When a Home Owner’s Association (HOA) is unable to effectively juggle managing a corporation and ensuring a community’s needs are met, it turns to an HOA management company for assistance.
An HOA is generally responsible for the maintenance of the community’s amenities and other shared spaces. It also enforces rules, collects fees, covers continuing expenditures, and amasses the funding for larger expenses. These functions are overseen by the HOA’s board of directors, which is comprised of volunteers from the community. As you can see, the board has a multitude of obligations to attend to.
Thankfully, HOA management companies are licensed to provide much-needed aid to HOAs. Read on to know the responsibilities of such companies, and why they can be of great benefit to HOAs.
The failure of homeowners to observe the HOA’s rules can lead to poorly maintained facilities, unkempt parks, and more—all of which can cause a reduction in the community’s value.
Thankfully, HOA managers help the association enforce their rules in an effective manner. Their responsibilities include conducting investigations regarding issues related to maintenance and rule violations; ensuring service providers adhere to contractual specifications when caring for pools, lawns, and other amenities and common areas; and coordinating tasks authorized by the board of directors.
HOA management companies also provide expert administrative services. Through adept communication and organization, managers excel at supervising operations designed to maintain and improve the state of the community.
In addition to assisting the board in their preparation of the yearly financial plan, HOA managers can provide regular management reports; schedule and participate in board meetings; communicate with homeowners regarding their specific concerns; and help enforce the community’s rules as mentioned above.
Most HOAs know the handling of association and community finances can be a complex affair. HOA management companies can help simplify matters by managing the community’s bank accounts; providing accurate estimates of expenditures related to community maintenance; generating financial statements on time; reviewing monthly fees; offering direction when it comes to preparing the board and community’s long-term financial plan.Of course, not all HOA management companies are the same. While the above list discusses their basic services, you can expect different companies to have other ways of contributing to the maintenance and betterment of the community.
If you’d like to know more about the responsibilities of HOA management companies, please feel free to contact So Cal Property Enterprises, Inc. through its corporate website, or give us a call at (888) 828-9444. We’d be glad to hear from you!