HOAs manage about 358,000 U.S. neighborhoods. While homeowners association (HOA) members generally aren't paid for the work they perform, there's a lot that they need to take care of.
Many communities can get by with the help of volunteer community members alone. However, in other cases, it's necessary to hire professional community association managers. An HOA management company can provide extra assistance to an HOA and will make it more efficient than ever.
In this guide, we'll tell you everything you need to know about HOA management companies and why you need one.
What Is an HOA Management Company?
An HOA property management company is a company that will help your HOA board handle day-to-day tasks and responsibilities.
As opposed to volunteer HOA board members, staff at an HOA management company will work full-time to provide your association with the help that it needs. An HOA company will have the skills, experience, and resources needed to run an HOA successfully and manage the financial side of an HOA. They'll also have established relationships with vendors and can provide legal insights as well.
For many communities, hiring association management services can be a great solution for ensuring that an HOA is run correctly.
What Do HOA Management Companies Do?
There are many things that an HOA management company may do. This will vary, however, based on what the HOA board is planning to take care of and why they're hiring HOA management services.
An HOA management company can handle many duties. They may assist with administrative work, provide guidance on HOA board decisions, communicate with residents, and help enforce bylaws. They can help to collect member fees and issue notices while also maintaining all common areas.
An HOA company can also help arrange services for the neighborhood such as garbage collection and plan large-scale projects such as the addition of amenities.
Finally, a big way that HOA management companies can help a neighborhood is by guiding the HOA board. They can advise a board on legal, financial, and insurance matters.
Balancing HOA Board and Management Company Duties
You may be wondering how an HOA management company balances its duties with an HOA board's duties. This will vary based on what the HOA board wants and why the HOA company was hired.
Generally speaking, an HOA board is in charge. They'll make all of the major decisions surrounding a community's needs. An HOA board will have a final say on all policy matters.
An HOA management company, on the other hand, will work as an advisor to the HOA board. However, they won't actually be the leaders.
An HOA company will help handle all of the important tasks that come with managing an HOA successfully. This includes the tasks mentioned above including communication with residents, administrative work, and more.
Hiring Community Association Managers
If you want your HOA to operate efficiently, then hiring professional community association managers can be a great solution. An HOA management company will have the skills, experience, and resources needed to run an HOA successfully. They can help take care of your neighborhood and provide guidance on legal, financial, and insurance matters.
Need help with HOA communities in Boise? Contact PMI Treasure Valley today to learn more about what we can do for you.