A homeowners’ association refers to a governing body responsible for the development of a large housing estate. It could be in the form of a high-rise residential apartment, condominium, or townhouse complex. It consists of residents, their dependents, and other occupants living within the housing community. They elect members from among themselves who are willing to volunteer to serve as officials on its board. They generally hold the posts of President, Vice-President, Secretary, and Treasurer. Buyers who acquire residential homes in the housing estate automatically become members of its homeowners’ association. They do not have the choice of opting out of the association and must abide by its regulations.
Why hire Corona HOA Management companies?
The number of volunteers and board members in the homeowners’ association increases as the housing communities they represent expand. The residents they govern come from diverse backgrounds, and each of them has its own set of beliefs. The volunteers need to ensure each of these occupants abides by the association’s rules and regulations. Only then can they maintain peace and amicable relations between the residents. This is no easy task for the volunteers of the homeowners’ association to perform. Almost all of them have no formal finance training, real estate laws, development, and maintenance. Moreover, they do not get any financial reward for the services they perform. This is why these members choose to hire reliable HOA management companies for the following reasons:
- Communicate their decisions to the housing estate’s residents either orally or via newsletters,
- Assist them in discharging their responsibilities such as maintaining the common areas of the housing estate,
- Educate them on the laws affecting their housing communities and how to comply with statutory guidelines,
- Help them to manage the finances of their housing communities, prepare relevant budgets and meet tax obligations, and
- Ensure all the residents abide by the homeowners’ association’s regulations, identify violators, and reprimand them.
Services HOA management companies perform
Experts of Corona HOA management companies explain the general services reliable HOA management companies provide for the members of homeowners’ association include:
- Drafting board meeting agendas, issues notice, recording minutes during the discussions and communicating business decisions,
- Acting as impartial inspectors during the election of board members during the annual meetings,
- Soliciting and scrutinizing price bids from competing vendors for the association’s maintenance contracts,
- Managing and supervising the work of vendors who win contracts for the up-keeping of the housing estates’ amenities,
- Conducting community walk-throughs to make sure the residents are upholding the association’s regulations,
- Hosting community events to promote cordial relationships between the residents within the housing estate, and
- Collect fees from residents, paying expenses, preparing financial statements, and providing escrow services.
Experts of Corona HOA management companies conclude that hiring reliable HOA management companies reduces the homeowners’ association’s burden. Its members get the necessary help from a specialist in discharging their official responsibilities. However, there are certain factors the homeowners’ association members should consider when hiring the right one. The corporate enterprise they select should have valid certifications and a good market reputation. Its professionals should have adequate experience and skills in diverse fields necessary for running the housing estate seamlessly.