Homeowners’ Associations (HOAs) are an integral part of many communities. They are responsible for managing a community, and strive to maintain its quality and harmony. Therefore, the HOA is quite important in a community. The manner in which an HOA functions can make or break a neighbourhood.
The majority of HOAs are run by volunteers. These volunteers often do not possess the skills and experience needed to efficiently take care of the discerning everyday tasks that come with community management. To seamlessly run an HOA, its Board of directors need to be proficient in several areas, right from legal compliance to financial management. This is where a professional HOA management company can be of significant assistance. Such companies ideally specialize in association and community management with a particular focus on providing the necessary professional assistance needed by the HOA’s Board of Directors.
Having the HOA function and operate smoothly and seamlessly is vital to keeping a neighbourhood running optimally. There are many signs that indicate that an HOA’s Board of Directors can benefit from professional assistance. These signs include volunteer burnout among board members, rising homeowner expectations, as well as financial complexity beyond volunteer expertise. Increasing legal and compliance requirements may also cause an HOA to seek the help of HOA management professionals.
Duties of HOA management companies
Homeowners Associations (HOAs) prioritize maintaining an effective and smooth management system to foster community harmony, and enhance the overall quality of life of the residents of the community. Many HOAs often find themselves facing a variety of challenges related to compliance, budgeting and more. To make things easier, they can hire a HOA management company. Such companies help HOAs to competently manage and maintain a residential community. While the specific services offered by HOA management companies may differ from one company to another, it ideally includes a range of administrative, financial, and operational tasks. Their duties may also include:
- Answering Board Member questions on a regular basis.
- Providing a concise response to all homeowner requests with an acknowledgement letter.
- Preparing essential activity reports that include requests from homeowners and Board of Directors
- Answering and acting upon all homeowner communications, both written and verbal.
- Minutes and action list generated from the Board meeting to all members of the Board. The action list tends to include all progress on the Board’s requests since the meeting.
- Providing after-hours answering services 24/7 for community emergencies.
- Preparing Board Member meeting package. This would include the meeting agenda, management reports, financial statements along with the copies of all correspondence sent and received, bids received, and more.
Hiring HOA management companies allows HOAs to leverage industry-specific expertise and hands-on experience of professionals. These professionals may have years of experience in managing varied communities and navigating distinctive challenges. HOA management professionals empower an HOA board to operate effectively, while ensuring compliance and stability. Their experience and expertise often translate to a seamlessly managed community, and facilitate the convenience and satisfaction for all residents.
