Homeowners Associations (HOAs) are increasingly popular among homebuyers in the United States. These communities offer residents access to swimming pools, fitness centers, and gated security. HOAs also have strict rules and regulations that homeowners must adhere to, and failure to comply can result in fines or legal action.
If you’re buying or selling a home in an HOA, you may have heard the term “HOA estoppel” come up. An HOA estoppel is a crucial document that provides vital information about the property’s status and the homeowner’s financial obligations. This article will examine an HOA estoppel, why it’s essential, and how it affects you as a homeowner.
What is an HOA Estoppel, and what does it include?
An HOA Estoppel provides all fees that must be collected upon the successful closing of a resale property. The Estoppel is also known as a demand statement, certificate of assessment, resale statement, or closing statement, depending on the state. It includes fees like delinquent amounts from the seller, attorney fees for collections, working capital, transfer, reserve fund, and community enhancement fees. Fines for compliance issues may also be listed. The document also includes any fees owed to the managing agent. Most of these fees are payable only if escrow closes.
The document will include any special assessments due at closing or afterward, ensuring the buyer knows of future obligations. It also provides a brief description of the assessment’s purpose. The document may also list compliance issues, ensuring the buyer knows what needs correction to comply with governing documents.
The Purpose of HOA Estoppel
An HOA estoppel aims to protect the buyer and seller in a real estate transaction. The document informs the buyer of the exact HOA fees and outstanding debts they must pay before closing. It also protects the seller from being held responsible for any fees or fines after selling the property.
What does it cost?
The cost for preparing this statement varies by state. Some states cap the fee, governed by state statutes or HOA Acts. Typically, the managing agent receives the fee outlined in the association’s management agreement.
Who orders an Estoppel?
The “Estoppel” request is usually ordered by the title company or the closing attorney, depending on the state. In rare cases, the seller can order it, who will then provide the title or the closing attorney. The title company or the closing attorney professionals should complete the request since they will handle the closing documents. If AAM manages the community and you have questions about preparing or ordering this document, email AAM’s Disclosures team at disclosures@AssociatedAsset.com or visit our AAM Resales page.
In Summary
An HOA estoppel is crucial for buyers and sellers in real estate transactions. As a buyer, you must know the HOA fees and any outstanding debts before closing the property. As a seller, an HOA estoppel protects you from being responsible for any outstanding fees or fines after the sale.
The HOA budget serves as the financial blueprint of a homeowner’s association (HOA). Specifically, the budget gives a detailed estimation of the association’s revenues, expenditures, and allocations toward reserve funds over a set time frame, typically a year.
Generally, the association’s Community Manager collaborates with the HOA Board Treasurer to formulate a preliminary budget. Alternatively, some associations form a Budgetary Committee involving community member volunteers. This approach not only divides the responsibility but also boosts understanding and approval of the budget, enabling residents to have a say in allocating their contributions.
An HOA budget is more than a financial document; it is the cornerstone of a homeowner association’s operations, providing a comprehensive plan for managing community finances effectively. An HOA budget helps ensure the association thrives by addressing specific needs and challenges.
Here are the core components that define an HOA budget:
Informed Financial Decision-Making
Guides the board in making well-informed financial choices.
Anticipating Future Costs
Helps the board plan for the association’s upcoming expenses.
Managing Association Funds
Allocates funds responsibly for:
Maintenance
Utilities
Insurance
Administrative fees
Maintaining a Reserve Fund
Ensures a dedicated reserve fund is available for major repairs and replacements.
Setting Homeowner Dues
Determines the homeowner dues, the primary source of revenue for the HOA.
Accurate Financial Assessments
Equips the board to evaluate expenses and set fair assessments accurately.
By incorporating these elements, an HOA budget functions as a financial roadmap, supporting day-to-day operations while fostering long-term stability and transparency for the community.
Breaking Down an HOA Budget:
An HOA budget can be segmented into three primary divisions:
Income Streams:
Assessments
Expenditure Categories:
Administrative Expenses
Contracted Services
Repairs & Maintenance
Utilities
Reserve Fund Contributions:
Long-term projects
Significant Repairs
Future Replacements
Income primarily comes from homeowner assessments and dues, providing the funds needed to operate the community. Expenses cover day-to-day costs such as legal, management, landscaping, water, and waste, to name a few. The reserve fundsare a dedicated allocation for significant repairs and future projects, ensuring the HOA remains financially stable and prepared for long-term needs. Together, these categories create a balanced financial plan that supports the community’s success.
