Beacon Can Help Manage Your HOA’s Budget
Homeowners associations can be challenging to run. You need to collect payments from the people in the community, but even more importantly, you need to manage that money and make wise decisions on behalf of your community. Rather than doing that yourself, consider turning over the job to Beacon. Our HOA management services can help you manage your budget in the following ways and more.
Collecting and Managing Payments
An effective community needs all its members to chip in, and when you work with Beacon, we ensure that happens. We help you establish the dues for your community, and we help collect the funds. We work closely with the residents in your community, and if there are rentals in your neighborhood, we also work with those landlords to ensure the HOA has the funds it needs. We also reassess the fees as needed, based on upcoming needs and expenses.
Taking Care of Essential Costs
As part of our HOA management package, we ensure that all your HOA’s essential expenses are taken care of. Depending on your situation, that may include utilities such as water, sewer, electricity, and natural gas, but it may also include insurance premiums. In terms of insurance, we also make sure that the policies are updated as needed and that there’s never a lapse in coverage.
Planning for Large Expenses
One of the most challenging parts of HOA management is preparing for unplanned expenses. That can include major repairs, restorations, and replacements to shared spaces or elements such as condo roofs. Our motto is “real property, real solutions”, and as part of that, we look closely at physical structures to accurately ascertain when repairs or restorations are going to be needed.
Perhaps more importantly, we manage the reserve funds with an eye toward the future, helping to ensure that if a big repair pops up, your organization is ready. However, we don’t just plan for repairs. We also think about litigation and similar issues. Unbudgeted issues can be a major downfall in HOA management, and we help to make sure that doesn’t happen.
Creating Annual Disclosures
HOA law dictates that you create an annual budget report and an annual policy statement at the end of every fiscal year. We create these documents for you, and throughout the year, we track the information you need (revenues, expenses, reserves, funding plans, etc.) to create these reports. Then, we ensure that the reports are sent to the right people and the right agencies.
Providing Additional HOA Management Services
Handling your HOA budget is just one of the many services we offer. We also provide a variety of other HOA management services to our clients. If you want concierge services, consulting, asset management, or other options, we can provide that as well.
To learn more about our HOA management services, contact us directly. We offer comprehensive real estate management services for HOAs as well as condo associations. At Beacon, we provide the expertise you need to improve your community, lower your operating costs, and increase your property values.