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 all they can offer you that you and the other board members can’t do yourselves. Take a look at four HOA 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, bill payments, banking, bookkeeping, and accounting for the association and its residents.
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 legal documentation, all of the paperwork involved in adding and removing residents, assessment collection notices, preparing 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, design changes, and meeting notices. It can also include sending out notices about meetings, maintenance, repair work, rules and regulation changes, events, and community information. And all of that doesn’t include the community welcome materials sent to new residents, dealing with resident complaints and compliance issues, and scheduling meetings and hearings. 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 that 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, 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, as well as work 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.