When you purchase a condo within a property that has a Homeowners Association, it's important to understand the roles of both the HOA and the property management company hired by the HOA. The Homeowners Association is usually run by a group of volunteers that also own a condo within the property and are elected as a Board of Director. The HOA takes care of how the community is run, and establishes rules regarding how the property is maintained in order to ensure property values.
The HOA May Hire a Property Management Company
A property management company can oversee the property, making sure that the grounds are well taken care of and that community areas are properly maintained. While the HOA is responsible for how your community operates, and can hire or fire the property management company. The property management company carries out the rules set by the HOA, executing decisions that are made by the board and communicating with residents whenever necessary.
Understanding What the Property Management Company Doesn't Do
While it can be frustrating to work with a property management company and a Homeowners Association, it's important to know what the property management company doesn't do. They are not responsible for creating policies or rules pertaining to the property. In addition, they do not create penalties for not following the rules. although the property management company will enforce the rules, they don't create them.
The Board of Directors Sets the Property Policies
If you have an issue with a policy or a procedure of your Homeowners Association, you have to bring your grievance to the Board of Directors at their next meeting. The goal is to keep all property owners happy, while maintaining a great looking community at the same time. When you don't feel a consequence is fair, you'll need to bring this to the attention of the HOA. The property management company will work closely with the Homeowners Association to keep the property looking great. When the residents are happy, and the condos are well-maintained, property values will remain stable. If the property isn't taken care of, this will quickly cause a decline in property values. Your monthly Homeowners Association fee helps pay for the property management company and for any of the maintenance that needs to get done on a regular basis. When you live in a condo, you can expect monthly fees to help keep your place looking great.
For more information, you will want to contact a company such as J & N Realty, Inc.