HOA

When you work with a management company, the lines between who does what can sometimes get blurry. This is why it’s important to clearly define responsibilities at the onset of your relationship with a management company and maintain open communication about any changes.

We’ve already gone over what a management company can help you do. Now, let’s take a look at some areas where you and your fellow board members should maintain authority:

• Setting the annual budget
• Maintaining a reserve fund (a saving’s account for large projects and expenses)
• Approving all expenses
• Reviewing and approving maintenance requests
• Hiring vendors (or approving hiring decisions made by the management company)
• Setting member fees, late fees, and payment schedules
• Creating policies, rules, and regulations
• Initiating financial audits