Category Archives: Property Management

HOA Property Management Company Near Me: Accounting and Finance for HOAs

Nowadays, practically every neighborhood or community in the U.S. is managed by a homeowner’s association. This means that most home buyers or renters will be automatically included in the HOA once they move into an HOA-managed community. An HOA looking for a “property management company near me” often does so because they need professional assistance to ensure they fulfill their duties and responsibilities to their community.

Homeowners’ associations have a full set of responsibility that must be carried out by the Board of Directors and Board Members, who are homeowners themselves with day jobs and personal responsibilities. Juggling too many responsibilities oftentimes mean the HOA gets neglected and over time, this neglect can result in costly problems and issues that were completely preventable had the HOA been fulfilling its duties.

HOA Property Management in Corona, CA

So Cal Property Enterprises, Inc. specializes in HOA Property Management in Corona, CA and other key locations in Southern California. For homeowners’ associations and property managers looking for a “property management company near me” to provide them with professional and expert assistance in managing the community and/or properties under their care, a company like So Cal Property Enterprises, Inc. is just the right partner for you.

As mentioned above, an HOA has a full set of responsibilities they must fulfill. When one area is neglected, you can expect other areas to be affected as well in the long run. And of the different areas that an HOA is responsible for, the most difficult to manage for most is the financial aspect of the association.

Accounting and Finance Services

Professional Accounting and Finance services provided by a numbers expert can ensure that the HOA’s funds are always in the positive; that is, there will always be enough cash to pay for unexpected repairs, emergencies, and other unforeseen expenses.

On that note, it’s important to check the experience and expertise of the finance and accounting expert that will be provided by the “property management company near me” you’re considering. In a nutshell, HOA management company should be able to provide you with the following finance and accounting assistance, specifically, assist and educate in the following areas:

  • Vendor selection to help reduce costs
  • Delinquency and fair delinquent payments collection
  • Bookkeeping
  • Accurate recording of finances (collections, funds, expenses, etc.)
  • Finance and accounting best practices
  • Regular finance and accounting reporting and communication to homeowners and other stakeholders
  • Budget preparation and allocation
  • Building and maintaining a reserve fund
  • Accurate and accessible financial statements

From the list above, you can see why an expert in finance and accounting is crucial to the proper handling of the HOA’s finances.

So Cal Property Enterprises, Inc: HOA Property Management in Corona, CA and nearby areas

Do you wish to learn more about how an HOA and property management company can help your homeowner’s association function more effectively and efficiently? Please feel free to browse our blog page for the lates articles on HOA and property management. For other questions, you may call us at (951) 270-3700.

Apartment Buildings

3 Key Property Management Duties and Responsibilities

Investment properties like condominiums and apartments or single-family rental homes practically need round-the-clock monitoring to ensure these are properly maintained. While property management duties and responsibilities run the gamut, the primary focus is to ensure that the properties under the care of the property management company are well-maintained to keep them up to standard.

If you own several real estate investment properties, hiring the services of a property management company could be an option worth considering. To help you get started, here are a few key property management duties and responsibilities to know about, so you’ll know what to look for when vetting property managers:

1. Oversee maintenance of the property

This is a broad term that covers everything related to the general state of the property. From making sure that every nook and cranny, every pipe and faucet, and everything in between are in tip-top shape at all times. When a pipe bursts or an electrical outlet loses power, it is the responsibility of the property management company to have these repaired without delay. They know that every day the repairs get delayed is one more day that increases the risk of more damage. The longer repairs take, the costlier they get, in other words.

2. Maintain property value

A good property manager knows how important maintaining property value is. So not only will they ensure that the property is well-maintained, as mentioned above, but also, they are always on the lookout for changes in real estate values and standards. This critical information helps them keep up with the changes thus ensuring the properties under their care are up to par with other properties in the neighborhood.

3. Ensure the property is up to HOA standards

There’s a huge difference between ensuring the property is up to par with the general standard and value of real estate in their location and making sure the same is up to HOA standards. Often, HOA standards are more difficult to follow and keep up with because HOAs have very specific rules about property maintenance. Property management duties and responsibilities also cover building a good relationship with the HOA by ensuring that all dues are paid on time, and rules about property aesthetics and such are followed down to last detail.

If you wish to learn more about HOAs 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.

Featured Photo by Tembela Bohle

What Do HOA Property Management Companies Do? What You Need to Know

We frequently get questions from homeowners who aren’t sure exactly why a Homeowner’s Association (HOA) would need the services of a property management company. It’s not difficult to understand why this subject would need clarification: Doesn’t an HOA board essentially perform property management duties? 

