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How much does professional management of my HOA/Condo Association cost?

As much as I would love to give you an exact answer, the true answer is-it depends.  Different associations need different things and have different amenities, causing very varying amounts of work.  For example, an association that has one small common area and one retention pond shouldn't have to pay the same amount as an association that has a lot of common area, two parks and five retention ponds.  There is a reasonability range, monthly management fees go from $8 a door to $15 a door for homeowners associations and $20 a door to $30 a door for condominium associations.  This is for full service management.  For bookkeeping or enforcement only, the fees vary by what the association is asking for.

 

What services are covered in the full service Association management fee?

We act on behalf of the Association in every way possible.  A Managing Agent does not replace your Board, we help your Board and homeowners to succeed in the ultimate goal of the Association:  To maintain and increase the property value of all homes.  To accomplish this mutual goal we perform the following services:

• Make all effort to collect association dues:  notices, phone calls, and if need be, liens

• Set up inventory list and keep records updated

• Maintain current owner database

• Open and maintain bank accounts-reconciling all bank statements

• Provide accounting services, including accounting statements for Board meetings and Annual meetings, as well as year-end mandated items (i.e. 1099 reporting)

• Assist in developing and monitoring the budget report (includes projecting costs of current work being done and shopping for the best options)

• Accounts payable-paying all bills that the Association incurs (with the approval of the necessary parties)

• Providing all necessary documentation to a certified public accountant and assisting with the annual taxes of the Association

• Create and help maintain Board packets (accounting statements, invoices, minutes, action list, agenda, complaint log)

• Attend Board meetings & assist in staying on task and answer questions as necessary

• Board Members’ training-helping existing & new Board Members to understand their role, give guidance on such, as well as provide resources to attend Board member training

• Assist the Board in enforcing the Association’s Covenants, Conditions and Restrictions

• Retain legal services as needed-as ugly as it is, legal action is required at times-we will handle everything, and have a great attorney ready to fight for you! 

• Notify homeowners and attend homeowner meetings  

• Assist escrow agents-when a home is being sold, escrow will need information-this information is pivotal to the HOA if said homeowner is behind in dues or assessments