A condominium association is responsible for maintaining common elements in a community and creating a budget to meet these needs. A community management company assists condo associations with these tasks by providing comprehensive third-party services. Here are five responsibilities of a community management company:
- Financial Management
Community management companies provide financial management services to homeowners or condominium associations. The range of financial services offered depends on the management company and the type of services the board has requested. The Board of Directors for condo associations is responsible for planning a budget that determines the amount of assessments collected from homeowners throughout the year. A professional management company can help the board create this budget and provide counsel on financial decisions that benefit the community. They can also recommend sound investment strategies to help increase revenue and assist with insurance claims.
A financial expert or team of accountants from the management company will assist the board with record keeping and financial tracking. These financial experts are responsible for making sure invoices are paid and assessments are collected on time. They also help prepare the association’s financial information for audits and tax season.
- Legal and Community Compliance
Community associations’ governing documents include community rules and regulations that the association is expected to enforce. Laws and local regulations can impact the bylaws, required documentation, and enforcement procedures of a community association. A professional management company has legal experts who help the association stay compliant with these regulations. Compliance services include assistance with filing the required paperwork and staying updated on regulation changes.
A professional management company may assist with community compliance by conducting routine visits to community sites and collecting HOA dues on the board’s behalf. If a resident is not compliant with community regulations or is not paying their dues, the company sends letters to inform the resident of the issue. The company also offers dispute resolution for disagreements between homeowners.
- Community Communication
Clear communication between associations and residents allows community members to remain updated on events, meetings, and project schedules. Management teams inform residents about special assessments or any other changes, helping community members stay compliant. A professional management company provides residents with detailed, current information through communication channels like email, text, and app notifications.
- Maintenance Management
The shared elements of a community refer to outdoor areas, buildings, and amenities available to most homeowners in the community. Common elements include roofs, hallways, walls, and elevators. Shared amenities include play structures, gyms, pools, and clubhouses.
Community associations are responsible for keeping all shared elements well-maintained and safe for residents. A professional management company can assist the community association by providing work order request forms and coordinating with vendors for maintenance services. These services include landscaping, janitorial, repairs, upgrades, and inspections. The professional management company is responsible for finding reputable, licensed vendors that provide high-quality results. Management teams may create contracts with these vendors for future services.
- Project Management
A professional management company offers hands-on project support services after unexpected losses and during planned projects. It handles the communication and planning aspects of community projects to keep all parties informed. These projects include planning and implementing large-scale exterior and reserve projects and managing mitigation and water loss remediation projects.
Professional management companies assist with the financial aspect of project management. They manage insurance claims after unexpected losses caused by weather, vandalism, or other events. If the community budget does not cover project expenses, the company can also guide the board to find other funding sources, like loans and special assessments. Special assessments are one-time payments collected from community residents to cover the costs of a necessary project. The management company also keeps projects on schedule and updates community members with relevant information throughout the process.
Find a Trusted Community Management Company
A community management company assists associations with administrative tasks, like creating agendas and taking minutes. The company may also offer training for board members to help them gain a better understanding of their responsibilities. You can hire a professional management company for full-time management services or to meet the specific needs of your association as they arise. Contact a professional condo management company today to learn more about their comprehensive and customizable services.