Homeowners associations (HOA) are an excellent tool used by organized homeowners, typically in condos, co-ops, and neighborhoods. This group of members, elected by the residents, help organize, inform, and enforce standards related to the presentation and upkeep of property within the development. Typically governed by the elected volunteer residents, the workload associated with various roles in the HOA can become overwhelming. It’s easy to understand why, with the various tasks of managing budgets, vendors and scheduling related to lawncare, snow removal, deck and roof repairs in combination with regular meetings, collection of dues, and more. For many HOA’s the answer is a strategic partnership with a professional property management firm. Comprised of real estate professionals, these real estate management firms can provide the support an HOA needs to ensure the highest quality of service for their neighbors. Getting started can be the toughest part. An association management company can assist with a variety of other tasks that fall under administration, site management and maintenance, financial services, and customer service for the community. We’ve highlighted the top requests we’ve received from HOA board members.
Administration
Perhaps the greatest value for many HOA’s partnering with a management firm is the scope of administrative services a skilled group of real estate professionals can provide. These items can prove to be very time consuming, and include guiding the board through budgeting processes, responding to homeowner inquiries, enforcing rules, property inspections, and reporting. Many HOA’s thrive with a professional level of administrative support from a dedicated association manager.
Site Management and Maintenance
Site management and maintenance is often challenging for HOA board members, since they live among their neighbors and at times will need to enforce the rules of the community. Neighbor to neighbor disputes can be quite common, adding to the value of a skilled, professional association manager. An association manager visits the community on a regular basis to assess several items, including maintenance issues, compliance with rules related to fences, pools, vehicle storage, and general upkeep of the property including lawn care, snow removal, etc. Proper site management helps ensure the long-term value of the properties within the community and establishes a level of quality and value.
Professional association management companies, such as Ciminelli, that have decades of experience in the real estate industry will also be able to provide communities with vetted vendors, professional handyman and maintenance services, and customer-centric work technology. The convenience of working through one company for these services supports the HOA board members by allowing them to present their community with the best options.
Accounting
Managing the finances for an HOA is typically very involved considering transactions including the collection of dues, payment of vendors, and general accounting required to ensure transparency in terms of the HOA’s financial activity. A real estate professional will directly support HOA activities through management of bank accounts, review of and reporting on accounts payable and accounts receivable, creation of monthly financial statements, budgeting, capital project management, and of course long-term financial planning.
Customer Service
Since HOA board members are typically volunteers, handling the inquiries from the community members can be a daunting task. Professional association management companies can assist or completely take over those communications and handle them with streamlined, customer service technology. We have 24/7 customer service for any maintenance emergencies, a dedicated service team for your community, and professional, experience association managers.
Working together, an HOA and an association manager can effectively maintain a superior level of service and care as it relates to the physical and financial state of the community, while eliminating the burdens often faced by volunteer HOA board members. Contact Ciminelli’s residential management team to learn more about our association management services.