When the HOA Board partners with a professional HOA management team, like AAM, an experienced accounting team guides the process or prepares a proper budget while offering invaluable insights for your annual budget planning.
Preparing Your HOA’s Annual Budget: A Step-by-Step Guide
A well-thought-out annual budget is essential to maintaining your HOA’s financial health and adhering to governing documents. Begin by identifying your community’s financial objectives, setting clear milestones for the year ahead, and aligning the process with essential deadlines. Many governing documents require that the approved budget be delivered to homeowners at least 30 days before the effective date or year-end, making early planning and organization crucial.
Follow These Strategic Steps for HOA Budget Preparation:
Understand Governing Requirements: Review your association’s governing documents and state statutes for budget preparation and distribution requirements. Confirm if an annual reserve fund analysis is mandated or if updates to regulations impact your budget process.
Analyze Historical Financial Data: Examine prior budgets and compare past projections to actual expenditures to identify trends or variances. Use this information to make informed adjustments to your new budget.
Evaluate Reserve Fund Needs: Review the reserve study to ensure sufficient funding for long-term repairs and replacements. Aim for at least 70% funding and include plans for major upcoming expenditures, ensuring adequate cash flow.
Plan for Vendor and Utility Costs: Contact vendors and utility providers to confirm expected costs for the upcoming year. For expiring contracts, solicit competitive bids through RFPs to maintain accurate financial forecasting.
Account for Inflation and Cost Adjustments: Factor in potential changes due to inflation, wage increases, or fluctuating service rates. Ensure all anticipated expenses are captured by reviewing each line item in detail.
Provide Transparency with Budget Narratives: Include explanations for income and expense projections, helping board members and homeowners understand how figures were determined. Use budgeting tools or spreadsheets to streamline data organization and calculation of homeowner dues.
Secure Approval and Communicate the Budget: Present the completed budget at an open board meeting for approval. Once approved, share it with homeowners to foster transparency and build trust within the community.
How to Balance an HOA Budget?
The goal is to keep your budget balanced. If expenses exceed income, find ways to cut costs without lowering service quality. However, consider raising dues or a special assessment if balancing is still tricky. The main aim is to break even by the end of the year since associations are not-for-profit.
Additionally, adhering to due dates and stipulated deadlines for budgetary approval, as mentioned in the association’s legal documents, is paramount. Any delay or oversight could spark owner disputes or non-payment of dues.
Typical HOA budgets list expected income, expenses, and savings for reserves. If you’re new to this, online templates can help you with budgeting. We also have a Budgeting Tips Guidewith a sample budget to help you plan.
In Conclusion
The HOA budget is an integral component of successful community management. It relies on rigorous data collection and computation, and the importance of early planning. Additionally, the budget indicates the residents’ dues amount while serving as a fiscal roadmap for the association’s finances.
Partner with AAM today to streamline your HOA budgeting process. Contact us for expert financial guidance tailored to your community.
HOA management companies handle a community’s day-to-day operations. Their services generally include maintaining common areas, managing financials, and enforcing rules and regulations. However, the level of service provided is not always equal and may not satisfy the needs of the community, residents, or Board. Sometimes, the Board faces switching HOA management companies due to poor communication, lack of transparency, or simply a change in the homeowner’s association’s priorities or needs.
Before you search for an HOA management company, you must clearly understand your association’s unique needs. Some of the things you should consider include the following:
Community Size: The size of your community will impact the services you need from a management company. A larger community may require more frequent maintenance, implementation of community staff, and a higher level of financial management, while a smaller community may need less support.
Priorities: What are your community’s top priorities?
Budget: Your community’s budget will also impact the services you need from a management company. Consider how much you can afford to spend on management fees and ensure the management team can deliver the necessary services within your budget.
Expertise: Finally, consider the specific knowledge your community needs from an HOA management team and HOA manager. For example, if your community requires extensive landscaping and outdoor maintenance, you should include a company with this expertise in the search process.
