Key Differences Between an HOA Management and a Property Management Company
If an HOA hires an HOA management team does it mean they also automatically oversee maintenance of the properties in the community the HOA is responsible for? Not necessarily so. A lot of people think that HOA management and property management are interchangeable terms thus mistaking an HOA manager as a property manager too and vice-versa.
Responsibilities of an HOA management company
- Assist in the HOA’s day-to-day tasks
- Provide relevant trainings to the Board to equip them with skills to manage various aspects of the HOA, from budget and finance to compliance, and more
- Perform site reviews to ensure the HOA is functioning according to relevant state laws
- Perform inspections and evaluations of various areas of the community, including common areas
- Oversee large reconstruction projects
- Provide 24-hour emergency assistance
- Help the HOA manage finances and cut costs
- Ensure homeowners’ participation in all required HOA-related matters
- Collect fees and dues from delinquent homeowners
Responsibilities of a property management company:
- Oversee care and maintenance of a specific piece of property (single or multi-family rental, vacation home, vacation rental, and other real estate property)
- Ensure repairs and/or renovations are completed in a timely manner
- Act on behalf of the property owner in terms of vetting tenants, collecting rental payments and other fees, and providing suppliers or vendors as needed or requested
- Ensure the property is maintained and managed according to HOA regulations, if applicable
- Handle all communications for and between owner and tenant/s
In a nutshell, the key difference between an HOA management company and a property management company is the client they serve. There are times, however, when an HOA may choose to hire a property management company to oversee corporately owned properties/areas. This is why some people mistake HOA management and property management as one and the same.
If you wish to learn more about homeowners associations, HOA management, property management, and other related topics, please feel free to browse our blog page. You may also visit the community news page for more information on California homeowners associations.