Need An Association Property Manager?
Thinking about hiring an association property manager to take over operations, implementation of policies, and day-to-day management of your homeowners association and community assets?
Or perhaps you are unhappy with your current property manager, so you are shopping around to see what services other companies offer.
Contact Us Today for a Free Consultation to discuss what you need from your association property manager.
What Will We Bring To The Table When Hired?
Accounting and financial advising services: This may be simple bookkeeping or extend to suggesting how much to budget for future costs, when repairs and maintenance to common properties are likely to be necessary and how to find a good contractor. As part of advising the board, The Lease Collection Team may report on the HOA's financial status, maintenance needs and progress regularly at scheduled meetings.
Oversee collections actions: This can be helpful partly because we are professionals and partly because we do not live in the community.
Enforce Rules: The Lease Collection will be responsible for rule enforcement, such as towing an inappropriately parked vehicle or confiscating an item improperly left on common property.
Dealing with insurance: Dealing with such insurance claims, because it is not a regularly needed activity, is typically an extra fee assessed separately from the flat monthly charge for routine services to an HOA.
Newsletter creation: If the board wants a newsletter or similar document for community residents on behalf of the HOA, property managers can handle this, including printing and related costs.
Oversee contractors: If any work is to be done on the property, The Lease Collection Management Team will oversee it as a general contractor, likely charging for that service separately as well.
So what is this going to cost?
Association fees will vary depending on the size of the community and the extent of responsibilities.
Initiation fee: The Lease Collection will charge an initiation fee to take over the day to day management of the HOA. The fee will be negotiated based on the work load required, including bookkeeping, transition of files, physical or digital records transition, banking and software changes, etc. This fee can range from a couple of thousand dollars for a small HOA or upwards of $30,000 or more for a large HOA with several hundred homes.
Ongoing management fee: This feen is typically paid monthly by the HOA to The Lease Collection. This will almost invariably be a set fee, pre-negotiated as part of the management agreement. Our Agreements are based on a year to year basis. Discounts can be negotiated for term contracts. You can expect to pay roughly $15 to $30 per unit, per month, for management services. Larger communities may be charged lower per door rates because of the way administrative efforts scale.
Exit fee: This fee is only charged when our management team transition the HOA to another management firm. Although we never want to lose business, we understand that it happens. Switching from one firm to another requires a lot of work involved such as transitioning HOA’s books to another company in efforts to maintain a smooth transition. The Lease Collection will facilitate a smooth transition and assist with any changeovers.
As previously mentioned, there may be extra fees depending on the work you want our management team to do. Handling insurance claims may incur an additional fee, as would serving as a general contractor.
Evaluating the Costs
When comparing companies’ prices, be sure to compare the services they offer and not just the price. Remember that not all that is cheap is a good bargain, and not all that is expensive has implicit value. If you value your time, hiring the right HOA property manager can be the best time management/investment any HOA board can make on behalf of the owners. It gives peace of mind knowing you have professionals watching over and guiding you along the way.