Qualities to Look for When Changing HOA Management Companies
Experience and Expertise
One of the most critical factors to consider when choosing a new management company is its experience and expertise. You want to choose a company with a proven track record of successfully managing similar properties. At AAM, we have decades of experience managing various properties, including single-family homes, master-planned communities, lifestyle communities, and condominiums. Questions to ask: How long have they been in business? Do they have experience managing communities similar to yours?
Services Offered
Another essential factor to consider when selecting an HOA management company is its range of services. A good HOA management company should offer a wide range of services to cover all aspects of your community. Some services to look for include financial management, administrative support, and vendor management. Additionally, the company should clearly outline its service offerings so you can determine if they meet your community’s unique needs. Questions to ask: do they offer the specific services your community needs? How do their fees compare to those of your current management company? Are there any hidden fees or charges you should be aware of?
Customer Service
Another essential factor to consider when choosing an HOA management company is its customer service. Your management company will work closely with your homeowners, so you want to ensure they have a reputation for excellent customer service. At AAM, we pride ourselves on providing exceptional customer service to our clients. We understand that every association has different needs, and we work closely with our clients to meet those needs.
Professionalism and Communication
Selecting an HOA management company with high professionalism and strong communication skills is crucial. You want to choose a management company that is responsive and proactive in communicating. At AAM, we have an open-door policy and encourage our clients to reach out with any questions or concerns. Our Client Relations division and regional leadership teams respond to HOA Board member concerns to resolve them quickly and diplomatically. We also provide regular communication through newsletters, email updates, and meetings.
Financial Management
Managing finances is one of the most critical aspects of HOA management. You want to choose a management company with a reputation for excellent financial management. At AAM, we have a team of experienced accountants dedicated to managing your association’s finances. We provide regular and accurate financial reports and work closely with clients to create budgets and financial plans.
Technology
With the ever-evolving technological landscape, it is essential to select an HOA management company that is up to date with the latest technology. At AAM, we use state-of-the-art software to manage all aspects of HOA management, from accounting to communication. Our online portal and mobile app allow homeowners to access important information and make payments online, making the process more convenient for everyone.
Considering the above factors, you can make an informed decision to ensure that your community is well-managed, efficiently run, and highly functional.
Request a Proposal from Potential HOA Management companies
Once you have a list of potential companies, contact them and request proposals. Ask for a detailed proposal outlining their services, fees, and additional costs. Ensure the proposal clearly describes the company’s experience, credentials, and references. We have an article, HOA RFP Specifications, that can aid HOA Board Members in preparing an RFP.
Once you’ve identified a management company you want to work with, you must communicate your needs and expectations. This is the time to ask questions about their services, fees, and processes. You should also be clear about your community’s priorities and any specific needs you have. Some of the things you should discuss with the potential management companies include the following:
Scope of services
What services will they provide? Will they handle financial management, maintenance, association records, and rule enforcement?
Fees
What are their fees, and how do they compare to your current management provider? This can be tricky. Be aware of low management fees; unfortunately, it’s common for HOA management companies to pad other costs, such as envelopes, printing, and mailing, to make up the difference. Make sure you are thorough when reviewing fees.
Communication
How will they communicate with the Board and homeowners? Will they provide regular updates and reports?
Expectations
What are their expectations for the Board and homeowners? What are your expectations of them? It is always a good idea to conduct a walk-through of the community with potential service providers.
Accreditations
It is also essential to check if the management company is licensed, insured, and accredited by industry associations. This accreditation ensures that the management company adheres to industry best practices and maintains high levels of professionalism.
Communicating with the new HOA management company ensures everyone is on the same page and the transition is as smooth as possible.
Notify Your Current HOA Management Company & Prepare for Transition
You must notify your current HOA management company after selecting your new HOA management company. Please provide them with written notice of your decision to terminate their services. Ensure that you follow the termination procedures outlined in your current contract.
Preparing for the transition is essential once you’ve chosen a new HOA management company. This will help ensure the switch is smooth and your community’s needs are met. Some of the things you should consider include the following:
Communicate the Change
Communicate the change to all homeowners in your community. Provide information on the new management provider, its services, and what homeowners can expect during the transition.
Organize Important Documents
Organize and transfer all important documents and information to the new HOA management company. This may include financial statements, contracts, governing documents, and other relevant information.
Coordinate with the Current HOA Management Company
Work with your current HOA management company to ensure a smooth transition. Provide them with any necessary information and ensure that no outstanding issues need to be resolved before the transition.