HOA boards are volunteers. While they do dedicate considerable time to property management efforts, they can’t be expected to handle the daily — sometimes complex and time-consuming — management and maintenance issues most communities experience. It would be a full-time job! 

Our goal is to provide a concise, straightforward overview of common HOA property management responsibilities. Hopefully, the following information will help you understand how both HOAs and property management companies function so that you can receive the best possible property protection. 

Does the property management company belong to the HOA? 

An HOA property management company isn’t part of the Homeowner’s Association; it is a firm contracted by a Homeowner’s Association board to help manage the day-to-day affairs of the property. An HOA property manager provides the HOA board with the support it needs to execute its directives. 

What role do HOA property management companies play? 

Although the HOA contracts the property management company to provide a support function, the relationship between the property management company and the HOA board differs considerably from that of most vendors and clients. 

While most suppliers or vendors operate according to a specific set of parameters and within a contracted timeframe, the property management company acts as essentially a representative for the HOA. Because the property management company has a fiduciary duty to the HOA, the company must serve the HOA’s best interests. 

The objective of all HOA property management companies is to maintain the highest possible standards for all the homeowners and assure optimal property values for the long term. 

How does the management company provide operational support? 

HOA management companies typically provide the following types of services as part of their service contracts: 

  • Managing HOA board meetings: The management company arranges and records board meetings, which includes preparing the agenda, informing members of the meeting, providing the materials to board members before the meeting, attending the meeting, recording minutes, consulting during the meetings, transcribing the minutes after the meetings, implementing actions, and performing election duties as required. 
  • Managing vendor services: On behalf of the HOA, management companies collect quotes from various vendors for repairs and maintenance. They also serve as main contact points for contractors and vendors. HOA property management typically includes coordinating various services from different vendors across industries. These might include companies that provide landscaping services, janitorial services for gyms and sports complexes, security services, and pool maintenance. 
  • Ensuring compliance with the rules and regulations: The HOA property management company dedicates considerable effort to assuring adherence to community standards. The services range from maintaining the community’s aesthetic quality, ensuring all community members follow the rules of the common areas, making notes of any security or safety concerns, and relaying those concerns to the board. 
  • Managing community relations. Creating and preserving harmony amongst the neighbors is among the highest priorities for HOA property management companies. The members of the HOA board are volunteering their time and effort for the betterment of their community, but they need additional support to handle the daily issues among homeowners. HOA property management companies act as intermediaries between neighbors during disputes, organize events for the community, execute the board’s vision, and facilitate positive relationships between neighbors. 

At So Cal Property Enterprises, we are committed to delivering stellar support and services to our clients. Our exhaustive suite of services helps clients maintain beautiful, comfortable, and organized communities. 

If you would like additional details about our services, please visit our information page. 

Frequently Asked Questions

FAQs on Property Management Services

If there’s but one thing to know about property management services, it’s that these are offered to ease the burden of property owners, and even homeowners associations or HOAs. And if you’re looking for a property manager for the oversight of your real estate investments, keep in mind that property management companies worth their salt will always have the best interests of their clients at heart. Anything less than this could prove to be a waste of your time and money in the end.

To learn more about the services offered by a property management company, here are a few common questions frequently asked by property owners :

1. How do I find the right property management company?

Whatever service you’re in need of, whether or not it is related to your property, it’s always a prudent move to do a bit of research and then create a shortlist of “eligible candidates.” To find the right property management company, identify first which category your property falls under: residential (single or multi-family), commercial, industrial, or special purpose (sports venue, theater, senior home facility, etc.). From here, you can narrow down your search.

Once you have a number of property management companies in your list, it’s time to talk to each one in person (or in a live, virtual environment). Do not accept property management services from anyone without personally talking to an actual property manager from the company.

2. What specific property management services do I need?

As for services, these will also depend on the type of property. For instance, with a residential or commercial property for rent, you could be looking at a property manager who will take care of rental details: tenants, collecting monthly rental fees, property maintenance, and the like. It’s important to know exactly what you want for the property in order to identify the specific services you will be needing.

3. How much does a property management company charge?

The cost to hire a property manager also depends on several things: your location, type of property, extent of services, and whether or not they are an independent/private property manager. But just to give you an idea, the usual charge of a property manager hired to oversee a rental property is more or less 10% of the rental fee. So, for instance, if your tenants are paying you $1,000 dollars for their monthly rental, $100 of that will go to the property manager.

Do you have more questions about property management and HOAs? Please feel free to browse our blog and community news pages.

Featured Photo by Pixabay