Community association management companies specialize in managing small and large community associations. This would include communities that have a homeowners or property association. Neighborhood community management companies work closely with the community of owners in carrying out all the tasks necessary for the community to run smoothly and within budget. A management company will typically perform annual budget reviews, coordinate all maintenance and upkeep of common areas, facilitate homeowners board meetings, collect association debt, and ensure that all residents comply with the CC&Rs of the association. community. This can be very demanding work and should only be done by companies with the experience and expertise to take on these types of properties.
Community association management is becoming an increasingly challenging and highly competitive field. With the growth of the per capita population in the medium and large cities of the United States, millions of new condominiums and residential housing units and developments are being built to accommodate this growth. So why not outsource your community property needs to the experts? The level of professionalism and need for technology that your property management company must offer makes selecting the best more complicated than simply choosing a name and address from the phone book.
Some functions of a community association management team
Usually hired by an association’s volunteer board of directors, they manage the day-to-day affairs and oversee the upkeep of the property and facilities jointly owned and used by the owners through the association. The management team will prepare financial statements and budgets for the community as a whole. They interact with landlords and tenants on a daily basis and can help resolve resident complaints. Collection of association debt or payment of owners’ assessment is a common duty of a management company. They will also help the board of directors to ensure that everyone within the community complies with government and association rules and regulations.
In addition to managing the financial records and budget of associations, management companies may be responsible for hiring and coordinating contractors for any major renovations or repairs to exterior buildings and common structures. This could include maintenance of community pools, golf courses, community centers and for maintenance of landscaping, street lighting, snow removal and parking areas. These types of property management companies may also meet with elected boards of directors to discuss and resolve legal issues or disputes that may affect owners, as well as to review any changes or improvements proposed by owners to their properties, ensuring that Comply with community guidelines.
Things to look for in a community association management company:
- Proven track record of managing planned community properties
- Years in business can show reliability and a proven track record
- This is a highly specialized facet of property management and requires specific qualifications and training.
- Are your current portfolios on budget and running smoothly, or are there major issues like financial problems or deteriorating communities under your management?
- Accurate accounting and records
- Timely response in the treatment of problems that may arise
- Compliance with the Agreement, conditions and restrictions (CC and R’s) for the community they manage
- HOA Collection Enforcement
These are just a few important criteria for measuring the success of a community association management company. A thriving planned community will be harmonious, beautifully aesthetic, and an asset to all who live there, as well as the surrounding neighborhoods.