Establish a Transition Timeline
Establish a transition timeline with the new company. This timeline should include key dates for document transfer, the start date for the new company’s services, and any other important milestones.
Conduct a Walk-Through
Schedule another walk-through of the community with the new Community Manager. This will allow them to become familiar with the community and any maintenance needs.
Preparing for the transition can ensure that your community’s needs are met and that the new management provider can begin services immediately.
Monitor the Transition
Monitoring the new HOA management company’s performance is essential during the transition. Ensure that they follow the contract and provide quality services. Regular communication with the new company will help identify issues and ensure a smooth transition.
Board members often need help with decisions that require implementing changes in a way that doesn’t disrupt the association. Switching to a new HOA management company is one of those decisions. It can be incredibly challenging if the Board has no experience with transitioning or has had a negative experience in the past. However, by choosing a management company with a dedicated team focused on streamlining the onboarding process, you can be confident that the transition will be smooth, professional, and respectful to your community and its residents.
At AAM, we understand the importance of a seamless transition when switching HOA management companies. That’s why we have a dedicated Transition Team to ensure the process runs smoothly from day one. Our team follows a well-defined transition plan, which sets clear benchmarks for task completion at 30, 60, 90, and 120-day intervals, tailored to the size and needs of the community. With the help of advanced technology and effective communication, our experienced team can assume the association’s management without causing disruptions to the community’s daily operations. We are committed to providing excellent customer service and financial management to the residents right from the start.
Some of the things a Board should consider during the transition process:
Regular Communication
Establish regular communication with the new Manager throughout the transition. This will help you stay informed of any issues or challenges and ensure the transition is on track.
Monitor Financials
During the transition, monitor the community’s finances closely. Ensure that all financial information has been transferred to the new management company and that there are no discrepancies or billing issues.
Review Maintenance Reports
Review maintenance reports to ensure your community management company properly maintains the community. This includes things like landscaping, building maintenance, and repairs.
Address Any Issues Promptly
If you identify any issues during the transition, address them promptly. This will help ensure that the transition stays on track and that your community’s needs are being met.
By monitoring the transition to the new community management company, you can ensure that the process is successful and that your community’s needs are met. This will help ensure a stress-free transition and a successful long-term relationship with the new management company.
Conclusion:
Changing your HOA management company can be daunting, but with proper preparation, it can be a smooth and successful transition. By communicating the change, organizing important documents, coordinating with the current management company, establishing a transition timeline, and conducting a walk-through, you can ensure that the new management company is prepared to meet your community’s needs from day one.
If you’re an HOA Board Member considering changing your community’s management company, consider AAM HOA Management. With decades of experience managing communities of all sizes, AAM has the expertise and resources to provide your community with the highest level of service. We understand that each community is unique, and we work closely with our clients to provide customized services that meet their needs. With a focus on communication, transparency, and quality service, AAM is committed to delivering our clients the highest level of satisfaction. Contact us today to learn more about how we can help your community thrive with our top-tier HOA management services.
Associated Asset Management (AAM), a nationally recognized leader in community association management and accounting services, proudly announces its Great Place to Work® certification. This prestigious designation is based entirely on the feedback provided by AAM’s employees about their experiences working at the company. This year, an impressive 90% of employees reported that AAM is a great place to work, surpassing the average for U.S. companies by 33%.
As the global authority on workplace culture, employee experience, and leadership behaviors, Great Place to Work® evaluates companies based on criteria that drive market-leading revenue, employee retention, and innovation.
“Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience,” says Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. “By successfully earning this recognition, it is evident that AAM stands out as one of the top companies to work for, providing a great workplace environment for its employees.”
“We are thrilled to be recognized as a Great Place to Work-Certified™ company,” said Amanda Shaw, President of AAM. “Employee experience is our top priority, and this achievement reflects the strong, positive culture we have cultivated together. This recognition would not have been possible without the dedication and talent of our incredible team, and we are deeply grateful for everything they do to help us earn this recognition.”
AAM is dedicated to fostering a healthy and positive working environment, which is why it is recognized as a Great Place to Work®. AAM offers a competitive benefits package and a range of wellness initiatives, enabling employees to reduce their monthly health insurance contributions while encouraging a healthy lifestyle. Additionally, AAM invests in the professional development of its community management staff by supporting internal training, external education, and industry certifications. The company also promotes career growth through job transfers and internal promotions, providing employees with opportunities to advance within the organization.
