The average HOA fee in Ohio is $384 monthly. In return, homeowners in these communities expect their HOA board to ensure their community runs smoothly.
This involves many tasks and responsibilities. Sometimes these are beyond the board member's capabilities.
The solution is to hire an HOA management company. Read on to discover how these professionals can help your Lebanon HOA thrive.
HOA Board vs. Management Company Comparison
The most significant difference between an HOA board and an HOA management company is that the latter receives payment for their services. HOA board members are volunteers who don't always have the time or skills to perform all HOA functions.
While a management company can make a substantial contribution toward streamlining and refining these tasks, an HOA board should always maintain authority over the following:
- Setting annual budgets
- Maintaining a reserve fund
- Reviewing maintenance requests
- Approving expenses and maintenance requests
- Overseeing vendor appointments
- Setting fees, fines, and payment schedules
- Initiating financial audits
- Policy decisions
The board should not allow a management service free reign in any of these areas.
HOA Management Company Services
To reduce HOA management company costs, board members may decide to perform some tasks in-house if they have the relevant skills.
To accommodate this, most HOA companies offer a flexible selection of services. These usually include the following:
Policy Enforcement
All HOAs have a Declaration of Covenants, Conditions, and Restrictions. These CC&Rs are a recorded document that helps maintain property values by ensuring conformity in the community.
HOA board members don't have the time to ensure community members comply with these rules. An HOA management company employs an on-site manager to oversee compliance.
Administrative Office Duties
A good management company provides an office location for the HOA. All administrative tasks take place at this location.
These include answering queries, managing correspondence, and answering emails and phone calls.
Billing and Collections
An HOA management service assists the board with fee collection and keeping records of payments from homeowners. They use the latest HOA management software to keep track of these tasks.
They keep the board updated on overdue accounts and take care of billing residents for fines and assessments.
Accounting Services
An HOA management firm will maintain financial records for the community. They carry out basic accounting duties, like:
- Managing ledgers and bank accounts
- Compiling financial reports
- Submitting reports to the board
- Keeping track of reserve funds
Vendor Management
HOA company responsibilities may include things like landscaping, routine maintenance of amenities, and necessary repairs.
An HOA manager takes time to source, verify, and manage vendors to carry out these tasks and submit them for the board's approval. Thanks to their industry connections, they can often negotiate the best prices from contractors and vendors.
Communication
Effective communication is one of the most important tasks of an HOA management company. It's their job to keep homeowners and board members informed about matters affecting the community.
Transparent communication goes a long way toward promoting community harmony and putting board members at ease.
Get Help Managing Your Lebanon HOA
Hiring an HOA management company is the best way to ensure your HOA board meets all its obligations. PMI Buckeye Services can assist you with as many of the above tasks as you need.
Get in touch to experience working with our dedicated, experienced team.
