Although most people may not realize it, once a homeowners association and community become large enough, it is common for the HOA to hire a management company to oversee the details. Sure, there are plenty of HOA’s that don’t use an HOA management company, others see the benefit of handing-off these vital tasks. When deciding…
Details
At Condo Manager, we know the importance of having excellent communication in regards to the success of a homeowners association. Although it can be something that is easily overlooked, with our years of experience in running and managing associations, it’s a non-negotiable with our clients. How HOA Communication Tools Help One of the most…
Details
Determining the best method for accounting for an association is an important part of the management process for the association. Cash Accounting and Accrual Accounting are the two most common methods used. Many associations use cash accounting because it’s easier to understand the revenue and expenses, but accrual accounting is often the preferred method because…
Details
The IRS treats homeowners associations (HOAs) and condominium associations (COAs) as corporations, regardless of whether they are residential or commercial. This means they are required to file a federal income tax return. In some states, these associations are also expected to submit a state tax return. Note that the requirement to file returns doesn’t necessarily…
Details
Property ownership can be a burden or a pleasure, depending on the current situation. This business is cyclical. It requires a special ingenuity to make it profitable even through the downward trends or shaky market economies. Commercial real estate ventures have their own concerns around tenancy issues, but they are minimal compared to those faced…
Details
It is important to maintain a good relationship with your vendors. Reliable vendors can benefit management companies for years. But how do keep this relationship strong? Vendor relations can be strained when you have unorganized documentation. Outdated documentation systems like filing cabinets or that stack of receipts on your desk is the quickest way to…
Details
Good financial reporting is essential to the smooth operation of every community association. Homeowners and board members alike invest a lot of time and money into their associations, and they have a right to know where that money is going. That way, they can know if their investment is going to the benefit of the…
Details
Perhaps the most important part of managing an association is the accounting and record keeping. Homeowners pay money for the privilege of living in an HOA community, and deserve to know that their investment is being handled with care. Community managers, therefore, need to have good processes in place to handle payments and access to…
Details
It is typical for the developer to retain control over the HOA when a new community is built. Control of the community should eventually be transferred to the residents. This is a critical time for the community. There are a lot of decisions to be made, documents and records to collect, and rights to be…
Details
Whether you are an HOA management company responsible for dozens of associations or a self-managed association of only a dozen units, clear and timely communication with homeowners and service providers are essential to smooth operations. Unfortunately, this is often more easily said than done. Many management companies will try to get by with organically developed…
Details