We are often asked about what homeowners perceive to be the responsibility of the home management company. The truth is that contracts vary from one HOA to another, so there is no blanket answer.
The duties will be outlined in the Management Agreement and often involve both site and administrative management, but not always. Depening on the needs of your association, you may have a financial only contract with your management company.
Financial-Only Duties:
- Management of the reserve fund (savings account)
- Accounts payable
- Budget prep
- Tax prep
- Dues and collections management
- Resale disclosures
Full-service duties:
- Property inspections (frequency determined by contractor)
- Contractor bidding and supervision
- Policy/rule enforcement
- Correspondence
- Dedicated community manager (on- or off-site as per HOA needs and contract)
- Meetings
- Handyman services
- 24/7 emergency services
- All financial services (as listen in financial-only duties)
Each HOA is different and has different needs. If you want to know which type of management company your HOA chose, don’t feel afraid to ask.