A lot of people believe that the services of HOA management companies are only meant for bigger associations. However, did you know that even smaller HOAs also need help? The truth is that smaller associations don’t have many resources and they need to have someone to guide them on community management. If you are considering hiring one of the best phoenix hoa management companies for your small HOA, you must determine first the services your HOA needs. Here’s how these companies can help small HOAs:
Managing Small Community Finances
Every community, big or small, must stay on top of its finances. But, sometimes the board may not have the experience to manage the financial aspects of HOA management. Every association must perform accounting and bookkeeping tasks every day, so the work won’t pile up and overwhelm the association. In addition, a small community also needs budgets to operate properly. HOA management companies can help small communities perform these tasks.
Maintaining Compliance with Regulations
Any HOA that fails to comply with relevant regulations can be fined and penalized by the law. Unfortunately, fines and penalties can seriously hurt a small community with small budgets. An HOA management company can ensure an association’s compliance with regulations. They will make sure its governing documents, as well as community rules and regulations comply with the law.
Performing Administrative Work
No matter the size of an HOA, running a community involves significant administrative work. You must communicate with residents, address complaints, maintain amenities, schedule meetings, process invoices, and collect HOA fees. These tasks should be performed for the proper functioning of the community. But, the majority of board members can’t devote their time to these tasks because they often have families, full-time jobs, and other matters to attend to. If administrative work is something your board cannot handle, it is best to hand it over to an HOA management company.
Handling Maintenance Needs
Every HOA must conduct maintenance management regularly to make sure the shared assets of the community are in good working condition. You must have access to vendors or contractors to perform important repairs or replacements. A great HOA management company will handle the maintenance needs of your community and have a list of trusted vendors you can hire. They can procure bids from different companies and your association board will only need to pick from the list. With the services of a management company, you don’t have to do the legwork on your own.