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How To Get The Most Out Of Property Management

Posted by IKO Community Management on August 18, 2016 at 1:55 PM

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Maybe you volunteer on or were elected to the board of your community’s homeowners association, or maybe you own a set of condominiums or some commercial space for local businesses. Whichever situation you find yourself in, hiring a property management company to take care of community living services can be a huge help to your operations.

However, you want to make sure that you have the best service on the block. Without cutting corners, you should find a management company that takes care of administrative, facility, and financial services like IKO Community Management. For more information on what to look for, here’s our quick breakdown to each service:

Administrative Services

When it comes to the day-to-day operations of your community, it’s best to find a property management company that’s going to offer a wide range of community administrative services to keep daily functions running smoothly. These should include:

  • Management reports
  • Contract and insurance administration
  • Property inspections for the main structure, detached structures, pool and yard (if applicable), utilities, and kitchen/bathroom/basement
  • On-site staff hiring, training, and supervising
  • Rule enforcement
  • 24-hour emergency service for tenant disputes, weather-related problems, and more
  • Resident database maintenance

Facility Services

Maintaining common property, like a community pool, park, clubhouse, and sports courts and fields, is no easy feat in any community, so hire the best property management company to take care of communal areas as defined by the governing documents (including the Declaration of Covenants, Conditions, Restrictions, and Easements; articles and bylaws of the HOA; and any separate rules and regulations).

The business should maintain the community living space as well as operate, repair, and replace it as needed or suggested by the board and/or residents.

Financial Services

There should be a sense of established trust when hiring a property management service to handle your finances. When looking for a reliable company, find one that offers a variety of monetary services, such as the following:

  • Community financial management
  • Collection and assessment of homeowners association dues and delinquent accounts
  • Management of HOA funds in an operating account, which is used for everyday functions, such as contracted service, insurance and taxes, utilities, office expenses, and accounting and legal fees
  • Management of HOA funds in an interest-bearing reserve account, which is used for large-scale projects, such as landscaping renovations, sidewalk construction, and common building roof replacement
  • Accurate monthly statements
  • Budgeting
  • Knowledgeable recommendations to the HOA board regarding major expenditures and special assessments

Whether you own and/or operate a set of condominiums, HOAs, or professional offices, a top-notch property management agency will take pride in its work regarding the administrative, facility, and financial duties of your community.

The knowledgeable staff should be committed to positively communicating with the board (and implementing their policies, not creating them) and occupants to create a harmonious environment, preserve property values, and maintain an aesthetically pleasing appearance for residents and guests alike.

If you’d like a strategic, proactive plan on how IKO Community Management can perform these services for your residential or commercial community, contact us by clicking here. You can also download our free list of must-ask questions below to figure out which management company is right for your community: 

Download Must-Ask Questions List

From all of us at IKO Community Management, happy hiring!

Topics: HOA Board, Company