HOA property management companies responsibilities are built around caring for the common areas in a community. Communities, whether they are subdivisions of family homes, condominium complexes, or townhome complexes, or are made up of multiple-family housing units that enjoy some common areas together. Homeowners Associations are set up to help manage those areas. The goals of an HOA (homeowner association) and a POA (property owner’s association) are similar. These organizations are set up to further the success of the community and ensure that covenants, restrictions, and rules are followed by the property owners in the community.
An HOA is usually set up for a neighborhood that has been developed while a property owners association (POA) is set up before a neighborhood is developed (to sell building lots/fill vacancies) and sometimes continues after the community has been developed.
The HOA, as well as the POA, is made up of property owners or renters in the community that elect a board of directors that oversees things like homeowners’ dues and improvement and care of common areas. While HOA and POA’s are simply a matter of semantics, property managers play an entirely different role.
Many people mistakenly use the term homeowner’s association and property managers interchangeably but the HOA board members are not property managers. They are more overseen than anything else. HOA property management responsibility may ultimately fall on the shoulders of the HOA board or a board member but only for the common areas of the community-association.
In some cases, the HOA will work with the property manager or the community manager to ensure that the common areas are well-cared for and maintained but one is not a replacement for the other. Some HOA’s decide to partner with property management services to better serve their community.
What Does an HOA Management Company Do?
Each member of the community is responsible for their property, even if it is a rental property, but the common areas or corporately owned property is another story. Home owners typically pay dues to be a member of a homeowner’s association with the idea that common areas and improvements will be covered by those dues. In the event you chose to rent, the dues are paid in addition to the monthly rent. Areas like community clubhouses and playgrounds, infrastructure, and more are typically considered community property and fall under the governance and responsibility of the HOA board.
An HOA management company ensures that the community is well-cared for and maintained. In addition, their management solutions ensure that guidelines are being followed to ensure a safe, comfortable living experience for community members. In most cases, HOA board members are themselves members of the community which can make it difficult for them to have to ask neighbors to make changes to comply with rules.
The HOA management team relieves board members of having to confront neighbors about violations but that is not all an experienced management team brings to the table on a day-to-day basis, they also:
- Oversee and take care of the neighborhood’s common areas like swimming pools, playgrounds, clubhouses, and more.
- Collect dues from homeowners. Manages delinquent dues.
- Manages financial reporting, budgeting, and other accounting and bookkeeping services.
- It can hire staff and service providers to care for common areas.
- Can manage the HOA board if board management is necessary.
- Manages insurance for common areas.
- Handle work order request for the repair and maintenance of common areas.
An HOA Management Company, just like Slatter Management, is focused on providing dedicated services to ensure that the homeowners association is managed successfully and does not violate any common interest.
What Does a Property Management Company Do?
A property management company is typically used to manage property that is owned by a corporate entity or a private individual that is renting or leasing the property. A professional property management team responds to property maintenance and repair requests.
Property managers are tasked with taking care of the property. The responsibilities can vary. Professional property management teams can take the stress off the real estate investor by being their eyes and ears. They can provide maintenance services, respond to urgent repair needs and ensure that their tenants property is being well-cared for.
A property manager may or may not work with the homeowner’s association. They may represent one or several owners in the community. Property managers can also be hired by the HOA to help manage corporately owned areas and provide homeowners support.
What is the Difference?
Different groups have the same goals but how those goals are reached are different. HOA’s/POA’s are groups of owners that elect a board to manage the rules, covenants, and care of the community.
A property management company does not have a lot of power when it comes to the larger community unless they are hired by the HOA or POA, but they can enforce the rules of the larger community via individual properties that they are responsible for.
An HOA Management Company can support both the HOA and the POA and work with the property management company to ensure what’s best for the community is being cared out. A good HOA management company makes everyone’s life easier.
Why You Should Hire an HOA Management Company
HOA property management can be simplified by choosing Slatter Management for your HOA management services. Our HOA Management Services help to keep neighborhoods throughout Greensboro and the North Carolina Triad running smoothly.
We deliver the services that ensure every owner’s quality of life in the neighborhood is top tier. We can explain in detail the differences between a property management team and a team that specializes in HOA management.
Our professional HOA management services will help your community to grow and thrive. We can help your HOA/POA get expenses under control while improving the quality of services that your neighborhood deserves.
Slatter HOA Management is an Accredited Association Management Company located in Greensboro, NC, and holds an A+ rating with the Better Business Bureau. We take the weight off the board members’ shoulders by managing financial reporting and more. We put your community goals first. We pride ourselves on 100% transparency at Slatter HOA Management. Contact us today to learn more about our services and how we can help you to better manage your community!