Responsibilities Handled by a HOA Property Management Company

Being a member of a homeowners’ association (HOA) can be advantageous for the home owners within the premises.  While the upkeep of the common facilities is maintained by the board, dealing with essential repair work and extras are also done for a fee collected from the members. The board usually includes volunteers who may not find the required time to deal with the necessities. The responsibilities are often outsourced to a well reputed hoa property management company that has several professionals serving it too. 

Thankfully such companies are well aware of the challenges and take the duties on stride. The diversity and organizational structure of the association is also taken into account as the said compny prepares carefully to take on the onus. 

Role of the HOA property management company

True, each HOA is different but there are some areas that need to be addressed for all associations. The management company is well adept in dealing with the following tasks that have to be fulfilled perfectly. 

Billing & Collection

The company works in tandem with the board members to assess the dues of the members as well as the upcoming expenses. Sending reminders and collecting the due amount is also handled by the company that ensures the following tasks every month without fail: 

  • Sending bills to the residents as required
  • Dispatching delinquency notices to residents with pending payments
  • Keeping the board informed about the status of all problematic accounts
  • Ensuring collections for delinquent accounts 
  • Coordinating with the HOA’s legal representative for taking legal actions when the bills remain pending for a substantial period
  • Complying with all collection related state laws

Enforcement of Rules

The board is responsible for maintenance of the housing organization. The management company is usually roped in to enforce all rules regarding the upkeep. The company makes sure to do the following to ensure that the residents abide by all regulations of the HOA: 

  • Visit the community regularly to spot violations
  • Send violation notices to residents who are not in compliance
  • Act as the contact person for residents with questions or 
  • Become a point of contact for residents who wish to report a violation
  • Follow up with homeowners who were served notices for violation of the regulations
  • Conduct on-site violation inspections to confirm compliance

Accounting

It is understandable that the volunteers of the HOA are not experienced professionals. However, it is best to hire accountants and bookkeeping professionals for providing accounting assistance. Thankfully, the management company is sure to be able to contact financial professionals who can make the following accounting tasks simpler and error free: 

  • Managing the bank accounts and ledgers
  • Bookkeeping
  • Preparing  accurate accounting reports in time
  • Distribution of financial reports to the community’s board of directors and homeowners
  • Providing advise to the board during  formation of budget
  • Setting up and monitoring reserve accounts for future projects and plan to cover unforeseen losses or expenses

It makes sense to hire the services of a hoa property management company that excels in providing assistance to HOA’s Board of Directors as required.