Effectively running an Aurora community association can be a significant challenge, and each community has its own approach on how to handle the rigors of the job. For many community residents, there’s often some confusion regarding the role of their homeowners’ association and the services of an HOA management company, and how both factor into running the various aspects of their community. In this blog, we’ll outline the key differences between a homeowners association and an HOA community management company to help you best decide which solution is right for your Aurora community.
What is an HOA?
Homeowners associations are nonprofit organizations that manage the upkeep of community property and shared amenities within a neighborhood in order to protect and maintain property values. Houses within the boundaries of an HOA pay annual fees that go toward the maintenance and operation of the neighborhood amenities. Every HOA is composed of volunteer board members—elected by the homeowners—who vote on how funds are allocated, which rules are set into place, and other important administrative decisions. They organize community events, create projects for the improvement of common spaces, choose community vendors such as landscapers, and much more. Being a member of an HOA board means dedicating time to your community and advocating for the interests of all other homeowners in the neighborhood. It’s an important role, but one that comes with many important duties.
What is an HOA management company?
If your HOA board wants to ensure the best care and maintenance for their community, they may hire an HOA management firm. An HOA management firm is a company hired by the HOA to oversee day-to-day operations in the community. Your community association management firm can perform administrative tasks including answering homeowner inquiries, vetting and scheduling vendors and collecting dues from residents. The Management Trust HOA management firm also offers comprehensive financial services such as tax filing assistance, annual budget preparation, vendor billings, escrow services, audit coordination, and much more. While the HOA board is still the exclusive decision-maker in the community, laying out the rules and fees, the HOA management company works to effectively execute the decisions made by the board while ensuring residents’ happiness and satisfaction.
HOA community management is not an easy feat, which is why HOA management companies such as The Management Trust are beloved by Aurora community associations. We can help ease the burden of HOA board members and ensure that every aspect of your HOA’s daily operations is well taken care of. From administrative duties to financial planning tasks, we can tackle every aspect of community association management and help your Aurora, Colorado neighborhood thrive. To find out more about our HOA management services, contact us today at (303) 750-0994.