When it comes to how to manage an HOA, you’ll need to work with more than the homeowners and committee and board members.
Your self-managed HOA will require some professional assistance, too.
Once you’ve decided whether or not to self-manage or hire a property management company (PMC), consider these factors before running out to enlist help.
- How many volunteers are available? The more competent, qualified volunteers available, the less outside assistance you may need.
- How big is the community? Larger communities will require more time and resources to manage and maintain.
- What amenities and services does the association offer? The challenges and responsibilities grow along with the facilities and services provided.
- Are the funds available to hire help? If not, you may need to revisit the structuring to add a budget for professional support.
How to Manage an HOA with Support from These Three Professionals
Volunteers can handle some duties required of an HOA, but sometimes it’s better to call in an experienced professional.
Your self-managed HOA will likely need to hire some combination of the three roles below.
1. Property Manager – Partnering with a licensed community association manager (CAM) helps ensure the HOA is in line with regulations. A CAM can help to address issues as they arise, offer insights for the future, maintain basic accounting (collecting fees and fines, budgeting, and reporting), and much more.
2. Accountant – HOAs require an annual financial review. Therefore, you should consider hiring a certified public accountant (CPA) who can complete the audit and standard accounting tasks as needed.
3. Lawyer – An attorney with a specialization in associations will help your HOA to maintain compliance with laws and avoid missteps saving your community time and money.
What to Look for When Hiring Professionals to Work with Your Self-Managed HOA
Self-managed HOAs will work closely with the professionals they hire.
Make it a point to learn about these consultants’ reputations before contracting with them. Search for online reviews and ask your friends in other neighborhoods whom their HOA works with and how they work.
Find out about their contract flexibility. Will you be able to pick and choose the needed services, or do they only offer standard packages?
If you’re working with companies rather than solo providers, learn about how they recruit new employees and what they do to retain them. You don’t want to end up with a different point-of-contact every few months.
Five Advantages of Hiring Professionals to Assist Your HOA
Hiring reputable, competent professionals is essential to your success as a self-managed HOA.
Here are five benefits you and your neighbors on the board may enjoy by hiring experts to fill in the gaps where volunteers are unable (or unwilling).
1. Spend less time supervising and searching for vendors. Property managers generally have relationships with landscapers, maintenance people, and others, which can make these services more cost-effective for the HOA.
2. Minimize the time trying to establish new processes. The experienced professionals you hire will bring proven procedures and systems with them.
3. Reduce legal uncertainties with the aid and guidance of an attorney.
4. Safeguard the funds of the HOA with a check and balance system of the financials.
5. Eliminate the issue of leniencies with neighbors disobeying the rules. An impartial property manager will enforce the regulations as written.
FREE Download:
Download a FREE eBook “How To Run A Homeowner’s Association”!
In this download, you will get valuable insights and know-how from industry experts.
You will learn:
- How to set up your budget and finances.
- How to generate financial reports.
- How to work with vendors.
- How to serve owners.
This is the resource you’ve been waiting for.
