Keeping Your HOA Efficient
If your subdivision has a Homeowners Association, you have a stake in the way it is managed. Just what goes into HOA management? It involves a lot more than you may think. This is why many HOA’s are hiring management companies for the nitty-gritty work.
A good HOA management company will provide a variety of services. For one thing, the manager will take a hands-on approach to the HOA Board meetings. This includes such duties as scheduling and attending all board meetings, and providing detailed monthly reports. It helps if someone who is a professional, and not a fellow homeowner to the other board members, is the one who ensures the enforcement of rules and by-laws. Other duties include assistance to the board in preparing a budget, and the coordination of maintenance contracts, preferably through a competitive bid process.
The maintenance of the financial affairs of the HOA by an experienced management team can be a valuable service. It can actually save the homeowners money by keeping expenses down. Escrow accounts should be separate from operating accounts, and the accounts should be in banks that do not charge fees for them. The management team should also give assistance in planning long term management of funds.
One service provided by a good management company is invaluable in helping to promote good neighbor relationships. The detachment of the manager from the owners makes it easier to notify and take steps to collect from delinquent accounts. It isn’t one owner pressing another for payment. Of course detailed reports of any delinquency and the success or failure to collect will be made to the board.
This detachment is also an asset when it comes to the enforcement of the community covenants and bylaws. A good management team will make regular inspections of the community, so as to have early knowledge of potential problems. This goes for individual properties, as well as the common areas. Notifications of violations then come from the management, rather than from a complaint from a neighbor. These inspections will also make sure that contractor performance is up to the standards agreed upon for maintenance.
Is your HOA Manager living up to these standards?