There are many roles a property management company plays when it comes to the proper functioning of a homeowners association. But, it’s important to establish the clear difference between the roles of the HOA and the property management company. Their responsibilities may work towards the same goal of bettering the community, but they do differ from one another. That said, the relationship between the HOA and the property management company is a close and supportive one. After all, a property management company helps HOA in some crucial behind-the-scenes tasks.
Property management company helps HOA with insights, suggestions, and ideas – but never decision-making
Property management company will offer guidance, solutions, and advice to the board. But, in the end, it is the board that will make the final decision in regards to every single issue.
Also, a property management company assists with accounting
HOA’s accounting business is no small task and it can require a lot of time to get done. This is where management companies step in and extend their help in the form of accounting services as well. This allows the board members to properly focus on other crucial elements of bettering their community. Such services involve payable and receivable accounts, collection and reconciliation of due, ACH online payments, monthly financial reports, and general budgeting.
By brainstorming ideas property management company helps HOA build a stronger community
Aside from the regular checkups in regards to HOA’s day to day operations, accounting, and other tasks, property management companies are also responsible for proposing new ideas that would make the most out of the community. This involves general improvement of the community area as well as interesting ways that bring the community together. It’s very important to choose a good personality fit when looking for a property manager. After all, you need to rely on someone whose creativity and innovative thinking will match your own ideas about the community you wish to improve.
Property management company helps HOA in many different ways, and it’s important for the residents to know the extent of the help as the board members will always be responsible for the final decisions. But, in order for the board members to focus on the community, complicated and tedious tasks that take a lot of time can be sourced to the management company. For everything that might interest you in this regard, feel free to contact us at Boom Properties.Go Back