Thinking of hiring a property management company or manager to take over the operations of your community? It’s a daunting task for an individual to handle the day to day management of a homeowners association. Which is exactly why there are companies and specialists available to handle just that. But what exactly do they do for you?
- Overseeing Contractors – The daily companies required to do work on the property, from lawn crews general contractors.
- Accounting and Finances – Bookkeeping isn’t fun, but it’s vital and has to be done correctly. Property managers are able to not only handle the normal bookkeeping, but also create and handle budgets, report to the board on financials, etc. Very important aspects that you can take off your hands.
- Rule Enforcement – One of those things that nobody likes to do, but a required task when it comes to normal HOA rules and procedures.
- Insurance – Another vital aspect of an HOA Community. Insurance claims have to be handled very carefully, and make sure all fees and are assessed correctly.
It’s then deciding on if the fees to handle these tasks are worth. More often than not, it is.
Costs are divided in several ways, in which the HOA board normally decides on what they need when choosing a property management company. Someone to handle ongoing management fees, initiation fees, and of course exit fees should you have to change companies.
In the end, a HOA management company can make or break your community. The level of contractors and vendors that they can bring in will go a long way in addition to the day to day activities listed above. Start your research now, reach out and schedule some meetings with some local property management companies to see who would best to work with!