A Homeowner’s Association (HOA) management company has various responsibilities while managing the everyday operations of an association. The volunteer board members have job obligations and lack the time and expertise to manage the HOA. In such cases, the board of directors can make the decisions or they may task a management company to implement their vision.
If you are looking for a Community Management Association Colorado or the best Homeowner’s association management company in Texas, USA, Worth Ross can help! This company is one of the best and offers various expert services to HOAs. The homeowners and board members should have a clear idea about the responsibilities that are handled by the HOA management company because if confusion or chaos persists, certain issues might occur. Dissatisfied and frustrated homeowners could be left wondering about how they should approach these issues and queries!
HOAs have various special requirements based on their location, size and the organizational structure that is created by governing documents so managing the HOAs is not easy. However, there are administrative functions that are essential for businesses. So let’s take a look at some of the major responsibilities of an HOA management company.
Collections & Billing: HOA management companies should be consistent with billing and should maintain an aggressive collections policy. Assessments are essential for a community association to be financially stable. Association management companies take care of the following tasks that are related to fines, dues, and fee collections:
- Escalating delinquent accounts to collections
- Dispatching notices to residents who are behind on payments
- Monthly billing of residents
- Staying on and abiding by the collections related state laws
- Coordinating with the HOA’s collection attorney to handle the legal actions to collect every overdue assessment
Rule Enforcement: A HOA management company is responsible for maintaining property values by enforcing the community-enacted rules fairly. To carry out this duty, the management company should:
- Send violation notices to residents who do not comply with the rules
- Conduct regular visits to the community in order to spot violations
- Conduct on-site violation inspections to confirm compliance
- Should be a point of contact for residents with queries or to report violations
- Check with homeowners who were served notices to rectify their violations
Maintenance: To improve and maintain the community’s condition, an HOA management company should be responsible for:
- Observing the community’s overall condition to verify that the contracted services are being provided
- Tending to field maintenance requests from residents and board members
- Making sure that the common areas are well maintained and accessible to residents
- Paying and hiring for the pool maintenance, lawn care, and snow removal vendors
Accounting Services: Making reports, preparing financial records, and performing accounting tasks can be complicated even when it comes to smaller HOAs. However, professional HOA management companies should excel at:
- Reconciling and managing bank accounts and ledgers
- Preparing accurate and timely accounting reports
- Distributing financial reports to the board of directors and homeowners of the community
- Setting up and monitoring reserve accounts for future projects and to cover unforeseen losses
- Advising the board during the formation of the budget
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