As an HOA board member, you are probably aware that some homeowners fail to pay their dues on time, while some fail to pay their dues at all. As a member of the board, you must ensure that all dues are collected, because it is your job to keep your community running. This article explains…
One of the biggest ongoing costs of owning a home is the monthly HOA fees you have to pay. When it comes to these fees, many prospective and current homeowners will be left with some questions? How much does the average homeowner pay in HOA fees? Where does the money go, and how does it…
As an HOA board member, balancing your association’s budget should be one of your top priorities. Unfortunately, sometimes your HOA is forced to bear unexpected costs, which can blow a massive hole in your budget. In this case, you should consider levying a special assessment. In this article, we will go over how an HOA…
The goal of your HOA should be to protect your community members’ investments and properly maintain your neighborhood or subdivision. HOA’s are vital organizations, but oftentimes, they do not run as well as they could or implement rules that are confusing or ineffective. It is easy for an HOA to waste time or precious resources,…
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…
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…
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…
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…
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…
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…