The lawful governing of the Homeowners Association (HOA) is the general responsibility of an HOA Property Manager.
A regular Property Manager may coordinate, direct and approve the sale of vacant properties and establish leases, but an HOA Property Manager also oversees daily operations of the Homeowners Association.
Read More: Property Managers, protect yourself!
Here’s a breakdown of their responsibilities:
Analysis of Property Values
Property values, as they regard assessments of existing property and procurement of new properties, are analyzed by an HOA Property Manager. A detailed report is prepared and later submitted to the Board of Directors, or the homeowners themselves in most cases. During the analysis of property values the general population, population growth and zoning are all considered, as well all recent properties purchased and sold.
Reserve Studies
The Reserve Study is an integral part of HOA management, and the Property Manager must make certain the community adheres to the state laws. The frequency with which the studies are prepared, as well as the allowed minimum funding of the reserve account, is dictated by the state as well as the governing CC&R’s and By-Laws of the community.
Read More: Get the most from your Reserve Study
Advertising and Marketing
HOA Property Managers may also market vacant tenant spaces to the public, as well as create advertising campaigns and marketing strategies. To keep the public informed of vacancies, both online and offline advertising in media such as community magazines and newspapers, Internet real estate portals and websites are used by HOA Property Managers. They might also list with various property management companies and real estate agents, with the consent of the Board of Directors.
Preparation of Organizational Documents and Reports
A variety of management reports are prepared by an HOA Property Manager, which are later reviewed by the Board of Directors. Account and bookkeeping reports that contain the HOA’s expenses and income transactions, and tenant or homeowner payments of monthly dues are included among the reports. They must also ensure that the business status of the HOA organization is current with the appropriate Secretary of State’s office. Legal contracts with vendors used to upkeep the property are also handled by an HOA Property Manager, as well as the various maintenance requests.
Responsibilities of HOA Managers to Tenants
When it comes to addressing issues and solving problems, tenants and homeowners tend to rely on the HOA Property Manager. Issues regarding the well being of tenants or residents, and the policies of the Homeowners Association, are usually addressed during community meetings. Advice regarding any decisions that the Board of Directors makes, or changes made to any HOA covenant documents, must also be provided to tenants or owners by their HOA Property Manager.
Education and Licensing
An efficient HOA Property Manager needs to have the skills to resolve disputes. They must at least have an associate degree in business management and, depending on their state laws, must be licensed by the Real Estate Board; they may also be required to have a Real Estate License.
Read More: The Role of an HOA Board
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