Definition
A professional firm hired by HOAs to handle operations, accounting, enforcement, and administration. Quality management makes a huge difference in HOA effectiveness and member satisfaction.
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Professional management companies handle day-to-day operations, freeing the board to focus on governance. Management companies collect fees, coordinate maintenance, enforce rules, and prepare financial reports. Management quality varies significantly. Good managers make HOAs run smoothly; poor managers frustrate communities.
Pro Tip
Evaluate management company responsiveness and quality. Professional management significantly impacts HOA satisfaction.
Example
A management company charges 8% of HOA budget ($4,000 from a $50,000 budget) to handle operations and administration