Three Important Things to Look for in a HOA Management Firm

Three Important Things to Look for in a HOA Management Firm

Homeowners associations can provide a range of valuable services that increase property values, while also providing valuable services to their neighbors. The task of managing such associations, however, can be overwhelming, which is why many boards choose to seek the help of professional managers. HOA management firms specialize in helping community associations run more smoothly and effectively, making life easier for homeowners and board members alike. Listed below are three important things to look for in a Greenville HOA management firm.

The services of an HOA management company may include collection of HOA fees, managing day-to-day operations, and obtaining bids for subcontracted services. The company typically reports to a Board of Directors and makes decisions based on the consensus of the Board members. In the Greenville area, HOA management companies are located near several educational facilities, including East Carolina University, Pitt Community College, Vidant Medical Hospital, and Vidant Medical Center.

A company specializing in HOA management will take care of account payable and receivable functions, such as account reconciliation, monthly financial statements, and reserve analysis. These services may also include assistance with debt management, which includes sending delinquent notices to homeowners and facilitating legal action for unpaid funds. HOA management companies also provide a complete set of financial and accounting services, including separate operating and escrow bank accounts, monthly billing for community dues, and ACH drafts.

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