When a HOA hires a property management company, all responsibilities and tasks of the management are laid out. Each party has to understand the roles they have to play for a good working relationship to thrive. According to City Property Management Company, a Phoenix HOA management company is allowed to handle all the important daily operations of the HOA when hired. Most importantly, taking care of the needs of the tenants and home owners that live within their jurisdiction. It is a considerable, but wise decision.
Hiring a property management firm gives the committee and HOA board sufficient time to handle other important issues. A property management firm will ensure that all activities and operations of the HOA run smoothly and all residents are satisfied. The HOA must pay close attention to the agreement before signing it since any breach of contract might lead to dire consequences and strained working relations. Here are some of the things to expect in a typical HOA property management.
Professional Standards & Ethics
What makes a certain HOA management company stand out from is the professionalism. Every HOA wants a management firm that demonstrates and applies a high degree of integrity and professionalism in all spheres of operation. The company must be able to abide to its own policies and provide the required services accordingly while at the same time maintaining good contact with the membership of HOA in case of any arising issues.
Administering or Supervising Financial Assets
Another service included in a typical HOA property management is the supervision and administration of the financial assets of the HOA by the company. This is done according to the instructions given by the board of directors. Proper reporting of the assets is also another service provided in this package. A HOA property management company is also responsible for handling the regular distributions of statements for billing. These includes:
– Payments collection
– Making deposits
– Providing financial statements indicating all transactions.
– Making sure bank statements reconciliations are properly handled
– Paying bills of the HOA
Resolutions & Directives
HOA management companies are also expected to form new resolutions and policies when need be. These are meant to resolve certain issues affecting the HOA property and the residents. This also includes ensuring that the practices of the HOA conform to city and state laws. It is also their mandate to enforce the rules and make sure that every resident follows them without fear or favor.
Another typical HOA service handled by management companies is undertaking maintenance needs of all the properties under the HOA. This entails taking care of things such as landscaping, lawns, pool maintenance, among others. It is also their duty to make sure that any arising repairs are done on time and standards are maintained. Some HOA property management companies also provide special services such as seminars, special pool events and social gatherings. Emergency services might also be provided as part of the arrangement.
Both the HOA and the property management company need each other whenever they enter into an agreement. Therefore, each group should ensure that they play their roles as expected. The results will be the satisfaction of residents and a good neighborhood to live in.