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  • Wise Property Solution

What to Expect from a Community Management Company

Updated: Apr 21

Community management companies can be a lifesaver for a common-interest community. These communities can range from homeowner’s associations (HOAs) and condominiums to townhome communities, gated communities, and commercial condo associations. No matter what type of common interest community you serve, your board will benefit from the professional services of a community association management company. 

Property management companies specializing in homeowners associations aid a community’s board and handle various tasks. Their help can ensure that the day-to-day running of the neighborhood goes smoothly, freeing up time for the board to focus on making the best decisions possible for the long-term security of the community. 

But what does a community management company do? This article will answer that question and more. So, keep reading.

What is a Community Management Company?

First, we need to consider what a community management company actually is. These organizations ensure the efficient and effective functioning of the common interest community association while enhancing the residents’ quality of life and property values. They act as intermediaries between property owners or residents and the board.

Community management companies handle a community's administrative and financial responsibilities. They do not take over for the community’s board. Instead, they collaborate with the board to ensure the community has everything it needs to function effectively.

What to Expect from a Community Management Company

If you decide to hire a community management company, here are a few of the main things you can expect from them. 

  • Effective communication: One of the primary responsibilities of a community management company is to facilitate clear and transparent communication between the homeowners or residents and the board. They will use a variety of communication channels, such as newsletters, emails, community bulletin boards, social media, and online portals, to ensure everyone in the community is informed of rules, regulations, upcoming events, and maintenance schedules.

  • Property maintenance: A good community management company can also help your common interest community with property maintenance. They will help the board find, vet, and negotiate contracts with the vendors responsible for landscaping, snow removal, trash collection, common area maintenance, and more. Plus, when you work with a local property management company, such as Wise Property Solutions in East Tennessee, you can take advantage of their many local contacts, making finding great vendors for your needs easier. 

  • Financial management: In addition to the day-to-day tasks of running a community, community management companies will also handle many financial management duties. These include budgeting, invoicing, and collecting assessments or fees from residents or tenants.

  • Rule and regulation enforcement: Common-interest communities have a variety of rules and regulations. These are created to maintain harmony in the community, increase its financial stability, and ensure homeowner satisfaction. Community management companies will not create the rules or regulations for your board. However, they can assist in enforcing them by issuing warnings and fines or taking legal action against violators when necessary. 

Hiring a community management company will benefit your common interest community. If you want to learn more about these benefits, contact Wise Property Solutions today. We are your East Tennessee source for excellent financial, property maintenance, and administration services to community associations. 

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