The core responsibility of the HOA management system is to accomplish the daily operations of a residential community or association. The executive board members of any association or society do not fulfill the requirement of time commitment and expertise needed for HOA management. Communication and a collaborative mindset are paramount between the community members, the executive body, and the HOA management company.
Every association is unique and thus has an entirely different set of requirements regarding the functioning of the HOA management. It is the responsibility of the HOA company to identify and structure a model of task management which fits the client association’s requirements. However, to understand your requirement, you first must consult a flagstaff hoa management company.
Primary Responsibilities of an HOA management company
- Execution of the community policies
Apart from understanding Hoa’s requirements and restrictions, implementing the association’s policies and guidelines is one of the significant responsibilities of the HOA management company, thus making sure that all the members of the association act in accordance with community guidelines to avoid violation of policies.
The HOA management is responsible for ensuring the compliance and adherence of members regarding the amends made on behalf of the executive body.
2. Collections and Billings of financial aspects.
In most cases, the HOA management company acts as a third-party operator for the association’s financial proceedings. Therefore, collecting and billing the resident of the service and maintenance-related procedures is one of the most critical tasks. To maintain the financial matters systematically, the HOA management company can uphold an assertive or aggressive collection policy to ensure the financial stability of the community association.
Following are the frontline tasks of the HOA management company regarding the collection and billings.
- Monthly Billing of services provided to the residents
- To forward reminder notifications for payments
- Notice of warnings for unfair conduct of financial matters
- To keep the executive body informed about the defaulter accounts
- To maintain transparent transactions and coordination with community association financial attorney in case of overdue collection
3. Administration of official procedures.
The HOA management company’s significant role is to assist the community association with onsite resourcing for the association’s day-to-day official operation and accounting services. HOA requires assistance related to budgeting and coordination of executive board meetings. Management of phone calls and drafting and forwarding mail to the respective entities. The management company should assist in coordinating upcoming conferences and events and maintain reports on them.
The HOA management company should be experienced and proficient enough to maintain financial records and reports and is also responsible for the operations of accounting tasks of the community association.
