Bringing a deep understanding of HOA matters makes all the difference when creating a recipe for success in HOA management. It takes the right combination of effective communication, advisory support, and commitment to the long-term goals of each community.
Here are three services successful HOA management companies provide so your community prospers.
1. Administrative Services
The list of administrative tasks involved in overseeing an HOA can be daunting. When looking for an Association Management company, you must ensure they are equipped to help your board tackle these duties. A competent Association Management company will align with your HOA’s bylaws and vision for the community on day one while regularly surveying residents to ensure they’re meeting their needs (and yours!).
Here is an extensive list of administrative tasks you can expect to be handled by a solid Association Management company:
Arrange, schedule, and attend board meetings.
Prepare board meeting agendas, minutes, and management/administrative reports.
Maintain files/records for HOA.
Post minutes, announcements, notices, and newsletters online.
Provide a website for homeowners and HOA board members.
Return calls on the same business day and responds to emails within 2 hours.
Provide 24-hour on-call service that always gets you someone live and local to dispatch vendors for emergencies.
Process and coordinate warranty requests.
Conduct on-site inspections (inspection frequency determined by the HOA board).
Enforce governing documents, including Declaration of Covenants and Restrictions, through correspondence with homeowners.
Process architectural modification requests through our homeowner portal.
Coordinate with legal counsel to enforce restrictions and collect assessment delinquencies.
Provide residents a welcome packet on how to make payments, contact the property management company, provide homeowner contact information, and set up a homeowner portal.
Review and recommend changes to HOA documents (we recommend associations consult an attorney before making changes).
2. Financial Services
Financial services are another factor to consider when hiring an association management company. From preparing regular financial statements to crafting annual budgets, finding a management company with years of experience with HOA community finances is critical.
Here is the kind of financial oversight services you can expect from an Association Management company:
An entire accounting staff to handle HOA finances.
HOA financial statements are prepared digitally and reviewed by an in-house consultant.
Monthly financial reports, including accounts payable and delinquency reports.
Submittal of operational and reserve budgets to the HOA board.
Produce annual financial statements and file tax returns yearly.
Handle quarterly and annual assessment collections manually and through lockbox, ACH deposits, and credit cards.
No monthly bank charges for association accounts.
Monthly reconciliation on all bank accounts.
Oversee collections on delinquent and overdue accounts.
3. Ongoing Maintenance
The third service all successful Association Management companies provide will be ongoing maintenance. The primary responsibility of an association management company is to positively contribute to optimizing property values for its homeowners.
The community manager provides a “boots-on-the-ground” presence on behalf of the board while ensuring the community’s common areas are maintained properly. Here are additional services typically provided by an association manager:
Conduct regular inspections of the property to make sure common areas are in good working order
Ensure members are abiding by the association’s rules and regulations.
Handle day-to-day communications and coordination with vendors for standard maintenance contracts and special one-off projects.
Oversee specific low-expenditure projects on the HOA board’s behalf (in place of requiring approval from the board for every small task). This can include small items, such as repairing broken sprinkler heads, replacing lighting, or overseeing simple plumbing repairs in common spaces.
Provide a real-time balance sheet of expenses at board meetings and/or upon specific request from the board.
NOTE: Not every association will choose to grant this responsibility to their community manager. At the end of the day, it’s up to the discretion of each board of directors.
BONUS: High-Quality Management with Low Costs
Who doesn’t like a good bonus, am I right? The final thing to always look for when hiring an Association Management company is the quality of their management compared to the overall cost.
At Evernest, our clients can access most of our administrative and financial management services for a low per-door rate. We also perform additional non-routine services based on your community’s wants and needs.
Here are a few examples of non-routine services Association Management companies (like Evernest) provide:
Processing requests include additional collection services such as special assessments and notice mailings.
Attendance at special committee meetings.
Collections litigation: any legal actions taken against or on behalf of your association, including collections efforts requiring your management company’s involvement.
Repair and maintenance service calls.
After-hour services: emergency or non-emergency calls that require more than one hour to resolve.
Hire Evernest as Your Richmond Association Management Provider
Selecting the right association management team for your community is the most important decision affecting the success of your investment. The right management maximizes your residents’ quality of life and minimizes your regulator.
At Evernest, we help homeowner and condo communities maximize investment and residents’ quality of life while minimizing regulatory and operational costs. And we do it all for a reasonable monthly per-door fee. Contact us and see why dozens of communities trust us to deliver proactive management that leads to better value and happier residents.
Source: This content was originally written and published for Evernest at Evernest.co.