There is a common misconception that property and HOA managers are the same and vice versa. Many people often get confused about property management and HOA management companies. They presume both of them are the same; however, the truth is, they are not. If one hires an HOA management company, this will not mean that the experts here will oversee the maintenance of all the communities in the community that the company is responsible for.
What does the HOA property management do?
You need to hire the right company for your HOA or property management needs, and this is where you must understand the critical differences between the two of them. Every HOA property management company generally undertakes the following responsibilities-
- The company assists in the daily tasks of the HOA
- Offer training to the board to be ready with the skills required for HOA property management like compliance, finance, budget, etc.
- Undertake site reviews to ensure that the HOA functions as per the laws of the state
- Perform the evaluation and inspections of different areas of the HOA community with the inclusion of common areas.
- Oversee the reconstruction of large projects
- Offer 24/7 emergency assistance
- Aid the HOA to manage costs and finance
- Ensure the participation of homeowners in all mandatory matters relating to the HOA
- Collect dues and fees from delinquent homeowners.
When it comes to the tasks and the responsibilities of a property manager, they include the following-
- Oversees the maintenance and care of the specific property that can either be multi-family or single, a vacation rental, vacation home, and any other real -estate property
- Ensures the renovation or the repairs of the specific property are done in time
- Act on behalf of the property owner when it comes to tenant responsibilities like collecting rent, fees, and other payments. Providing vendors or suppliers materials as and when requested or needed
- Ensure the specific property is managed and maintained as per the regulations laid down by the HOA, in case this is applicable
- Manage all the communication that takes place between the tenant and the owner.
In brief, the primary difference between the HOA property management and a company that deals with property management is the client they serve. There are many instances where the HOA can even choose a company specializing in property management to manage corporate areas or properties. This is the crucial reason people often mistake an HOA management and property management company to be the same thing.
It is prudent to be aware of the property management and HOA property management company tasks and responsibilities before they are hired. One should ensure the team of professionals in the company are skilled and qualified in the job. Moreover, when choosing any company, ensure that you read the reviews and client testimonials first. This will help you get honest feedback about the company and hire the right one for your specific needs with success!