Hiring a Third-Party HOA Management Team
Home owners associations are managed by a board of directors. Individuals can run for these board positions, but they won’t get paid for their efforts. As a result, many HOAs turn to professional third-party management for help. The amount of work required to manage an HOA management is simply too much to handle alone. But there are some things to keep in mind when hiring a management company to handle your neighborhood’s affairs.
HOA Teams In Charlotte
One of the most important tasks an HOA manager should have is an understanding of its responsibilities and their impact on the community. There are many challenges that an HOA board faces. These include maintaining maintenance records and coordinating projects. Professional property management teams have the experience, relationships, and tools needed to manage a community with a white glove approach. Accounts receivable management is another essential aspect of an HOA management team’s job description. HOA management teams should be familiar with the ins and outs of accounts receivable management and be able to keep the board informed of all activity in that area.
Volunteer HOA managers are unable to complete their duties due to the use of outdated management tools. In some cases, these managers are still using paper for records and spreadsheets for managing finances. This old-school management style can cause disorganization and even legal pitfalls for the association. Information often falls through the cracks, requests aren’t fulfilled, and payment deadlines are missed. A management company can provide this expertise for your community, freeing up your valuable time and effort to do more important things.
Property Management Tips
Financial matters require the expertise of a financial expert. While some board members may be familiar with finances, an HOA management team can provide additional help and guidance. Not only will they handle the books, but they’ll also provide advice on how to handle your association’s finances. In addition, they’ll also prepare monthly financial statements for the board. These statements include reserves, outstanding accounts receivable, and more. For the financial statement, the management team can coordinate with committee members to handle reserve and debt collection matters.
Why It Matters
Self-management allows you more control over the community and can enforce rules more flexibly. In addition, it can lead to tighter community relationships and a greater sense of community cohesiveness. Third-party management, however, requires a higher level of effort from the HOA board. However, there are also benefits to self-management. For instance, the board can maintain a higher property value with fewer meetings and less money spent.
Call For HOA Help
HOA management software can help you manage your community effectively. These tools include multifaceted association management solutions, automated reporting, cloud-based platforms, customized web portals, and automatic daily account reconciliation. They can make managing your community easier, while also allowing you to maximize your profits. The software will also streamline the dues collection process. Some will even allow payment of dues from far-off residents through automatic withdrawals. Aside from reducing the administrative burden, the software can also help you reduce the risk of human error.