There are about 102 homeowner associations in Iowa (as of 2023) and they all have one thing in common: they need property management for the residents to reap the many benefits of HOA living.
These HOAs have boards that are responsible for various administrative functions, such as enforcement of community bylaws and covenants, accounting and financial management, and maintenance of communal facilities.
As much as HOA boards can get the job done, they're not as efficient as an HOA management company. Keep reading to learn about the various services these companies provide.
Financial Accounting and Reporting
HOAs collect monthly fees from every household. These funds are used to fund the functions of the board, pay providers for services like security, and maintain the community's amenities.
Collecting and managing these funds isn't easy. Imagine an HOA with 1,000 households, with each household paying $400 in monthly fees. The board collecting $400,000, or about $4.8 million annually.
This is a lot of money. Without property accounting and financial management, anyone will struggle to budget for it accordingly. This is why it's not uncommon to hear stories of HOA boards mismanaging and embezzling community funds.
HOA management accounting services make this function easy. They have accountants and other financial professionals on staff who'll be responsible for general bookkeeping, as well as other advanced financial tasks, such as HOA budgeting.
Your HOA community has several vendors providing essential services. They include but are not limited to:
- Cleaning and waste disposal
- Swimming pool maintenance
- Emergency plumbing
- Electrical services
Supervising the work of these vendors isn't something the HOA board can do competently. It's a full-time job, yet these boards are comprised of directors who have day jobs and other personal duties.
When an HOA community hires an HOA management company, it can rest assured there will be proper vendor coordination. These managers can source for vendors, draw service contracts, and monitor their performance over time.
Inspections and Maintenance
Clubhouses, swimming pools, fitness centers, walkways, and landscaping installations are some of the typical communal areas you'll find in an HOA. These facilities need routine maintenance; otherwise, they'll start falling apart and the residents will start wondering where the money they pay in HOA fees is going.
One of the key HOA company responsibilities is to inspect communal areas and organize for maintenance where needed.
Advising HOA Boards
Association management companies can also take an advisory role. Given their vast experience in various HOA matters, they can advise HOA boards on occasion.
For example, if an HOA board wants to increase HOA fees, the association management company can advise on how to go about it so it doesn't face a revolt from the homeowners.
Hire the Best HOA Management Company in Des Moines, Iowa
Your community's board might be doing its best to ensure efficient service delivery to residents, but cannot compare to the value an HOA management company brings.
In Des Moines, PMI Central Iowa is the premier association management company. Although our company is part of a national property management franchise, we're locally owned and operated.
Contact us to speak to an expert.