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Understanding the Importance of an HOA Management Company



Understanding the Importance of an HOA Management Company

An association is comprised of community members who are actively working for the improvement of the community. These people are collectively known as board members whose duties include addressing the issues of residents. They are responsible for carrying out various activities such as improving parks, hallways, gardens, trimming of trees and various others. They cannot perform these duties themselves because they are complex tasks and need expert assistance. They have to contact chandler hoa management companies so that the company looks after these duties. 

Signing down the contract

When the company is hired, a contract is agreed upon by the association and the company. Before doing so, the association will discuss the requirements of the community. If the company assures to offer its best services, the association will talk about signing down the contract. Several areas have to be defined in a contract between the association and the management company. Some of the major ones are mentioned below:

  • Maintaining common areas 

One of the most important points to be included in a contract is the maintenance of common areas such as common roofs, walls, hallways, parking areas, clubs and swimming pools. Besides that, in the contract, the sale and purchase of the equipment or machine are also pointed out to carry out the maintenance work.

  • Financial management

Another crucial factor to be included in the contract is related to financial management. Accounting is a stressful task and needs to be handled by someone having complete knowledge and expertise. The terms and conditions related to payments received, done and taxes are explained properly in a contract.

  • Administration  

An HOA company needs to handle day-to-day tasks such as responding to emails, phones and text messages. The company also needs to address the issues related to residents’ problems and concerns. They are also responsible for arranging board meetings and keeping track of the records. The terms and conditions are properly explained in the contract and the company should go through the contract to avoid any conflict later on.

Fees of an HOA management company

There is no fixed or standard payment structure to avail of the services of the management company. Several factors such as the size of the community, type of management and the scope of work define the fees. It is strongly recommended to contact several companies to ensure that you don’t pay more money than the right amount.

An HOA management company works for the benefit of people and the community as a whole.