HOA stands for the homeowners association. An HOA management company’s purpose is to help your board by doing some or most of its daily responsibilities. HOA management staff are full-time workers. Their general purpose is to maintain property values. Some of their services include financial collection and management, maintenance, insurance, vendor payment, etc.
Being confused about HOA management is common. This article will give you a general idea of what it is by answering some commonly asked questions about the subject. Read on to learn more about HOA management, or click here to find out.
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Common questions about HOA management
1. What does an HOA management company do?
The duties of an HOA management company are changeable as they’ll depend mainly on what your board is willing to keep doing and what they’d like to stop. You’ll have this conversation with the company when you bring one on. However, here are a few services that most HOA management companies can help you with:
- Budget and bookkeeping management.
- Financial reports preparation.
- Member fee collections, payment tracking, issuing notices, and late fee charges.
- Processing maintenance requests from members.
- Lawn mowing, garbage collection, etc arrangement.
- Communicating with members.
- Resolving conflicts between members.
- Maintenance of common areas such as swimming pools, tennis courts, etc.
2. How much do HOA management companies charge?
They charge fees on a monthly basis, so expect to pay somewhere between $10 to $60 per monthly unit. Some companies charge you a flat fee based on the number of units in your HOA. At the same time, other companies tend to charge a portion of the member fee. To give an example, if your member fee costs $500 a month, they may take 10% of the fee, i.e., $50. In both cases, the fee mostly depends on the number of units you have in your HOA. So, if you have more units, you will be charged more. If you have less, your fee will be less.
3. How can you find an HOA management company?
Since HOA management companies work for the community, it is obvious to look for one that’s located near your community for convenience. You can easily find multiple of these companies on the internet, or you can use alternative tools to look for them as well.
Make sure to approach a handful of these companies before settling for one, as there are a lot of factors that go into decision-making. Make sure to choose the right one for your community by conducting interviews, making proposals, discussing important factors to agree on, etc.