HOA companies are companies that deal with managing and maintaining residential communities. They can be hired for financial audits, site management, or even enforcement of communal bylaws.
Site management
Site management is a critical component of a homeowners’ association’s property management. The right site management strategy can help increase the value of your community.
Site management is important because it ensures that the home and grounds remain attractive and safe. The HOA management company you hire should have a clear specification of what they will do for you. They should also be able to walk you through legal concerns.
The right HOA management company will make sure that your community runs smoothly. It will coordinate the daily maintenance requests, handle accounts receivable, and process payments. In addition, they should be able to provide guidance when it comes to the finer points of financial administration.
One of the most important aspects of an HOA is the homeowner relationship. Not keeping members informed can lead to dissatisfaction and lowered home values. To avoid this problem, board members and homeowners should both understand their respective roles.
A good management company should have a solid communication strategy to keep residents updated. This includes encouraging social events to increase member satisfaction.
Financial audits
If you own a home in a homeowners association, you may be interested in a financial audit. These are performed by a professional, like a Certified Public Accountant (CPA), to ensure that your association’s finances are in order.
An audit can help your HOA stay on top of its financial status and comply with state regulations. It also gives you peace of mind. Your board will have a better understanding of how your association operates.
The first step is to decide whether your board should conduct an audit or just perform a review. This depends on the size of your association and your state. Some communities require an audit annually, while others may require one only once every several years. You should check the bylaws of your HOA to find out how often your association is required to have an audit.
During the planning stage of an audit, the CPA will assess whether or not the association has any material weaknesses in its internal control structure. He or she will then issue an opinion on the financial statements.
Enforcement of communal bylaws
HOAs are not only responsible for maintaining a desirable curb appeal for your neighborhood, they are also responsible for enforcing communal bylaws. These rules are designed to keep residents safe and protect the value of the property.
A good way to know what you are allowed to do in your neighborhood is to look through the governing documents for your community. This may include your Declaration of Covenants, Conditions, and Restrictions (CC&Rs) and the bylaws of your homeowners association.
If you find that your homeowners association is not enforcing the rules that you have agreed to, you are entitled to contest the process. It is a good idea to consult an attorney specializing in HOA matters.
Your bylaws should clearly explain the process for enforcing these types of rules. For instance, if you are a member of an apartment complex, you should know that you are prohibited from leaving trash in the hallways. You should also be reminded of other common areas, such as the lawn, lobbies, and courtyards.
Hiring a property manager
Having a property manager for HOA companies is a great way to ensure your community is safe, efficient, and well-maintained. Property managers help to reduce your board’s workload and allow you to focus on the bigger picture. But choosing the right company can be challenging.
Before hiring a property management company, it’s important to consider what type of services you need. Some homeowners associations prefer an onsite manager, while others may choose an offsite manager. You should also compare quotes from different companies.
It’s a good idea to find a company with credentials, as this shows that they are trained and familiar with the industry. The more a company has been in business for a while, the more likely it is to have handled difficult situations before.
A good property manager will also provide detailed reports to the HOA board. These should include contact reports. They should also be careful to maintain consistent, courteous, and professional communication.
The average cost of a management fee is $10 to $20 per household. This fee depends on the size of your community.
