HOA management can be a huge boon to your community. Yet, if you are unfamiliar with this important industry, you may have some questions. In the rest of this article, we will answer the top HOA management questions. Use these answers to help you decide whether an HOA management company is right for your community.
Top 5 HOA Management Questions Answered
Many community Boards could use the help of HOA management. These companies do not take over. Instead, they work with your Board to provide essential services for your community. It is normal to have questions about HOA management. We’ve answered the top five most common questions below.
1) What services are offered by HOA management? Most HOA management companies will provide many services. The top companies will work with your Board to determine the services your community needs most.
These services will likely fall under one of three headings: governance, financial or facility. Governance services include things like meeting preparation, notices, agenda packets, recording meeting minutes, etc. Financial services include things like collecting dues, sending invoices, providing tax assistance and filling, and supporting long-term budgeting. Facility services encompass everything your community needs every day. This includes services like hiring, supporting, and managing vendors, providing site visits to monitor contractor performance and CC&R compliance, etc.
2) Do HOA management companies supersede the Board? No. HOA management companies and their managers are not part of the Board. They have no power to supersede any decisions made by your Board. Essentially, your Board hires the HOA management company. They provide help and take over certain tasks, but the Board is still in charge of your community.
3) Who can use HOA management? Any community could benefit from HOA management. However, not every HOA management company services every type of community. Some may only cater to HOAs. Some may specialize in condominium associations. And others may work with a variety of communities.
No matter what type of community you live in, you should be able to find an HOA management company. At Wise Property Solutions, we offer assistance to homeowner associations, condominiums, gated communities, planned unit developments, and townhomes.
4) What are the benefits of HOA management? There are a lot of benefits to using an HOA management company. The most important of these benefits are listed below.
Expertise. The people who work in HOA management are experts in the field. They will be thoroughly familiar with legal requirements, accounting, and other considerations needed in a well-run community. It is unusual for Board members to have similar expertise, so investing in experience outside the community is a major advantage.
Communication. HOA management companies facilitate open communication between the Board and their residents. According to this Lawrence property management company, the best communities have easy and open communication channels, which a good HOA management will provide and support.
Unbiased actions. Because the HOA management company is a third-party, they will act in an objective way. All decisions will be made fairly, and rules will be enforced uniformly.
5) What is the difference between HOA management companies and vendors? Like vendors, HOA management companies are a third party that is hired by the Board. However, typically vendors only perform a single task. For example, they may be responsible for yard work or trash pickup. On the other hand, HOA management companies perform a variety of tasks. They act in the best interest of the community and work intimately with the Board, something typical vendors do not do.
If your community is located in the Knoxville and Tri-Cities area of Tennessee, then you should contact Wise Property Solutions for experienced and credentialed HOA management. We are a locally owned, regionally focused and nationally accredited. Contact us today to learn how we can help your HOA thrive.