Board members are responsible for making important decisions that affect the entire community, from approving budgets and maintaining common areas, to ensuring that residents are following the rules. But with so much on their plate, it’s easy for things to fall through the cracks.
Signs it’s time to hire a property management company for your HOA
Here are some common problems an HOA might encounter:
- Difficulty managing the building’s finances. Managing a building can often be like managing a small to midsize business. Some HOAs may struggle to keep reports and ledgers up to date, and may fail to properly plan for upcoming expenses or emergency costs.
- Uncertainty that the reserve fund is properly funded based on the needs of the building. A properly managed reserve fund requires financial acumen, as well as periodic reserve studies to figure out likely upcoming expenses for the building.
- Difficulty maintaining a regular schedule for year round maintenance. Ideally, maintenance should be proactive rather than reactive, and staying on top of preventative maintenance can actually save you more money in the long run.
- Working with costly, and sometimes unproven and unreliable vendors and contractors.
- Struggling to resolve resident requests in a timely manner due to a lack of proper infrastructure, both technological and in personnel.
How Hales Property Management can help
We offer association management plans that allow board members to rely heavily on our experienced and talented property managers to run the building’s operations. From financial management and vendor relations to maintaining common areas and scheduled maintenance, our team will take care of everything so you can focus on what’s important—your residents.
We pride ourselves in offering services that will serve buildings with different sizes and needs. To name a few, here are some of the benefits of our Association Management Plans:
- Working with a Licensed and Certified Manager dedicated to your building along with a supporting team to manage recurring and seasonal operations at the property.
- Access to a fully transparent financial system to streamline and manage overall finances. This includes effective management of the building’s reserve fund and coordinating reserve studies to ensure sufficient reserves for the building with a multi-year outlook.
- Our team’s virtual attendance to quarterly board and association meetings for budget planning, forecasting and compilation.
- Access to our extensive list of contractors, giving your building preferred rate pricing for a range of services.
- Access to a network of experts in several fields required for effective building management such as tax law, insurance, legal counsel, accounting, and more. Annual tax filings and property tax appeals (a must in Chicago!)
- Access to a 24/7 online portal that allows condo owners to easily process online payments, review account ledgers, submit maintenance requests, and access association documents.
- Working with a team that will reply to inquiries from both owners and board members in one business day.
We have years of experience managing properties, and we know how to handle every situation that comes up. Leave the day-to-day operations to us and relax knowing that your property is in good hands.