Homeowner’s associations can be hard to manage, considering there is so much at stake. For board members, the eventual goal is to run the association in a profitable and transparent manner. However, since board members are mostly residents, they often do not want to get into the complications of negotiating with residents or taking the tough decisions. No wonder, many associations are now hiring Phoenix HOA management companies, to get the work done.
What does an HOA management service do?
Every association has its own contract with HOA management services, and it defines their role in a big way. Typically, an association management service will check the basic financial, maintenance, and accounting tasks. The HOA management company will track and process payments and dues from homeowners, and make the payments to vendors and contractors as needed. They may also have a huge role to play in how the annual budget is decided. For ensuring transparency in the work done, they also create and send regular financial reports to board members.
Why hire professional services?
Board members have little or limited understanding of basic things like statutory requirements and regulatory compliance. Any lapses on these aspects can impact the association in a big way, and it is understandable why board members wouldn’t want to take risks. Another thing that often leads to chaos is getting delinquent dues and fees from residents. When an HOA management company is doing the job, there are lesser chances of conflict. Not to forget, professional HOA managers have contacts with vendors and contractors, so they can get a considerable amount of work done in time and without paying a fortune.
Another big reason for hiring HOA management services is to ease the work at every level. Even when an association has a good team of vendors and contractors, they may not work as expected without adequate management. With a professional team at work, associations can expect to streamline most tasks and work on other aspects that concern the community and resident.
Of course, hiring an HOA management service also means trusting the company for the work done, and for that, it is wise to select a company that stands out. Check the clientele of the concerned company, associations in the vicinity that they have worked with, and if needed, get a few references. A good HOA management team should be able to align their expertise for your association’s unique needs.