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HOA Management Vs Self-Management

HOA Management Vs Self-Management

Professionals can offer wmdouglas.com many benefits to homeowners living in an HOA. HOA managers have long-established relationships with qualified vendors and can bring in lower-cost vendors. These companies also listen to the needs of the community and can negotiate with homeowners on their behalf. Some HOA management companies charge extra for meetings more than once a month. They can also coordinate maintenance and bring in lower-cost vendors. Although they are not free, these professionals are still a necessity for many boards.

Many HOA management companies handle corporation dues and deposit them into a HOA account. The corporation itself never pays the management company. The company will handle accounts payable, which is an important aspect of HOA management. These transactions are open and transparent, and can be easily reviewed by the board of directors. Management companies also compile monthly financial statements for the HOA board, which include reserves and outstanding A/R. This allows the board to monitor financial performance and decide which services are worth paying for.

Self-management has several advantages. It fosters a tight community, which may be better for a smaller community. With less work, the HOA board can innovate and work together. However, for larger HOAs, a third-party company may be necessary. Third-party management firms can provide superior service and higher property values, but the board will have to deal with their relationship with them. This may not be an ideal solution for all HOAs, but for smaller communities, self-management has the greatest potential to provide the most value to homeowners.

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