The Duties Defined in a Homeowner Association- Some FAQs Covered
While forming a homeowner association (HOA), most board members are unclear and unsure about what duties they have to perform. The HOA management is complex to understand because it involves several legalities, finances and complicated maintenance tasks. That’s why, these associations prefer contacting Chandler hoa management that looks after these activities and acts as an intermediate between the board members and residents. They are the face of the board members who take care of the fact that the quality of people’s life should be improved.
Is the HOA management company a part of the association?
No. This is a third-party management company hired by the association to support the functions within the community. It closely works with board members to find out the best solutions.
Is the HOA Management Company another vendor?
Although the management company is hired by the association to support the activities, however, they are different from any vendor because the agreement differs. The management company works with the board members to improve the community as per the governing legal documents. Any community member can review these documents without any hassle.
What are the operational duties of an HOA management company?
- Arranging board meetings- The management company arranges and documents board meetings such as drafting meeting agendas, distributing information and noticing meetings. They also take part in these meetings and suggest the best resolutions.
- Community walk-through-The management company ensures that the community is the best place to live for its people. This also includes the safety measures along with the rules and regulations designed for residents.
- Managing the vendors- The most challenging task is to hire low-cost vendors and get the best work done from them. The management companies contact several vendors and choose the best one for the community.
- Reducing risks- The company works with the board members and ensures that the community is insured and has low risk when it comes to disaster management.
What are the Accounting duties?
- Payable accounts-The management companies look into various payments such as vendor checks and any repair work. These transactions can be reviewed at any time.
- Collecting dues– The company is responsible for collecting pending dues on the behalf of the board.
- Monthly statements– It is the job of the management company to create monthly statements so that the HOA board can review them as and when required.
Depending on the community’s requirements, you should be able to hire the best HOA management company.