Do you currently self-manage your condo community or homeowners’ association? Do you wish there was support to make the job easier? Maybe one of your board members is stepping down or moving out of the community; maybe you are small and don’t have many people to help out; maybe you don’t have many unit owners interested in volunteering; or maybe your volunteers don’t have the financial aptitude, time or interest in doing the monthly financial management. Do you wish there were condo & HOA self-management support services?
Help is available. You can get over 55% of the work that full management companies provide for less than half of their fee.
Hiring condo & HOA self-management support services will reduce the time required to be a Board member. You will provide a higher level of transparency and safety to your financial process. You will give unit owners access features they want like online payments and a portal with community documents they can access 24/7. And you will enjoy a more stress-free community life.
Here are a list of tasks that can be off loaded by the Board:
Financial Management Services
Mail coupons & statements to drive in assessments
Provide a web-portal for owners to make payments online
Answer owner payment questions
Assess late fees
Add and bill for special assessments & loan payments
Deposit funds into the bank
Generate late letters
Work with a collection agency or attorney on delinquent owners
Receive vendor bills
Provide the ability for Board to review and approval of bills online
Pay approved vendor bills
Answer vendor payment questions
Create year-end vendor tax forms (1099s)
Generate monthly financial reports and distribute to the board
Provide year-end reports to Association CPA to file a tax return (if applicable)
Administrative Services
Produce resale certificates when a unit sells
Produce lender questionnaires for units refinancing
Send out community mailings (annual meeting notices, newsletters, etc.)
Provide unit owner rosters
Provide an annual meeting sign-in sheet
Update the annual Secretary of State filing
Plus Secretarial services available for special projects
Technology
Provide a community web-portal: make online payments & retrieve important information 24/7
Also can provide email blasts or emergency notification services (email, text, phone call)
Your self-managed community Board does not have to operate all aspects of the property alone. Condo & HOA self-management support services are available to do a substantial amount of the work and make a Board member’s role easier. If you want to learn more about financial services, administrative services and technology tools available to your Board, schedule a free consultation with Community Financials.