Best HOA Management Company in Chicago, Illinois
Need Assistance Revitalizing Your HOA.
An HOA manager or HOA management company helps homeowners associations run their community. In contrast, a property manager or property management company manages rental property that belongs to an individual or corporation. Sometimes, people will refer to an HOA manager as an HOA property manager.
What do HOA management companies do? A Best HOA manager or management company bears many responsibilities such as overseeing day-to-day operations and the general management of the community.
Homeowners associations are led by a set of leaders known as the board of directors. Board members, though, don’t always have the time or skills necessary to perform management tasks. For this reason, many associations hire an HOA management company or manager for assistance in Chicago, Illinois.
Keep in mind that not all companies offer the same services. The exact HOA management company responsibilities will depend on the agreed-upon services stipulated in the management contract. Though, typical HOA property management company responsibilities do include but are not limited to the following:
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- Understand the HOA’s governing documents
- Ensure the HOA complies with federal, state, and local laws
- Help prepare the annual budget
- Ensure the HOA stays within budget
- Collect dues and assessments
- Oversee invoices, receivables, payables, and delinquencies
- Secure the right insurance policies
- Provide monthly management and financial reports to the board
- Schedule and attend board meetings
- Document and keep records
- Inspect for violations
- Enforce rules and regulations consistently
- Review policies and provide recommendations
- Reply to homeowner concerns and questions
- Keep members updated through various communication channels
- Sending notices
- Maintain common areas — making sure they’re safe and properly insured
- Oversee projects
- Resolve disputes within the community
- Help facilitate board elections
- Hire CPA Taxes
- Advise the board on various matters and decisions
- Coordinate with professionals such as attorneys, accountants, reserve specialists, etc.
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