Managing the worth of a homeowners’ association is not easy – period. HOAs that are managed by resident board members often have to face challenges with regards to budgeting, management, and legal issues. No wonder, residents of many HOAs are now in favor of outsourcing. Phoenix HOA management companies specialize in the field and offer the support that residents and board members need. What should you expect when you outsource the work of your HOA to an agency? Is the price worth paying for? Here is a look at the basics. 

The basic core functions

HOA management is much more than just paying the bills or keeping the premises clean. Also, the work profile for these companies may vary as per the needs of a community and its residents. Here are some of the common things that an agency can do – 

  1. Reviewing the requirements of the homeowners’ association. 
  2. Checking if the HOA is compliant with the existing state laws & regulations.
  3. Advising the board members on key decisions. 
  4. Enforcing regulations and bylaws as set by the homeowners’ association. 
  5. Keeping up the management work in sync with governing documents. 

Financial functions

An HOA management company is also in charge of financial management and accounting, and their work includes –

  1. Making financial statements annually and quarterly. 
  2. Day-to-day recordkeeping. 
  3. Ensuring compliance with regards to taxes. 
  4. Collecting dues from residents every month. 
  5. Making payments to vendors and workers on time. 

Legal functions

Depending on the needs of a homeowners’ association, a company may also offer legal support and advice if the HOA runs into legal troubles. If the management company cannot be directly involved in legal matters, they can still help find lawyers. 

General functions

Most HOA management companies are in direct charge of maintaining community areas of the homeowners’ association. The work includes

  • Establishing guidelines and restrictions for common areas. 
  • Management and upkeep of premises. 
  • Working with third-party vendors. 
  • Find new vendors and suppliers as and when needed. 
  • Address resident complaints and fix immediate concerns. 
  • Offer advice and solutions for ensuring proper functioning of the homeowners’ association. 

As you may have guessed, there is much more to the work of an HOA management company in Phoenix than just handling a few chores. If your homeowners’ association is dealing with troubles or the board members don’t have the time that the HOA demands, it is best to outsource to an agency that can do it all.