Have you ever thought about all of the key activities for operating your HOA or Condominium Association? I mean really, really got down to the nitty-gritty of all of the work required to run a successful association… It is daunting, to say the least!
Taking on 100% of this workload by yourself is almost impossible. Even with the support of a few volunteer community members, it is difficult. Software can assist but even software requires manual input to be useful. After all, software doesn’t run itself, does it?
A far better model is a hybrid management program where a well-meaning HOA or condo association that has decided to self-manage is aided by a paid third party, such as Community Financials, to handle some of the more time-intensive and tedious tasks of operating the association. The association maintains its autonomy and freedom from high management fees but it benefits from the assistance and wisdom of an experienced industry service provider.
Take a look at this list of key activities and ask yourself where outsourcing the association work while maintaining self-managed autonomy makes sense:
Key Activities for Operating your HOA or Condominium Association
- Bill & Collect Owner Dues
- Send Late Letters
- Work on Delinquent Accounts and Pursue Collections
- Create and Send Bills for Special Assessments
- Pay Vendor Bills
- Produce Financial Reports
- Provide and Maintain an Online Portal to View Account and Make Payments
At the very heart of any community association is good cash flow and financial management. Keeping a close watch on association income and expenses is key to running a successful HOA or condominium association. Whether your association is professionally managed, self-managed, or a hybrid model (managed with assistance), Community Financials can help with these time-intensive tasks. We even provide the latest software (included in our modest fees) to give you even greater control and efficiency.
- Resale and Refinance Administration
- Mail / Email Community Letters
- Draft / Mail / Email Annual Meeting Notices
- Newsletter Prep and Distribution
- Lead or Attend Annual Meetings
- Take Meeting Minutes
- Track, Draft, and Mail Violation Letters
- Track, Draft and Mail ARC Forms and Letters
Community Financials can assist with many of these time-consuming tasks. Removing tedious tasks from Board Members prevents burnout and gives the association accountability and reliability for these important association records.
- Answer basic questions on Governing Documents
- Guidance on Policies & Procedures
- Guidance on Operational Questions
Community Financials offer these advanced Advisory Activities services to all of our Standard and Premium Service Clients. Let our experience benefit your association.
- Source Vendors & Get Proposals
- Supervise Work
- Site Inspections
- 24/7 Emergency Answering Service and Vendor Dispatch
Community Financials is able to assist our Premium Services clients with 24/7 Emergency Answering Service and Vendor Dispatch, we are not able to offer “on-site” services. Board Members are the best resource for most Physical Management activities as they typically reside within the HOA or condominium association.
- Prepare Tax Return
- Review & Revise Governing Documents
- Review Insurance Coverage and Solicit Bids
- Reserve Studies
- Capital Improvement Projects
HOAs and condominium associations require a host of professionals for these activities. CPAs, attorneys, engineers, Reserve Specialists, and locally knowledgeable insurance agents are great resources for these common tasks. Community Financials is a member of the Community Associations Institute (CAI) and highly recommends that associations work with other CAI members for these services.
You can see that the key activities to operate your HOA or condominium association are substantial. There is no need to go it alone. If you serve on the Board of your condominium association or HOA, talk to Community Financials today to discuss lightening your load while still maintaining your autonomy.