Property Management Vs. HOA Management: Check The Differences
Managing independent properties is very different from managing an HOA. Unfortunately, not many people understand that. When a manager is looking for a home for a client, they are just bothered to report to one person. Homeowners’ associations have a bunch of people – the elected board members – who are responsible for the community. When your board hires a flagstaff hoa management firm, they are looking for expertise in handling larger communities, and that is not something any random property management firm can manage. In this post, we are sharing how HOA management firms are different.
HOA management requires dedicated experience
Dealing with hundreds of residents and their specific needs is an uphill task. The board itself will have unique demands. Property management for single clients is much easier, while HOA management firms have a lot more to handle. As such, these companies are often run by a bunch of people who have extensive experience working for community associations. Many firms in Flagstaff deal with the requirements of numerous HOAs, and therefore, they are absolutely well-equipped to tackle new challenges.
HOA management is more complex
From financial affairs to regular upkeep and maintenance, HOA management firms have to deal with many chores and tasks on a regular basis. The property manager is expected to keep up with the board members and requests from residents. Besides that, they are also answerable for financial matters like expenses and vendor contracts. The work is extensive and requires dedicated time each day. In contrast, regular property managers only have a few hassles to deal with, and many clients don’t care much beyond the expenses.
HOA management involves legal matters too
Besides handling the day-to-day affairs of the community, the HOA management firm is also expected to offer insights and contacts for legal matters. HOAs also have unique tax preparation requirements, and a proficient firm must rely on tech to automate some of the tasks. The use of technology for HOAs is not a choice, mainly because there are advanced apps and software for different processes. While autonomous property managers do rely on such tech for individual work, they don’t necessarily have to set up accounts for clients or share reports and other details every month.
If you are looking for professional HOA management, look for a firm based in Flagstaff and has been working with communities in your area for at least a few years. It is also a good idea to ask for references.