Did you know that more than 350,000 communities relied on management from a homeowners association in 2022? With a number like that, it's clear that homeowner's associations (HOAs) are a major player in the real estate industry. HOA management services are used in adjoining dwellings but are found managing neighborhoods with single-family residences.
If you are considering using an HOA management company and want to learn more about the services these companies offer, keep reading.
What Are HOA Management Services?
HOA management companies provide management, financial, and administrative services. These companies appoint an on-site manager to support the HOA board and the homeowners.
When it comes to establishing an HOA policy, that is the domain of the HOA board. However, the management company can assist with enforcement.
On the financial side, HOA management companies handle accounts receivable and establish budgets. This can include processing payments and handling delinquent accounts. Administrative duties may include scheduling board meetings and responding to homeowner inquiries.
Site management is another important duty that companies offering HOA management services provide. This includes ensuring that rules on home appearance and upkeep are being maintained. They can also handle work on shared areas, including sidewalks, gyms, and pools.
What Are HOA Fees?
HOA fees are charged to homeowners as a means of paying for the services the homeowners association provides. These fees are typically assessed monthly, although some places assess quarterly fees.
The fees vary based on what services are provided to residents, such as pools and gyms. The fees typically range from a few hundred to $1000.
What is an HOA Board?
The HOA board is responsible for creating the by-laws the properties shall operate by. These rules may cover everything from landscaping to holiday decorating. Members of the board are elected and the positions resemble those in the corporate structure, including president and vice president.
These boards have broad powers to enforce their regulations. If fees aren't paid, a board can enact a lien on a property.
What Should You Look For In an HOA Management Company?
While you already know the services to look for, you should review the individuals operating the company. Ideally, there should be at least one licensed realtor on the team. There are other professional certifications related to property management you may look for, including:
- Accredited Resident Manager
- Certified Property Manager
- Certified Community Manager
- Association Management Specialist
- Certified Manager of Community Associations
Are You Ready to Get HOA Management Services?
Now that you know about HOA management services, what are you waiting for? These companies provide management, financial, and administrative services that make the day-to-day operation of a homeowners association more manageable. You should review the personnel with any prospective company to look for applicable qualifications.
If you are in the Vancouver, Washington area and are ready to learn more about the services offered, contact us to get started.