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Torang Nazmi's Blog

By Torang | AATRealty | Broker in 75063

What is HOA Management?


source : http://www.keystonepropertymgt.com/what-is-hoa-management-

Homeowner’s Association Management (HOA Management) is an umbrella term that covers a broad range of services.  Generically speaking, HOA management refers to the professional management of a homeowner’s association, but, it’s not nearly as simple as it initially sounds; there is a lot that goes into a well managed HOA.

When deciding whether professional HOA Management is right for your HOA community, it is important to consider the broad spectrum of work that must be executed on a daily basis.

ATTENTIVE ADMINISTRATIVE SERVICES

At Keystone we assign every HOA to an experienced manager who acts as their primary contact.  This ensures that one person is responsible for and familiar with all of your community happenings.  Our HOA managers specialize in community management and have years of experience providing a guide for any situation your community may encounter.  Additionally, all of our managers are cross-trained so that there is no interrupted service if your manager is unavailable.  As part of our standard inclusive HOA management package, our team provides the following forms of administrative support:

  • Schedule and attend all board meetings
  • Provide detailed monthly management reports
  • 24/7 emergency on call support
  • Strict enforcement of rules, regulations, by-laws, and covenants
  • Assist and guide your board through the process of preparing an annual budget
  • Timely responses to homeowner concerns
  • Coordinate maintenance and contracts through a competitive bid process

ACCURATE FINANCIAL AND ACCOUNTING SERVICES

Managing an HOA budget is much more complicated and involved than managing your personal accounts.  It takes specialized training and experience to handle all of the ins and outs of community finances.  Our team has experience maintaining all aspects of HOA finances, including:

  • Management of separate Operating and Escrow bank accounts for each community
  • No fee business checking
  • No fee ACH draft for dues
  • Monthly billing for community dues and assessments
  • Detailed record keeping and coordination of all accounts payable and receivable
  • Timely preparation and provision of monthly financial statements
  • Guidance and assistance with reserve analysis and planning for long-term maintenance of funds

AGGRESSIVE DEBT MANAGEMENT

One of the most cumbersome and uncomfortable situations a board member will run into is non-payment or late-payment of dues.  In many situations, these are repeat offenders who, for one reason or another, refuse to abide by the guidelines of your HOA.  It is less than ideal for one neighbor to have to seek out an offending neighbor and request payment, but if you rely solely on the management of a board, this situation will undoubtedly arise.   Professional HOA management with Keystone tempers this situation by taking the lead in all debt management services, including:

  • Delinquent notices to homeowners
  • Facilitate legal action for collection of delinquent funds
  • Monitor of all delinquent accounts and provide status updates to board
  • Coordinate with board chosen Attorney on legal issues, including filing liens on property and foreclosures

ACTIVE SITE MANAGEMENT

While rules and guidelines are important, they lose their value if they are not actively enforced.  When individuals neglect to follow community covenants and by-laws everyone suffers, home values may decrease and a negative precedent is set for the rest of the community.  It can be difficult for board members, fellow community members, to enforce rules on friends and neighbors.  HOA’s benefit greatly from a professional management company who can act as an objective third-party in these matters.  At Keystone, we are proud to offer the following site management services to all of our communities:

  • Periodic community inspections to identify maintenance issues and rule/by-law violations
  • Coordinate and administer board approved actions to noted issues, including routine maintenance, violation letters to homeowners, issuance of fines, etc…
  • Monitor all contracts and ensure periodic maintenance (lawn care, pool cleanings, etc…) is completed as agreed-upon, verify contractor performance as necessary

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