According to Great Place To Work research, job seekers are 4.5 times more likely to find an outstanding boss at a Certified great workplace. Additionally, employees at Certified organizations are 93% more likely to look forward to coming to work. They are twice as likely to feel they are paid fairly, receive a fair share of the company’s profits, and have equal opportunities for promotion.
WE’RE HIRING!
Are you ready to advance your career with a company that prioritizes its people? Explore exciting opportunities by visiting our careers page at https://www.associatedasset.com/careers/.
ABOUT AAM
Founded in 1990, Associated Asset Management (AAM) is a professional Community Association Management Company dedicated to delivering total peace of mind. Over the last 35 years, AAM has become one of the foremost providers of professional community association services in the United States. AAM specializes in the planning and managing master-planned, single-family, condominium, active adult, urban high-rise, and mid-rise communities, as well as providing consulting services for accounting, marketing, and operational organizations. AAM combines association management, accounting, compliance, developer services, and customer care under one roof, creating a cohesive and coordinated environment to provide exceptional community association management.
ABOUT GREAT PLACE TO WORK CERTIFICATION™
Great Place To Work® Certification™ is the most definitive “employer-of-choice” recognition companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers and is the global benchmark for identifying and recognizing outstanding employee experience. More than 10,000 companies across 60 countries apply every year to get Great Place To Work certified.
ABOUT GREAT PLACE TO WORK®
As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate every employee’s experience, with exemplary workplaces becoming Great Place To Work Certified™ or receiving recognition on a coveted Best Workplaces™ List.
Managing finances is one of the most complex responsibilities for any self-managed HOA. While Board members are often dedicated volunteers, they may lack the financial expertise needed to navigate budgeting, reserves, and compliance with confidence. Recognizing when it’s time to seek professional financial management can be critical to maintaining your HOA’s financial stability and operational success. This article outlines eight key signs that your self-managed HOA might benefit from the support of a professional community management company.
8 Signs Your Self-Managed HOA Needs a Financial Pro
1. Lack of Financial Expertise:
Many HOA Boards are composed of community residents who may need more professional financial training and may find themselves at a disadvantage, struggling to navigate the complexities of taxes, a balance sheet, and budgeting. HOAs demand specialized knowledge in handling taxes, balance sheets, and budgets. A financial professional with HOA experience can guide the Board through these complex fiscal requirements, ensuring compliance and avoiding common financial errors.
2. Reliance on Manual Bookkeeping:
A self-managed HOA community may rely on manual bookkeeping methods, a traditional approach that often leads to significant errors and inefficiencies. Manually managing financial records is not only time-consuming but also prone to human error, which can have far-reaching implications for an HOA’s financial health and transparency. Automated financial management systems, managed by a professional community management company, can significantly enhance accuracy and efficiency, providing a more secure and streamlined approach to managing funds and preparing a precise HOA financial statement.
3. Struggling with Deadlines:
Managing your association’s financial records presents a complex challenge, especially when meeting critical financial deadlines. The intricacies of budgeting and financial planning are magnified under the pressure of looming deadlines, raising the risk of inaccuracies and hasty decisions. This is where the expertise of a professional HOA management team becomes invaluable. An experienced management team can offer the necessary support for accurate and timely HOA financial statements that align with the association’s bank account, easing the Board’s burden.
4. Recordkeeping Errors:
Self-managed accounting can lead to costly recordkeeping mistakes, such as tax return errors, an insufficient reserve fund, and inaccuracies in HOA financial statements. A community association Board should constantly review financial reports to ensure continuity, but this task can take time and effort. Professional HOA accountants maintain accurate records and help avoid potentially expensive oversights. By leveraging their expertise, community associations can ensure their financial health and compliance with relevant regulations while freeing up time for the Board to focus on other essential aspects of community management.
5. Overwhelmed by Budgeting:
Creating and managing a budget can be daunting, especially for a Board member who already shoulders significant community responsibilities. The intricate nature of planning an annual budget and the pressure to meet the community members’ expectations can be overwhelming. A professional HOA team brings a wealth of accounting experience to the table. They are well-versed in the nuances of HOA budgeting, from accurate forecasting to effective allocation of funds. This expertise ensures the community’s finances are managed efficiently, keeping an eye on current needs and future growth.
