HOA Property Management – 5 Vital Factors To Note While Dealing With A Property Manager
If you have your a home for commercial or residential purpose, its most likely that you have a Homeowners’ association (HOA). While most of the Homeowners’ Association usually hire property managers for management of their property and common facilities, there are a few things that every person needs to be aware of while dealing with HOA Property Management. Any property management needs a systematic planning and selection of property managers for better management and security of the homes.
A. Responsibility of any Property Management:
As a HOA Property Management Agency, the managers have a long list of services offered to its client’s properties whether it’s residential or commercial. The property managers are responsible for maintenance of common structures on the properties, including landscaping, trash disposal, checking security installations, providing security and calling homeowners meetings along with keeping records of all expenses while managing the desired properties. The major responsibility is to guard and maintain the property while executing the broad decisions of the Homeowners Board of Management for a better and effective management.
B. License status of Property Managers:
With the increasing demand for HOA Property Management, there is a sharp growth in such property managers in the past few years. Well, it’s vital to check the license status of any such property managers as a matter of added security and better trust on the effective management of the property. The HOA board must check the backgrounds of the property managers and must evaluate their prior service before signing the agreement for property management.
C. Role of real estate attorneys:
In most areas of the United States the legal aspects surrounding homeowners association and property managers seems to be complicated. This accounts for seeking help of a professional real estate attorney for drafting agreement between the HOA and the HOA Property Management Company. It should be noted that property management for individual case may be quite different from any other such property. Its therefore quite necessary that a professional real estate attorney or a real estate legal group must be consulted before drafting any such property management agreement between a HOA and a property manager.
D. HOA Property Management Fees:
Not only HOA board, but the residents of the homes must also agree with the fees that are to be offered to the Property Management. The property managers’ fees should be within a comfortable for the homeowners and they must feel that they receive the value for the money they spend as fees for property managers. Taking into account of the services that are to be covered under HOA Property Management agreement, the fees should be nominal and must be rational.
E. Attentive and pro-resident service:
At all costs the interests of the homeowners are to be kept in focus before finalizing any HOA Property Management company. The company must listen to the homeowners, must be accessible to the homeowners easily and must be well-tuned to execute the administrative decisions of the board without hampering interest of the homeowners. They must keep accounts transparent and available for audits at any time. They must also be legally responsible for any breach of HOA property management in Austin. If you want to more information about HOA property management then click here.