There are a million ways where things could go wrong when it comes to living in a community and being part of a homeowners association (HOA). Nonetheless, it is without a doubt that the HOA board plays a huge role in a community.
The HOA board’s responsibilities include various decision-making processes that affect the common areas and value properties within the community. They are also responsible for managing the finances of the community, implementing rules and guidelines among the members of the community, and ensuring that non-compliant homeowners have been penalized accordingly.
With that in mind, all of these business affairs done by the HOA board can be overwhelming. At times, they would opt to hire a community association management company in an attempt to lighten the burden of seeing to it that the community is being maintained properly.
What is an HOA Management Company?
One thing is for sure, an HOA management company can help you save tons of money. By hiring one, you can easily manage third-party vendors, improve the relationship of homeowners within the community, implement rules and regulations among homeowners, maintain certain common areas and public spaces, and more.
The beauty with hiring an HOA management company is that the power remains with the HOA board. Some of the roles of a property management company are as follows:
- To review information and comprehend the necessities of the homeowners association.
- To gain knowledge about the industry and state regulations as well as advise the HOA board regarding any pertinent decision-making processes.
- To ensure that the HOA is managed in relation to what is indicated in the HOA’s governing documents.
- To assess financial statements and funding reserves and make suggestions to the HOA board.
- To maintain detailed and auditable records for all transactions by the HOA board.
- To ensure that the rules and regulations are clearly defined and consistent.
- To suggest communication channels for covenants, guidelines, and restrictions to all residents.
- To provide monthly reports to the HOA board and ensure that all of the data are available upon request to any members of the community.
- To manage any third-party vendors for public area services and maintenance.
- To maintain a complete and accurate vendor list for a number of services that the HOA board may need.
- To attend HOA board meetings.
- To manage the HOA board calendar for any scheduled visit to review the conditions of a particular property.
- To recommend options that will aid in dealing with certain complaints within the community.
- To suggest solutions and ensure that every action performed by the HOA board adheres to their overall objective.
Benefits of Hiring an HOA Management Company
Managing an entire homeowners association can be tiring and overwhelming. With this in mind, there is no law that states the prohibition of hiring and outsourcing services in which the whole community can benefit from.
If you are still unconvinced as to why there is a need to hire an HOA management company, here are some of the benefits that you can acquire if you do so:
- There is an increasing sense of clarity once a homeowners association hire a property management company. The firm will be responsible for ensuring that all of the rules and regulations are being followed. There is no form of bias or favoritism during any of the decision-making processes.
- Stemming from the previous point, hiring an HOA management company will ensure consistency among the HOA board as well as the enforcement of rules that are not prejudiced.
- By hiring a local HOA management company, you can have access to high-rated vendors within the area.
- By hiring an HOA management company, there is a professional sense of upkeep in financial and legal documents of the transactions made by the HOA board.
Benefits of Hiring a Remote HOA Management Company
With all of these services provided by an HOA management company, you can ensure that you will have plenty of time to focus on the more important roles at hand. Furthermore, due to the evolution of the digital market, HOA management companies through HOA accounting tools can now assist you through online portals and such.
In fact, there are a number of property management companies that offer accounting and back-office services to so many associations throughout the country. By availing their services, you will be able to save tons of money without compromising the quality of HOA-related tasks at hand.
Here are some of the benefits of hiring a remote HOA management company:
- There is a sense of connectedness through technology.
- Believe it or not, the HOA board will feel more productive when dealing with HOA matters through the services offered by a remote HOA management company since they will be able to hone the tasks without any distractions or interruptions.
- Hiring an HOA management company already allows you to save money; hiring a remote HOA management company further allows you to cut back on certain costs. For example: overhead costs that are spent on having employees work on location can be removed from your list of regular financial transactions.
- Lastly, hiring a remote HOA management company will provide you with access to global talent.
Technology has evolved ever since its debut to the world. It has allowed all of us to improve our communication skills with anyone from around the globe. With the services offered by a remote HOA management company, particularly Clark Simon Miller, you no longer have to worry that the quality of the output is compromised.
Clark Simon Miller (CSM) offers various HOA-related services such as the following:
- Financial Management
- Back-Office Services
- Collection Services
- Insurance Services
- Homeowner Communication Services
CSM offers a unique approach that will help associations from anywhere around the globe deal with accounting and back-office tasks. Their Remote Management Service also offers a hybrid approach that provides communities with the professional support that they need as well as a full-service management company at an affordable rate.
In the end, you would want to find a remote property management company that highly values the beliefs of your homeowners association. They should have experience and the necessary HOA accounting tools to ensure that your community is getting a full menu of services at a much affordable rate. To learn more about the services CSM offers, give us a call at 865.315.7505 or contact us online.