HOA management companies are in place to help the HOA Board run the community smoothly. Is there a skill that your board doesn’t feel confident in? Are you nervous that with so much to do, something might fall through the cracks? Let’s take a look at how an HOA management company can help your HOA board.
Assisting with the Finances
- Annual Budget – An HOA manager can help put together the annual budget or look it over for errors. The budget needs to be agreed upon before the start of the new fiscal year and will be the deciding factor for which projects the board takes on.
- Fiscal Statements – The HOA management company can also keep track of all income and expenses, assets and liabilities, utilizing the cash or accrual method of accounting monthly and yearly.
- Collecting Assessments – The HOA manager can also handle requesting, demanding, collecting, and giving a receipt for any and all charges and assessments from owners.
- Paying Association Expenses – The HOA management company can process all invoices to the association, get board approval, process payments directly to the vendor, and record the transactions for accounting purposes.
Reviewing the Property
If your board is having a hard time maintaining the community and knowing when things need to be updated or replaced, an HOA management company can inspect common areas at least twice per month. They can determine whether the common areas are receiving adequate care and maintenance and take the necessary steps to maintain them if necessary.
If your community needs maintenance and repairs, but the board is unsure where to turn, an HOA management company can help. They will advise the board and its employees on the upkeep needed. They can also work with contractors to bid and complete work under the approval of the board.
An HOA manager can also check for violations that go against the CC&R, notify the owner of the violation, assess fines, and account for collections if needed.
These services just scratch the surface of how an HOA management company can help your HOA board. If you’re in need of an HOA management company or simply curious about the other ways an HOA manager can help your community, contact Prism Realty Management. Give us a call at 512-676-5842 — we’d be happy to talk to you about who we are, the services we offer, and our process.