There is much talk at the moment about HOA fees and whether residents are getting value for money. The spotlight is on HOA managers, and there is an increasing demand for HOAs to justify these fees with a well-run community.
That's where an HOA management company can help. Read on about the typical services an HOA management company offers and how it could help you keep your residents happy.
Financial Management
HOA management company responsibilities will include overseeing the finances of an HOA. That means handling financial records and processing all residents' HOA fees. They will set a budget and determine how to prioritize spending.
They'll also take responsibility for getting the best value for money when buying services and upgrades for an HOA community. This financial management must be transparent and well-organized.
Admin Services
There is plenty of administrative work for an HOA management team. A management company will typically take on many of these everyday tasks. That could include things like:
- Membership inquiries from residents
- Updating community standards and HOA management company rules
- Arranging meetings
- Sending out communications
- Logging new maintenance requests
It's vital because streamlined administration will help keep an HOA ticking along. You need an organized team with the right HOA management software. That's why an HOA management company can help.
Legal Support
HAO management services could include specialist legal support. An HOA management company will have in-depth knowledge of local and state rules about housing associations.
They'll also stay current on new laws, like new safety rules or environmental regulations.
It means you can navigate any potential legal issues and ensure all aspects of your community remain client, protecting you against culpability if something happens in your neighborhood.
Management of Third Parties
An HOA management company will oversee all vendors and other third parties, providing a point of contact and liaising between groups. That will extend to vendor selection, helping to find the best companies to support an HOA.
It means they will review bids and check services before a new supplier is selected, ensuring all work comes from a trusted source and is of the highest quality.
For residents, that means a well-kept community, reliable services, and value for money.
Emergency Support
HOA management companies can provide a point of contact for emergencies and other urgent resident queries.
It will ensure residents receive a prompt response to pressing issues like a burst pipe. And it gives reassurance that someone is on hand to address essential concerns like a security problem in the neighborhood.
It's essential to have someone available by phone to resolve emergency issues. It reduces the risk that these things will snowball into a more widespread or expensive problem.
HOA Management Company: Is It Right for Your Community?
It takes time and effort to keep an HOA running smoothly.
Good management will ensure that money is well spent and that residents are happy. That's why outsourcing it to an HOA management company in West Cobb, Georgia, can offer many benefits.
To learn more about what we offer as part of our HOA management services at PMI Cornerstone, head here.
