Understanding HOA Management Company Costs
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 if your HOA needs third party management, you might wonder how much does an HOA management company cost.
Why Hire an HOA Management Company?
A property management company that specializes in the day to day aspects of an HOA can be beneficial for finances, helping with different vendors, and even improving relationships of neighbors in the neighborhood.
Taking this leap can be one of the most cost-effective things an HOA can do and bring on a professional HOA management company to handle all of the logistics of the community. Overall, hiring an HOA management company can help in easing stress, streamlining things, and keeping aspects running smoothly that only a professional with experience could do.
What Does an HOA Management Company Do?
There can be a lot of different things that a management company does when they come in to manage an HOA. Here are a few of the big aspects that lead many HOA to call in the help of a management company.
Maintain Records: All types of records, from finances to receipts, is vital for an HOA to keep track of and up to date. An HOA management company has experience in doing just that and will know the best system to put in place to help your HOA be ahead of the game.
Ensure Clearly Defined Policies: One of the most important things an HOA does is enforce policies to keep all residents on the same page. Sometimes people without the right amount of experience can make things either confusing or overlook aspects. An HOA management company has previous knowledge to head off these issues before they even pop up!
Counsel and Inform The Board: Keeping the HOA board up to date on policies, finances, and all aspect of the running of the HOA is important. A management team will always have these records, updates, and files ready for the board. This will help speed along finding a resolution for anything and ensure any votes are made with correct information.
Handles Administrative Duties: One of the things that an HOA management company does that helps in the smooth running of the entity and ensuring any dues are collected on time. A management company will have the correct tracking processes in place to ensure that dues and finances are up to date and stayed on top of.
How Much Does an HOA Management Company Cost?
This cost can vary and finding the right management company is crucial. The average is between $10-$25 per unit for an HOA management company. The length of providing HOA management and property management experience will also affect the cost.
One of the best things that you can do is contact our staff at Condo Manager and let us help guide you in making the best decision for your HOA management needs. We are always here to answer questions you may have and help you get your HOA management to the place you know it needs to be!
Contact us for more information, guidance, and industry-leading knowledge that our customers have come to love and trust in our team. Talk to you soon!