From ten single-family homes to hundred-unit high-rise condominiums — no matter the size, Elite Management Services offers a wide range of association management options that cater to the needs of your community.
Association Management Options: Are You a Self-Managed Community?
Self-management is common for smaller or newly-established communities. Homeowners elect a board of directors, who is responsible for managing the community. Board members take on many tasks such as arranging vendor contracts, scheduling maintenance, collecting HOA dues, issuing rule violations, answering homeowner requests, paying the bills, and so on. As your community grows, the more responsibilities there are.
Association management can be a full-time job for volunteer board members who have jobs of their own. Given the time constraints, even a small association with single-family homes can be difficult to self-manage. Board members also may not have adequate knowledge when it comes to association management — especially with more complex aspects such as accounting, budgeting, and financial planning.
If you are a board member of a self-managed community that is struggling with all these demands, it might be time to consider professional association management. Take time to consider the different HOA management options to see which one is best suited for your community.
Association Management Options for Your Community
Community association companies such as EMS offer a wide variety of HOA management services. Here are different association management options that you can choose from:
1. Financial Management Services
In associations where the board of directors can effectively manage most tasks but struggle with financials, they can opt for financial-only management. The management company will provide financial services such as accounting and bookkeeping, preparing financial reports for the board, collecting assessments from homeowners, and so on. The management company can also assist boards when making financial decisions.
Financial management services can be ideal for townhouse association management. With a small number of units and limited amenities, the board can competently handle the day-to-day management of the community. However, since associations are legal entities, you still need to make sure that the association’s finances are in order.
2. Full-Service Management
Full-service is a good option for homeowners association management. Since these communities usually have numerous amenities, expansive landscapes, and many residents, it can be difficult for board members to manage.
A full-service management company will come in and take care of the day-to-day management of your community. Services may include routine inspections, maintenance scheduling, HOA collections, vendor contracts, homeowner correspondence, rule enforcement, HOA violations, financial management, board meeting agendas, legal services, and so on. Though the management company handles the majority of the tasks, the board of directors still makes decisions for the community.
Full-service management is one of the more expensive options but it can be cost-effective in the long run. A management company will help improve budgets and operations, allowing the community to function more seamlessly. As a result, board members also no longer have to deal with the stress that comes with association management.
3. On-Site Management
For condominium association management, you may want to consider on-site management services. A professional firm will provide the community with an in-house manager, who will be in charge of the daily operations. Communities can expect full-service management with the added bonus of convenience. Since the manager is always present, they can readily attend to questions and concerns for both the board and residents.
4. Remote Management Services
Remote management is ideal for communities that do not need on-site management but still need administrative assistance. A remote management company is very cost-effective because you still receive the same services as with a full-service management company. Remote management companies offer a wide array of management services such as billing, collections, and invoicing, but the board members will still be the one to perform tasks or errands on-site.
5. HOA Consulting Services
Consulting firms are hired on an as-needed basis. It is an ideal option for communities that want more than self-management but less than full-service management. An HOA consultant can address specific issues that your association might have, such as building reserve funds, making sure that governing documents are compliant with state HOA laws, setting up technologies to streamline operations, performing a financial audit, or even just offer advice in difficult situations.
Fees for consulting services tend to be high and consultants often charge by the hour. However, it will be a one-time expense rather than monthly payments. It can also be worth it for well-managed associations who are dealing with special situations.
Professional Association Management That You Can Count On
Whichever one you choose from these association management options, you can count on Elite Management Services to deliver. We provide expert association management services that will meet the needs of your community. We also have a custom and flexible approach so that you only pay for the services you need. If you want to learn more about professional association management, please do not hesitate to give us a call today!