How an HOA’s Board Works with a Management Company
A condo building has a board of directors that runs the property. Its members are elected and it runs the condo’s homeowners association. The board members have a lot of responsibilities that include collecting and managing HOA fees, handling legal issues, developing and enforcing rules and regulations for the building, maintaining the property, and regularly communicating with community members about finances, regulations, or anything else that needs to be discussed.
That’s a lot! And presumably, board members also have day jobs, because these elected positions typically don’t pay.
This is where a management company comes in. The overworked board members can delegate some of their responsibilities to a management company. In short, the board creates regulations and the management company enforces them. The management company secures insurance for the property, manages finances, communicates with residents, and prepares reports to keep the board aware of everything going on in the property, such as tasks the company has accomplished or detailed financial information.
A management company will never replace a board of directors, but it’s a useful tool for board members who simply are unable – or unwilling – to keep up with all the responsibilities their position entails.
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