When you hear about homeowners’ association (HOA) management and property management, you cannot help but think that they are the same thing. While both involve the management of housing communities, a different skillset for HOA and property management is required. What’s the difference between the two?
The Task
One of the differences lies in the tasks that are being handled. When you hire HOA management services, expect that it will include carrying out enforcement and management tasks that the HOA board used to take on. In the case of property management, managers deal with tenants for rental properties, as well as take charge of real estate asset operations. HOA managers are expected to manage the community, while property managers are in charge of managing rentals and properties.
Specific Tasks of HOA Management Companies
People have loved securing properties with HOAs. This is because the HOA takes responsibility for making sure that the neighborhood is clean at all times. There are community rules made by HOA boards, but there are instances when volunteers to the board cannot really fulfill the tasks that they need to do. Here is where HOA managers enter the scenario. They can collect dues, and even tackle maintenance on behalf of the community, and make sure that you will stay safe and comfortable where you reside.
One more thing that the company takes on is the role of implementing rules in the community. If there are any conversations or complaints that need to be addressed, managers can handle that on behalf of the board. They also make sure that every homeowner complies with HOA rules and guidelines. This is a great way to minimize the tasks of HOA board members.
What about Property Management Companies?
As managers of specific properties or rentals, property managers are expected to manage a property that is owned by a landlord or a corporate entity. They can help enforce rules set by the HOA. They can do so by ensuring that these properties they manage also follow the set guidelines. Maintenance services, emergency repairs, and making sure that the property is well taken care of are part of their specific tasks.
Are there Instances when a Company Can Do Both?
Some companies offering management services can actually do both. Some companies want to ensure that all these responsibilities are covered by their team. Some are trained to handle both concerns, and while the company may have a separate department for both, they can still offer the services under their name.
Some may think that if a company offers property management, it can no longer offer HOA management. However, if they do hire experts to be part of their team, it is easy setting up separate responsibilities for HOA managers and property managers, to ensure that specific tasks, according to where they belong, will be addressed accordingly. It is just like a company with different departments, that require skills according to the roles they are expected to play.
When it comes to making an informed decision as to who should manage a homeowners’ association or rental property complex, it’s important to take into account all the differences between HOA management and Property Management. It’s also important to weigh all options available before making a decision so that you can bring in someone who will fulfill the job with excellence. Click here to learn more about the HOA Management Lamacchia Property Management provides.