Florida has the most HOAs nationally, with 45% of homeowners living in HOA-managed housing. These housing developments are popular for their excellent amenities and investment potential.
The HOA boards that oversee these facilities comprise elected members of the community, but there is a better way to manage an HOA.
Keep reading to find out more about the value offered by HOA management services in Tampa, Florida.
What Is an HOA Management Service?
HOA management services aren't the same as property management services. The major difference is:
- HOA managers manage communities
- Property managers manage investment properties and rentals
Property managers deal directly with tenants. HOA management services help HOA boards with enforcement and management tasks.
An HOA manager has little to do with the homeowner's property. They focus mainly on the common areas of housing developments.
HOA Management Services Offered
Managing an HOA entails numerous tasks that are often beyond the capabilities of most elected HOA board members. An HOA management service employs qualified personnel that can assist with these tasks.
If preferred, your HOA board may decide to perform these tasks independently. In this case, you can use partial HOA management services.
The most common HOA management services are:
Financial
Financial administration is a time-consuming and specialized task. but it's vital for the health of any HOA. Some of the tasks involved include:
- Managing financial records
- Processing HOA fee payments
- Following up on overdue payments
- Handling the HOA payroll
- Preparing tax returns and filing them
- Financial planning and reporting
HOA management companies employ qualified bookkeepers and accountants to handle these aspects. They also have the latest technology in place to save time and ensure accuracy.
Vendor Management
All HOAs deal with certain vendors who supply goods and services to the community. These may include:
- Landscaping
- Pool care
- Maintenance services
- Provision of cleaning materials and office supplies
An HOA management company will help negotiate the best prices thanks to their industry connections. They will also monitor expenses and manage payments to these businesses.
Inspections and Maintenance
HOA amenities require ongoing maintenance. An HOA management company keeps track of routine maintenance to avoid unnecessary repairs and maintenance.
They will oversee any work done by contractors and ensure it meets the standards of the HOA.
An HOA manager will also ensure that homeowners comply with HOA standards related to their homes.
Ensuring Compliance
An HOA manager will ensure homeowners comply with the HOA rules. As a third party, an HOA manager can enforce community regulations impartially.
They will document and track HOA rule violations, communicate with owners about non-compliance, and take disciplinary action when needed.
HOA managers also have the legal know-how to make sure the HOA operates according to the relevant Tampa real estate regulations.
Choose Reputable HOA Management Services
To sum up, HOA management services help free up board members' time. They ensure compliance with HOA rules and help maintain the value of HOA communities thanks to expert services.
It's imperative to work with an established and reliable HOA manager for the best results.
We have extensive experience managing real estate in Tampa. Get in touch for assistance with your HOA management needs.
