There are numerous things to consider when getting an HOA management company or a property management company for your investment properties. By obtaining this information before making your decision to hire an HOA management company will only help you save time and money. Therefore, in order to help you clarify the benefits of a property management company, listed below are five considerations that you should understand.
1. What do HOA management companies do?
HOA management companies help make decisions regarding the appearance and maintenance of properties. An HOA is a reliable company that handles functions such as finances, implementing policies, making decisions, and locating and hiring vendors for the community.
They have strict policies that can be enforced to all the homeowners as well as help with ongoing maintenance issues. For example, if a swimming pool or a park need upgrades or repairs, an HOA management company will step in and enforce the policy to get that repair completed in a shorter period of time.
They also can help with collecting any dues or help with budgeting in the area. This helps reduce additional work that is essential in the community and also helps to enforce a certain standard of living within the neighborhood. Overall, they help manage all the business affairs of running a community.
2. How do you choose an HOA management company?
When looking to hire a management company it can either make or break the properties. Therefore, finding a management company is ideal for those looking to enforce a certain standard of living, as well as a saving you time on the budgeting and business affairs.
A few things to consider when looking for a management company would be the licensing and references, as well as how they answer certain questions on collecting rents or repairs. Their answers can help you decide which vendors and policies would be a great fit for your community. In addition, you’ll want to find a management company that can perform a legitimate operation that can meet the state’s and your standards.
3. What are the HOA responsibilities?
Most of the duties and responsibilities that an HOA management company will include would be enforcement of provisions, collecting taxes and fees, collecting and enforcing rental agreements, insurance contracts, and relinquishing any financial or business dealings that the community has to deal with on a monthly basis. There are many other responsibilities that they can include, however, this varies based on which company you choose.
4. Do renters have to pay HOA fees?
HOA fees are usually paid for through the landlord. If the renter fails to pay, the property management company can track down the landlord and have a legitimate document to obtain the finances that are required. There are some homeowners who will add on an additional fee for the HOA pricing, however, that is not usually common because of the changes in HOA fees.
5. Can an HOA evict a renter?
There many rules and regulations that property management companies have to follow in order to stay within their rules and restrictions of each state. In most states the property manager and the landlords have all the right to evict renters, however, they need to go through the appropriate proceedings in order to accomplish this task.
A good tip would be to talk to the property management company of your choice to inquire more details about this process and what needs to happen if this were to ever come into play. The property management company can handle maintaining a functioning flow of tenants to help eliminate loss of income on each property.
In conclusion, getting a property management company or an HOA management company to help with your investment properties within the community is a smart decision for many homeowners and landlords. Simply because the property management companies can take all the financial and business affairs off of the landlord’s hands and incorporate their own policies and requirements to help you maintain your property in the right state of affairs.
Talk to a property management company such as ACCUInc. and you will not regret your decision.