Home Owners Associations (HOA) have many responsibilities. These responsibilities include day- to- day operations, community safety, property management, budgeting, and correspondence. When property management companies are hired, the HOA stress is reduced tremendously. The responsibilities of overseeing multiple areas of property management are handled by appropriate and qualified property management employees with the right credentials and experience.
Property Management Companies Responsibilities
Property management companies are responsible for providing an long list of services to the residential communities it serves. These services include; landscaping, providing trash removal, performing indoor and outdoor safety checks, maintaining good property structure on the properties, scheduling meetings, and keeping up to date financial records.
Property management companies respond to correspondence letters from owners
Provide adequate communication with vendors, members, owners and board members
Send correspondence notices for annual meetings, community announcement, and budget proposals
Maintain Fiscal Management
Oversee bill payments
Provide financial statements
Draft budgets and implement policy for board members
Responsible for all tax related issues such as completed forms and tax payments
Professional Advice and Consultation
Provide advice to the board concerning important legal documents
Direct board to qualified professional advisors when needed such as accounts or lawyers
Conduct research on insurance coverage and requested claims
Provide Record Keeping Services
Keeps accurate records for the association
Maintain appropriate files for member of the association and for its owners
Maintain individual files on each member of the association/owner
Process ACC/ Architectural Control Committee applications
Manage and Maintain Property
Manage association employees such as hiring, firing, supervising or interviewing
Manage board approved contracts if applicable
Maintain contract vendors and workers such as landscape companies, and others
Inspect and maintain comment elements
Handle appropriate emergency situations
Home Owner’s Association Pays Management Fees
Most home owners associations pay property management companies with the money they collect through monthly dues. When expected services are not being provided, the residential communities have legal grounds to challenge their home owner’s association. The amount being spent on property management services is also debatable.
Choosing the Right Company for the Job
What home owners association boards look for are property management companies with experience and education. It only takes one person with the best qualifications within the company to make the right decisions and oversee the responsibilities.
The more responsibilities property management companies assume, the less stress for the home owners association. Property management companies allow HOAs to assume their intended roles, by alleviating the dual or multi- roles some home owners associations assume.
Son-Rise Property Management is a full service property management company located in Bellingham, WA. Contact us today to see how we can help you find the perfect home to rent or manage your property.