Tacoma, WA HOAs and HOA management firms work in tandem to make your community association the most enjoyable neighborhood possible for all residents. However, there can sometimes be confusion over who does what when it comes to these daily tasks.
The responsibilities and functions of a community management company are entirely different from those of the HOA board, so it’s important to know what services your community management company can and will provide. Here are three lesser-known community management services that can take some responsibility off the plate of your HOA board members.
1. HOA Management Firms Provide Guidance, But Not Final Decisions
Your HOA community management company is a great resource for anything you want an expert opinion on. From recommending vendors to offering advice on board decisions, your management team is there to support your efforts and improve the overall well-being of your residents.
However, your HOA management firm will not make any executive decisions on your community’s behalf. Community management services are intended to help you handle day-to-day operations so your board can focus on the bigger picture. All rules, guidelines, and community decisions are made exclusively by the board members; HOA management firms are in place to help you execute those decisions and advise when necessary.
2. HOA Management Companies Brainstorm Community-Building Opportunities
While HOA management companies are immensely valuable in handling day-to-day functions, they also have the ultimate goal of improving your residents’ quality of life. This includes brainstorming creative ideas for bringing your community closer together.
Every HOA management firm’s goal is to create a community you love to live in and that other homeowners want to buy into. To bring this vision to life, community management services can include brainstorming ways to improve amenities, hosting neighborhood events and implementing initiatives that encourage interactivity between neighbors.
A good community management company should be fun and creative to make your community as inviting, welcoming and appealing to potential buyers as possible.
3. HOA Management Companies Provide Financial Services
Managing an HOA’s accounting can be a very intensive process, and it often falls on the shoulders of a volunteer board member to handle these tasks. They can take hundreds of hours, and accuracy is crucial to the operation of your community, so HOA financial management is no small matter.
Luckily, HOA management firms like The Management Trust offer comprehensive HOA financial management services such as statement organization, record keeping services, fund management, collection services, vendor billing, budget preparation, audit coordination and more.
HOA financial management is included in The Management Trust’s full-service management program, but it’s also available independently to HOAs who only need financial services. With a team of experts specialized in HOA accounting, HOA management firms can help protect your association from liability and ensure your accounting is always thorough and accurate.
If you want a community management partner dedicated to building a community you love through whatever means necessary, look no further than The Management Trust. We’ve been an industry leader for over 30 years, with more than 1,500 communities served nationwide. To learn more about our full range of community management services for Tacoma, WA HOAs, including HOA financial management, call The Management Trust at (253) 472-0825 or fill out our online contact form today.