A lot of HOA management companies offer remote management services. Remote management only provides HOAs with back-office and financial services. Companies differ in the specific services they offer. Often, they include things such as paying bills, invoicing HOA members, giving financial reports to HOA boards, and working with collection agencies. Also, these companies offer communication services and work with the board to ensure community members are informed about what’s going on in the community.
Usually, remote HOA management doesn’t cover on-site services like attending board meetings, maintenance, or violations drive-throughs. This allows the HOA board to save money and keep control over the community. Also, the board benefits from having a reliable company on their team. Keep reading to learn more about the services that come with remote HOA management:
Financial Management
HOA communities need financial stability to succeed. Thus, board members work to reach financial security. But handling HOA finances can be hard. It includes complicated accounting, building value, and financial reporting. Often, it requires the expertise and experience of a financial professional. Remote HOA management can help the board feel at ease with HOA financials.
Back Office Services
Busy HOA board members cannot concentrate on their fiduciary duties. Sometimes, they can forget to send out meeting notices. To reduce back-office tasks, remote HOA management should be considered. An HOA management company can offer back-office services such as bid management and contract review. Also, it can analyze and plan reserves, review risk management practices, dispatch work orders, and track maintenance requests. In addition, a remote HOA manager can send out community letters, violation letters, and newsletters for the board. Sometimes, they cover legal services.
Collection Services
HOAs depend on assessments to run smoothly at all times. Without funds, the association cannot operate. But sometimes, homeowners make it hard to collect dues.
Thankfully, a remote HOA manager can collect these dues for the board. They will develop tailor-made collection policies. When the board develops a strategy, they can work with the manager to implement the plan. This ensures homeowners are aware of the consequences if they default on payments. The manager will also help the board enforce assessment policies.
Homeowner Communication
Community residents must be informed about policy changes and updates. A remote manager can set up means of communication with homeowners. This includes building an HOA website as well as sending out regular emails and text messages to community members.
