The Essential Guide to Working With an HOA Management Company
Looking for information about what an HOA management company can do for you? Learn all about HOA property management in this essential guide.
Managing a residential community is a full-time job, and at times it can prove challenging. As such, you may wonder about the benefits of outsourcing the responsibility to an HOA management company.
The homeowners association (HOA) manages your community. However, it can prove challenging doing so effectively.
In many cases, HOA management is a volunteer role assumed by select property owners. However, the responsibilities of property management can prove demanding for a volunteer commitment.
In some cases, this volunteer position can feel like working a full-time job for free. If you reached this point, you might consider calling in professional support.
For the essential guide to working with an HOA management company, continue reading.
Handing Off Key HOA Management Roles
Even if you want relief from HOA management volunteer duties, you still want the best for your homeowner’s community. Accordingly, it’s important to find the right management company to take over the role.
It’s important to find an experienced HOA management company. The management company’s representatives will serve as the key contact with the community. As a result, they’ll need expert skills in community relations.
You’ll need a firm that knows how to navigate the common situations encountered in managed communities. It’s also important to select an HOA company with a proactive attitude towards community leadership.
For instance, you want to select a company that will schedule and attend board meetings. However, you also want a company that provides transparency.
For this reason, it’s important to work with a management company that will provide timely and accurate reporting. It’s also essential to work with a company that will enforce community rules and regulations fairly and equitably.
Your new HOA management company must also have experience in collecting delinquent accounts. It’s important that their well-versed in current laws. It’s also vital that they send delinquency notices in a way that complies with those laws.
A competent HOA management company will also make sure to update the board on delinquent accounts. They’ll also send notices as directed by the board.
If needed, your potential HOA management company also has experience initiating legal action for collections. You’ll need your HOA property management company to work with your counsel to coordinate legal action when necessary.
Keeping Things Running Smoothly
Operations are an important part of the HOA community management mix. It’s important to ensure that residents follow the rules of the association.
As such, you must partner with an HOA management company that has clear policies and procedures for reporting rules. Deviation from association rules can decrease the value of community properties.
It can also tarnish the status of the community. As such, the management company must become intimately familiar with the rules of your association.
Once the management company learns the HOA rules, they’ll inspect the community for various violations. They’ll also dive into taking over maintenance issues. As the company gathers information, they’ll start to coordinate with the board for approvals.
The management company will also take over routine operations. For instance, they’ll ensure that contractors perform regular maintenance such as lawn care and pool cleaning. They’ll also coordinate the services of other vendors as needed.
HOA accounting can prove complex. Fortunately, the HOA management company will take over that responsibility as well. Their experience can help your board to navigate the complexities of community finances.
For instance, an experienced HOA management company can help you estimate maintenance costs accurately. They can also help you to manage monthly billing, dues, and assessments effectively. What’s more, they can provide detailed reporting of accounts payable and accounts receivables.
Planning for the Transition
You must choose an HOA management company that cares about your community. Ultimately, the quality of life in your community will rest heavily on the service provider that you choose.
Before you start to interview companies, you should perform a thorough review of the current HOA bylaws. Once you’ve reviewed this information, you can start to initiate the hiring process.
You can begin this process by meeting with the board members. Together, you’d establish the responsibilities of the incoming HOA management company. Now that you’ve determined your needs, you can start your search for an HOA management company.
You can begin your search for a management company by asking for references. By talking to HOA board members from other communities, you can find out more about what it’s like to work with a particular service provider.
You can also check with local real estate associations for referrals. A professional organization is already familiar with reputable HOA management companies.
However, it’s also important to perform background checks on potential candidates. Your new management company will represent your HOA. Accordingly, it’s essential to choose a company with a clean background to maintain your community’s integrity.
Also, it’s important to know that your potential service provider carries the right insurance. You’ll also need to check with your HOA insurance agent to ensure that the management company’s coverage is sufficient.
In some states, HOA management companies require licensing. If it’s required by law, you’ll want to make sure that their credentials are up-to-date. With careful selection, your HOA property management company will serve as your best asset.
Working With Your New HOA Management Firm
When searching for an HOA management company, it’s important not to base your choice solely on price. Some companies charge more. However, that doesn’t mean that they provide better service.
Even once you’ve vetted a new management company, they must know your expectations. When you enter a management partnership, establish your expectations clearly.
The company will need a clear understanding of your needs to meet or exceed your expectations. You’ll also need to outline these expectations and the HOA management contract.
Quality HOA Management for Seattle Communities
VerraTerra Real Estate Services is a local, experienced HOA management firm. We’ll take over the responsibilities of managing your HOA so that you can enjoy your home.
Our company provides exceptional HOA management in Bothell, Mill Creek, Everett, and east-side cities. We recognize how important it is to understand the unique needs of your community. Together, we can develop a plan to help you meet your community’s needs.
Contact VerraTerra Real Estate Services today We also offer a free HOA consultation to help you explore your HOA management options. We’re ready to show you how we can make life in your community easier.
