Homeowners associations or HOAs are there to support their community. From maintaining common areas to preserving the value of properties, an HOA’s job encompasses everything that has to do with homeowners and the community. An HOA property management company can make the HOA’s job easier and more manageable. Here’s how…
Board education and governance
Homeowners associations are run and managed by the HOA Board, and members of this Board are homeowners themselves, which means outside of their HOA duties and responsibilities, they have responsibilities at work and home, too.
Understandably, newly established HOAs are unfamiliar with everything that goes on within the association and its community. As such, there may be areas or tasks that are being overlooked or neglected. An HOA property management company can conduct training for the Board to help them understand what each member’s job is and, more importantly, what the HOA’s responsibilities are.
A property management company that acts as a consultant for the HOA can help ensure that the HOA is appropriately managed and the homeowners are taken care of as well.
Finance and accounting
Homeowners associations collect fees or dues from their members monthly, quarterly, semi-annually, or annually, depending on the previously agreed upon. Money collected from these HOA dues is used to maintain common areas, repair, emergencies, and such. It is also used for the HOA’s expenditures.
From time to time, HOAs may also collect other fees, depending on the needs of the association and the community. Emergency funds, maintenance funds, and petty cash are only some funds that HOAs must maintain and safeguard. An HOA property management company like So Cal Enterprise Properties, Inc. provides exceptional Finance and Accounting assistance, helping ensure that the HOA’s funds and books are up to date, among other things.
HOAs must always ensure their members’ safety, including that common areas, facilities, and properties are well-maintained. These things can be easily neglected or overlooked without an on-site maintenance contractor. A good and reliable HOA property management company provides HOAs with an on-site general contractor for this task.
Compliance with federal and state laws governing homeowners’ associations and communities is also a task a property management company can help newly established HOAs with. Since they may not be familiar with all the laws and regulations that their HOA must strictly adhere to, a property management company will benefit the HOA as they are highly knowledgeable about HOA laws, restrictions, codes, and so on.
On that note, the HOA minimizes its risk of violating these laws. Likewise, property management companies assisting HOAs can help make sure homeowners do not break any HOA rules and by-laws.
Contact So Cal Enterprise Properties, Inc. for questions or inquiries
Do you have questions regarding HOA property management services? Please feel free to browse our blog page to read our latest updates about HOAs, community management, and more. Contact us at (951) 270-3700 for further questions or inquiries.