A lot of towns around the country may not have a company that provides management services that cater to condo communities and homeowner associations. Maybe an experienced manager hasn’t moved to town or the market is not large enough to support a company that specializes in community association management. Or there is someone but their service is terrible. What is a board to do?
Hiring someone without condo or HOA expertise usually leads to problems. You may be tempted to work with a generalist property manager. Someone that manages some houses, a few small apartment buildings and a commercial property or two. This person will reduce some of the workload of the board but they lack critical understanding about community associations and their needs.
Wouldn’t it be great if you could hire a specialist that understands community associations? The company would know about declarations and bylaws, about any state regulations and also help advise the board on industry best practices. If applicable, the business would be licensed to work with community funds and would carry insurance required by the state. Additionally, the business would be using the latest community management specific technology that would make the board’s job easier and make unit owners happy with features like online payments.
What if I told you there is a way to get over 55% of the work of operating a community done remotely by a company that understands community association management? In the process you could get better information and financial transparency that would give you more peace of mind. You could go from having a full-time volunteer “job” to enjoying the stress-free lifestyle that community living promised. Plus, you may even be thanked by unit owners for giving them the latest online tools.
Enter Remote Financial & Administrative Management
Remote Financial Management handles the following accounting tasks: invoicing owners, collecting and depositing funds, answering payment questions, mailing late letters, working with collection agencies and attorneys with delinquent owners, paying bills, answering vendor questions and providing financial reports. Depending on its capabilities it may also help with the following administrative tasks: sending out violation letters, processing community mailings, handling lender questionnaires when an owner refinances and resale certificates when an owner sells.
Skeptical of Remote Services?
You may think that working with a service provider located out of town is spooky or something. However, you already receive all sorts of similar services from companies that are not located in your area or the actual processing of the services are handled from outside your area. Here are some examples: Collection – loan invoices, loan coupon books, credit card and utility bills are generated and mailed from a far off location; you also mail the payment to a distant location where they open, record and deposit the funds. Bill Payment – you receive an online payment request for a bill. You have set up an online account and review the charge, and approve it by pay the bill online – this happens by debiting your bank account, entering information from a check or by credit card. Financial Reports – you own shares in an investment and you receive financial reports in the mail or online from an investment manager or other business that is not located in your area. Customer Service – you call or email support and the customer service representative is not located in your town, plus it is much faster than getting in your car, driving and waiting for an answer.
If remote service works for all these businesses it can work for your community. To learn more about remote financial management and if it may be a fit for your community click here: Remote Financial Management – What it Is and How it Works.