Hiring an HOA management company is a big step for any community. These crucial companies can help your community thrive. Similarly, they can also take a lot of pressure off of your Board. But, if you are unfamiliar with HOA management, you may not fully understand why hiring an HOA management company is so important.
Knowing what an HOA management company does for your community can help you plan for this service.
What Does an HOA Management Company Do for Your Community?
Struggling to remember what an HOA management company does? Below we’ve listed the most common tasks performed by these companies. While they vary from company to company, for those communities in the Laurel, MD, area, you can expect the following services to be provided by D.H. Bader.
Association Funds Management
Any HOA will have funds to manage. A good HOA management company will help you secure and oversee the use of these funds. That means collecting dues, providing a funds status report, and some financial consulting.
Bid/Proposal and Contact Administration
Your community also likely works with a variety of vendors. You will have to collect bids or proposals from multiple vendors for each task. Then the vendors will have their own contract with your association. An HOA management company takes this complicated task off of the Board’s hands. They can help you create RFP’s, review bids, and ensure compliance with each vendor contract.
Homeowners in HOA communities will still want to make changes to their homes. The Board has to ensure that these changes fall within the community’s governing documents. Evaluating and approving the applications can be a time-consuming process. HOA management companies can give your Board their time back by taking over this aspect of running an HOA.
All common areas of the HOA community will need to be reviewed regularly. The rules of the community also need to be followed by the members of the HOA. HOA managers will take on this, often unpleasant, task for your HOA.
Communication is one of the most important aspects of running an HOA community. Your residents should have a place to voice their concerns, complaints, and questions. These communications should also be answered promptly. Most HOA management companies offer online portals for resident communications. This streamlines the communication process and helps your residents feel heard.
The rules and regulations surrounding an HOA community are many. Unless your Board has a member, who is also a lawyer, you may not have the expertise to handle legal matters. That is where a good HOA management company comes in. They will consult with you on the legal aspects of your HOA community.
Clearly, HOA management companies do a lot for a community. The best ones take on the unpleasant or more complicated tasks for the Board, thus making your lives much easier. If your HOA is in the Laurel, MD, area, you need to contact D.H. Bader today. Let out experts explain exactly how much we can help your community.