, and design changes. It can also include sending out notices about meetings, maintenance and repair work. Furthermore, they will send out notices regarding rules and regulation changes, events, and community information. And all of that doesn’t include the community welcome materials sent to new residents or dealing with resident complaints and compliance issues. These are all things that a top HOA management company will handle.
#4: Knowledge Sharing
Knowledge sharing is a bonus that board members don’t have time for. But, it is a huge benefit of hiring a management company. This knowledge sharing can include creating and managing the community website, where residents can find HOA rules and regulations information. In addition, residents can find schedules for trash collection, landscaping, and snow removal, and neighborhood maps and contact information. It can also include creating community programs that can help build and foster the feeling of community within the neighborhood. The board also works to improve the rapport between the board and the residents.
Fireside Can Help With All HOA Property Management Duties
While it’s true that an HOA board can manage some of the major duties required of a homeowners’ association, it’s impossible for them to do it all. That’s why it’s so important to hire a top company to support your board and your community. When you’re ready to pull the trigger, reach out to our team at Fireside Properties for the best service for HOA property management duties in the Vail Valley.