FREQUENTLY ASKED QUESTIONS

How much does professional management of my HOA/Condo Association cost?

As much as I would love to give you an exact answer, the true answer is-it depends.  Different associations need different things and have different amenities, causing very varying amounts of work.  For example, an association that has one small common area and one retention pond shouldn't have to pay the same amount as an association that has a lot of common area, two parks and five retention ponds.  There is a reasonability range, monthly management fees go from $8 a door to $10 a door.  This is for full service management.  For just bookkeeping or enforcement only, the fees vary by what the association is asking for.

 

What services are covered in the full service Association management fee?

We act on behalf of the Association in every way possible.  A Managing Agent does not replace your Board, we help your Board and homeowners to succeed in the ultimate goal of the Association:  To maintain and increase the property value of all homes.  To accomplish this mutual goal we perform the following services:

  • Make all effort to collect association dues:  notices, phone calls, and if need be, liens

  • Set up inventory list and keep records updated

  • Maintain current owner database

  • Open and maintain bank accounts-reconciling all bank statements

  • Provide accounting services, including accounting statements for Board meetings and Annual meetings, as well as year-end mandated items (i.e. 1099 reporting)

  • Assist in developing and monitoring the budget report (includes projecting costs of current work being done and shopping for the best options)

  • Accounts payable-paying all bills that the Association incurs (with the approval of the necessary parties)

  • Providing all necessary documentation to a certified public accountant and assisting with the annual taxes of the Association

  • Create and help maintain Board packets (accounting statements, invoices, minutes, action list, agenda, complaint log)

  • Attend Board meetings & assist in staying on task and answer questions as necessary

  • Board Members’ training-helping existing & new Board Members to understand their role, give guidance on such, as well as provide resources to attend Board member training

  • Assist the Board in enforcing the Association’s Covenants, Conditions and Restrictions, Bylaws, Articles and other governing douments

  • Retain legal services as needed-as ugly as it is, legal action is required at times-we will help you through it all, making sure there is follow up and follow through 

  • Notify homeowners and attend homeowner meetings  

  • Assist escrow agents-when a home is being sold, escrow will need information in order to close on the sale in a timely manner

Why should we pay someone to manage our Association?  We have a Board, shouldn't they be doing this work?

I am so glad you asked!!  Yes, a Board of Directors is there to make decisions for the community.  Board members, and Committee members are volunteers.  They come from many different backgrounds, educations, and experiences that can be invaluable to a community.  It is noble for them to stand up and speak for their community, but that doesn't give them magical powers that suddenly they have the education required to run an Association.  You don't know, what you don't know.  When running an entire community, what you don't know can be catastrophic for the entire community!  If a Board doesn't know that they are required to file a tax return on the behalf of the Association, or that they have to renew their business license each year, or about all of the legal requirements attached to their Reserve account...  Hiring a professional management company ensures proper guidance in making all of the decisions necessary to keep an Association running not just smoothly, but productively, and thinking ahead.  What is the size of your community?  Think of it this way, if your Association is 144 homes, there are 3-5 Board members, carrying the burden of 144 homeowners, all of the common area and everything that comes with it AND they are volunteers.  Is it fair to expect them to not only do everything, but to know everything?!  I invite you to attend the Board meetings of your Association, read their minutes, get involved.  Every Association always needs more volunteers!! 

We believe in positive intent so much, and now, we are published about it!  (Double click to make the words larger or view the webpage directly:  http://www.modernpubsonline.com/WA-CAI-Journal/JanuaryFebruary2017/html/index.html?page=16)

WELCOME HOME PROPERTY MANAGEMENT

 

P.O. Box 5185

Lacey, WA  98509

info@welcomehome.management

360-474-7517

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