6. Overpaying for Services:
With expert oversight, HOAs can avoid overpaying for services. Regular financial audits conducted by a professional Manager are an effective way to identify areas where an HOA may be inadvertently overpaying for services. These audits thoroughly review the HOA’s expenditures, contracts, and service agreements. By analyzing these financial documents, a professional Manager can pinpoint areas where costs may be reduced without compromising the quality of services. This could include renegotiating contracts, finding more cost-effective service providers, or eliminating unnecessary expenses. Regular financial audits create transparency and trust within the community.
7. Inefficient Collection of Fees and Assessments:
Effective collection of dues and late fees is crucial for an HOA’s financial well-being. Collecting HOA dues and late fees is not just about maintaining financial stability; it’s also about ensuring legal compliance, fairness, and transparency, and ultimately contributing to the community’s overall value and quality of life. A professional HOA management team can ensure consistent and efficient collection processes, maintaining the community’s financial stability.
8. Inadequate Financial Planning for Long-Term Projects:
HOAs often undertake long-term projects, such as infrastructure improvements, which require meticulous planning and substantial reserve funds. These projects often incur significant maintenance costs, underlining the importance of an accurate HOA Reserve Study to forecast future expenses accurately. With expert guidance in planning for these substantial expenditures, HOAs can avoid encountering funding deficits or misappropriating resources. Partnering with an HOA management professional is crucial for strategic planning, ensuring these projects are financed and executed effectively without jeopardizing the association’s financial stability. Their expertise in managing Reserve Studies and maintenance costs is invaluable in safeguarding the association’s fiscal health while advancing critical infrastructure projects.
The Financial Benefits of Professional HOA Management
Professional HOA management not only ensures compliance and accuracy but also brings strategic insight into the association’s financial operations. It enhances the community’s trust in the HOA Board and its financial decisions to promote transparency, which is crucial for resident engagement and support.
Improved Financial Stability: Effective financial strategies lead to better budgeting, reduced costs, and increased savings for future projects.
Improved Community Appeal: Good financial strength directly impacts the overall appeal and value of the community’s properties.
Increased Member Satisfaction: Transparent and efficient financial handling improves trust and satisfaction among HOA members.
Choosing the Right Management Team for Your HOA’s Finances
As an HOA Board, selecting a qualified community management professional to oversee your HOA’s finances involves careful consideration. Consulting with other association members to seek recommendations on their suggested HOA management company or sending out Requests for Proposals (RFPs) to potential candidates can begin the process of finding a team that aligns with your association’s needs and budget.
Key Qualities to Look for in an HOA Management Team
Selecting the right team requires a deep understanding of several key qualities:
Expertise in Financial Management: A proficient team will have extensive knowledge in managing finances, specifically for HOAs. This includes understanding the nuances of HOA regulations and compliance requirements.
Transparency and Communication Skills: The team should exhibit a high level of transparency in their operations and be adept at communicating financial information clearly to all members of the HOA.
Advanced Technology Usage: Utilization of modern financial software and tools for efficient management and reporting is essential.
Proactive Approach to Financial Planning: Look for a team that doesn’t just manage finances but proactively plans for the future, including reserve studies and long-term budgeting.
Steps in Selecting the Right Community Management Team
Assess Your HOA’s Specific Needs: Understand the unique financial requirements of your community.
Research and Shortlist Potential Teams: Look for companies with a strong track record, positive reviews, and a robust referral list.
Conduct Interviews and Check References: Direct interaction and feedback from other HOAs can provide valuable insights.
Review and Compare Proposals: Carefully analyze the services offered and their costs. Management companies should be transparent with their costs; many times, Board members are disappointed to learn that the lower bid in monthly management fees resulted in higher monthly administrative costs. If the proposal doesn’t mention a cost, be sure to ask.
Make an Informed Decision: Choose a team that aligns with your HOA’s values and financial goals.
Choosing the right community management company is crucial, as expertise in financial management may vary across different organizations. Choose a firm that understands your state’s specific laws, regulations, and regional needs. AAM specializes in tailored financial solutions that align with your community’s unique needs and ensure transparency at the highest level.
If you’re seeking a partner who can easily and efficiently navigate the complexities of HOA finances, contact AAM today. Let us be the solution to managing your community’s financial needs.
