As a property management company, you may have come across the term “Home Owner Association” or HOA several times. An HOA is basically a private organization that manages and maintains planned communities. These can include subdivisions and condominiums as well. This association is responsible for enforcing rules and regulations with the objective of keeping your community safe and attractive. They are formed to enhance the overall residential experience all over the United States, Canada and many other countries.
If you are planning to manage residential units that fall under an HOA, there are a couple of things you need to keep in mind. In this article we will break down some of the responsibilities of an HOA property management company. But first, we need to understand what exactly an HOA is and how you can streamline your responsibilities using a HOA property management software like ONR.
What is an HOA?
An HOA is responsible for providing a number of services to the community. These can include:
- Enforcing property maintenance rules
- Controlling noise levels
- Collecting dues and paying bills
HOAs can be a great way to protect planned communities. One of their objectives is to increase property value which favors property owners.
However, they can also be a nuisance to some as many argue that the enforcement of strict regulations is often unfair. You also have to pay a substantial sum of money every month or year for your membership, so it can be quite costly.
Now, let’s take a look at some of the responsibilities of an HOA property management company and how you can ensure you are complying with all rules and regulations fully.
Responsibilities of an HOA Property Management Company with Property Management Software
If your properties are registered under an HOA, you will be responsible for a number of tasks. But what does that mean for you in practice? Below, we have outlined some of the responsibilities that fall under your purview:
1- Maintaining common areas
This includes everything from mowing the lawns to shoveling snow. It also includes keeping the pools and clubhouses clean. You need to ensure that all public areas are clean and safe for your residents.
2- Enforcing HOA rules
The purpose of HOA regulations is to keep the community safe for residents. This can be a bit overwhelming, but ensuring that regulations are being followed would result in reduced crime rates. This makes the community look its best.
3- Managing finances
Being an HOA property management company means you need to pay your dues in a timely manner. You need to collect your dues on time and keep your financial records in good shape. If you don’t pay your HOAs dues on time, you might risk losing your HOA membership and face legal repercussions.
4- Active Communication with HOA
In order to remain an active member of the HOA, you need to stay informed about any changes in the regulations. This means that you will need to attend all meetings punctually. You will also need to stay open about communication with your residents about any concerns that they might have regarding the property.
5- Managing Vendors
HOA’s will often hire vendors for your community for landscaping, renovating a park, snow removal or cleaning the pool. Your responsibility is to deal with these vendors accordingly and report to HOA consistently about the quality of service they are providing.
The Upsides of an HOA Property Management Software
If the property you are interested in investing requires you to comply with HOA regulations, you can consider switching your manual operations to a property management software. Here are some benefits:
- You can automate your tasks like collecting dues and scheduling maintenance.
- You can communicate with your residents directly.
- You have access to residents’ background information.
- You can track violations and send out notices/warnings.
- You can manage maintenance requests without burdening yourself.
HOAs are formed specifically for the purpose of keeping the community protected and the residents happy. The responsibilities of HOA property management companies can include a variety of tasks which can become quite daunting. If you are an HOA property manager, check out ONR. We assist you in complying with HOA regulations and simplify your tasks. Visit our website to learn more!