According to the latest estimates from the Foundation for Community Association Research, Colorado is home to more than 11,000 condominium and other community associations.
Managing a homeowners' association (HOA) is the job of a board of directors. Sometimes it becomes overwhelming and the board seeks aid from a professional management company. An HOA property manager supports the board in meeting their obligations to the community. It takes some of the burden off of the board members.
Are you curious about the role of an HOA property manager in Colorado Springs? Keep reading as we outline four key responsibilities and how they improve and enhance community living.
1. Financial Management
Professional community management involves handling the finances of the community. This includes the following:
- Collecting HOA fees.
- Managing and reconciling bank accounts and ledgers.
- Advising the board during the budget creation.
- Maintaining the budget.
- Handling accounts payable and monthly fiscal statements.
These duties can be challenging for volunteer board members who may not have a background in accounting. Management companies have experienced accountants and use technology to manage the community's finances.
2. Rule Enforcement and Compliance
HOA property managers carry out and enforce HOA policies and guidelines. They can be impartial because they don't live in the community.
They address compliance issues by sending warning letters or fines. They resolve complaints from owners and mediate disputes and conflicts between homeowners.
A professional property manager is familiar with CC&Rs (Covenants, Conditions, and Restrictions). These are the rules to which homeowners agree when purchasing a home in the community. The property manager ensures adherence to these community rules.
3. Maintenance and Vendor Management
Many Colorado Springs neighborhoods have amenities, shared facilities, and common areas requiring regular maintenance and upkeep. Overseeing common areas and shared facilities is the responsibility of the property manager.
This includes coordinating with vendors for essential services like lawn maintenance, pool maintenance, playground upkeep, etc. Managers handle maintenance requests and special community projects. They ensure that jobs are completed.
4. Communication and Administrative Duties
A professional property manager acts as a liaison between homeowners and the HOA board. Keeping the lines of communication open is essential for addressing concerns, sharing important information, and fostering a peaceful community environment.
Administrative duties like day-to-day office responsibilities fall on the HOA property manager. He or she will organize board meetings. They plan community events and share community news.
HOA Property Manager in Colorado Springs
While HOA board collaboration is important for your community, outsourcing responsibilities to an HOA property management company will help enhance community living. Benefits abound. They handle the day-to-day responsibilities, finances, vendor management, rule enforcement, and more.
Now that you know the key responsibilities of an HOA property manager, are you ready to hire one for effective HOA management solutions for your community? We at PMI Pikes Peak use professional property management strategies to take your community to the next level. Schedule a consultation with us through our website or by calling 719-644-6846. Learn more about our services and how we can help your community.
