Homeowners Associations (HOAs) are organizations where homeowners work together to manage their properties and ensure a high standard of living for all residents. Managing an HOA might be a complex process because HOA’s volunteer board members often have jobs and other responsibilities. Many HOAs choose to hire a trusted HOA management company, such as Pioneer Real Estate Services, to handle their day-to-day operations.
In this blog, we will explore the key responsibilities of an HOA management company.
Financial Management
One of the primary responsibilities of an HOA management company is financial management. The management company is responsible for:
- calling residents
- paying bills
- management of finances and reporting requirements
- dispatching delinquency notices
- escalating delinquent accounts to collections
- staying current on, and abiding by, collections-related state laws
They also work to ensure that the association is financially stable and able to meet its financial obligations.
Administrative Tasks
In addition to financial management, an HOA management company is responsible for handling a range of administrative tasks. This can include:
- maintaining the HOA’s records
- communicating with homeowners and board members
- managing contracts and agreements
- answering phone calls, voicemails, and emails
- coordinating agendas and events
The management company is also responsible for scheduling and attending board meetings, as well as preparing and distributing meeting agendas.
Property Management
Another key responsibility of an HOA management company is property management. The management company is responsible for managing and maintaining the HOA’s common areas, which can include landscaping, pools, and clubhouses.
An HOA management company may also be responsible for overseeing maintenance and repairs, as well as managing vendors and contractors. In regards to managing vendors, an HOA management company has the following duties:
- assists in negotiating and re-negotiate contracts
- solicits competing bids from vendors
- acts as the primary point of contact for vendors
Compliance and Enforcement
The management company is responsible for enforcing the HOA’s rules and regulations. This can involve monitoring the community for violations, issuing warnings, and taking appropriate enforcement action when necessary. The management company works closely with the board to ensure that all rules and regulations are followed and that the community is a safe and enjoyable place to live.
Board Support
Finally, the management company is responsible for supporting the HOA’s board of directors. This can include providing guidance, attending meetings, and helping to develop and implement policies and procedures. The management company works to ensure that the board has the resources and support it needs to effectively govern the community.
The responsibilities of an HOA management company are extensive and multifaceted. From financial management to property management, compliance and enforcement to board support, the management company plays a critical role in ensuring the smooth operation of an HOA. By working closely with homeowners and board members, the experts at Pioneer Real Estate Services can help to create a community that is financially stable, well-maintained, and enjoyable for all residents. Our sizeable staff is ready to help your HOA thrive. Contact us to learn more about our services.
