To comprehend HOA management, you must first understand the meaning of HOA. HOA stands for a homeowners association. These are communities developed within a planned neighborhood, subdivision, or condo facility. HOAs handle the daily operations of a neighborhood, change and enforce regulations for residents and properties, and maintain a general goal of protecting property values.
An HOA is made up of community members. From the community, members volunteer for seats on the HOA board of directors. This HOA board is accountable for all the operations, including financial management, collections, vendor coordination and fees, insurance, upkeep, and more.
HOA management, on the other hand, is to the governance and management of a homeowners association. It's what the HOA board does every day. Still, many HOA boards have trouble keeping up with the requirements of managing the community. In addition, since most boards are made up of volunteers, they often lack time to complete all the duties involved in operating an HOA. This is where HOA management companies come in.
HOA management companies provide various services to HOAs. For example, these firms oversee an HOA's functions and the upkeep of amenities and common spaces. In addition, a homeowners association management company makes the lives of HOA board members more manageable by helping satisfy their obligations and duties. More precisely, these companies perform the following responsibilities:
These firms have years of experience and access to a diverse group of experts. Therefore, they're fully prepared to manage the various HOA duties, whether collecting dues or preparing the yearly budget.
Some of the advantages hiring an HOA management company delivers include:
We hope this helps you understand HOA management. Contact us today for more information on our HOA Service Request Management Software. We want to make your community better!