Category: HOA Management Company

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How To Perform An HOA Property Inspection

Performing a routine property inspection is one of the fundamental duties of an HOA administrator. Inspecting condominiums or homes increases the well-being and safety of homeowners as well as reducing the risk lawsuits, costly repairs, and protecting property values. Conducting regular inspections is not only beneficial to homeowners, but it allows the board of directors to better understand the condition of the community and what can be improved. For example, if there is a safety concern or concern about any amenities offered by the HOA, it is better for both residents and the HOA to learn about these issues as soon as possible. It’s important to also take into consideration the time of year that the inspection is being done, because that could imply different procedures. Keep reading to learn more about the property inspection process.

 

Whether you’re inspecting an individual residency or a communal part of the community association, be sure to follow a comprehensive approach that is also fair and considerate to residents.

Understand HOA Bylaws

You should start by checking and understanding your HOA’s bylaws. These bylaws will likely state any inspection requirements such as what needs to be inspected and how often. You should understand state statutes regarding property inspections as well. This might include things like checking fire alarms, extinguishers, and fire codes several times a year, however, these will vary by state.

Make A Checklist

Having an actual physical checklist with you as you inspect properties is the best way to ensure that you’ve got everything covered. The information on the checklist should be clearly and professionally written so that anyone can pick it up and understand what was done during the inspection.

Present The Results

Before you do anything else, your inspection results should be presented to the board of directors. Your board will help you decide how to handle repairs or renovations as they’re needed and how those will fit into your overall budget. This will help to ensure that everyone is on board with what is going on and everything is documented accordingly.

File Your Documents

Filing your property inspection documents should be the final step of this process. If everything is documented and filed properly after the fact, you’ll have no problem revisiting it later if the need arises. It’s always a good idea to keep a permanent record in case something goes wrong or you’re looking for a way to revise your inspection process for next time.

Contact RS Fincher

Do you need help managing your HOA community? One great way to ensure your community association operates smoothly and efficiently is to hire an HOA management company like RS Fincher. We operate in Apex, Raleigh, and the surrounding areas to assist HOA administrators with things like financial management and reporting, property inspections, online payments, overseeing work orders, contract management, obtaining insurance, and much more. We have more than 20 years of experience helping HOA communities in the area and would love for yours to be the next. Contact us today.

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Fundraising Ideas for Your HOA

Does your Homeowners Association need to renovate the poolhouse? Or maybe the community lawn needs sprucing up? Whatever the project, it is common that additional funds may be needed. The homeowners in the community will sometimes be willing to step in with extra cash but there are ways around passing the burden onto the members. One of those ways is to hold a fundraiser.

Fundraisers can be beneficial by bringing in much-needed revenue and, when well planned, they can also be fun and work to make your community stronger! From resident bake sales to giveaway weekend trips to Paris, the options are limitless. Often it is all about how well you know your community members.

Before deciding to hold a fundraiser, it is good to make several considerations to ensure the event is a success.

Consider Your Community

Does your area have a certain “vibe”?

Are the members young families or retired couples? Do residents have quite a bit of spare time to help volunteer or is the group generally busy? Considering your potential volunteers and participants is the most important place to start when choosing your fundraising activity.

How many volunteers are needed?

Considering your community as instructed above logically leads to determining the number of volunteers you will be needing. If you have lots of interest and residents with time, you can plan an elaborate event like a casino night or an auction. If you do not have support in great numbers, it might be best to do a well thought out giveaway.

Will the event be open to the general public?
If you are considering opening the event up to the outside community, you will need to be sure to contact your attorney and insurance company to see if extra coverage or protection is necessary. The fundraiser will be ineffective if you end up spending all that was earned and more on legal fees or insurance deductibles.

Outline the event – then double expected resources.

When considering the investments needed for your HOA Fundraiser, remember you can never overestimate your needs. Whether considering finances or manpower, always take what you are expecting and double it. It is always best to overestimate than underestimate.

Outside resources needed?
Are you considering offering a workshop or a catered meal? If you are needing to hire outside resources, there are several things to consider. Here is a great hint: See if you can find someone that is from the area – maybe even someone who has roots within or a connection to the community. They may be willing to offer a discount if they have a personal tie to your area. Also, before you hire someone from outside (ex. A plumber for a plumbing workshop) inquire within the community to see if there is one who already resides in the community. A resident is much more apt to put on a workshop for free or nearly free. Besides, it would double as free advertisement for the member and they have the opportunity to get to know their neighbors while teaching.

Permits?
Be sure to find out if permits will be needed. As stated above, it may add to your costs a bit but it’s a whole lot less than fixing the issue afterward.  Your HOA management company can help you determine the proper permitting for your event.

Timeline
It’s always best to offer a one-time activity that has a specific time-frame.  An event that drags on for several weeks can wear out even the most devoted volunteers.

Fundraiser Ideas

Here are just a few ideas that may work for your community fundraiser.

Concert from a local band

Or even from neighbors! If folks in your community play instruments, this is a great way to showcase their talents.

A workshop (plumbing, master gardener class, etc)

Here is another area where you can either bring in folks from the outside or tap into the community. Perhaps your neighbors have hidden talents. Ask around to discover what folks are passionate about and if they are willing to share.

A plant sale

This is the perfect spring starter especially if someone has a greenhouse.

Holiday tour

Another excellent seasonal activity and perfect for those neighbors who thoroughly enjoy going all out on holiday decor!

Fun Night (Casino, Spa, Movie)

Convert the clubhouse into an evening adventure. Don’t forget to include childcare if it’s not a child-friendly event.

Auction

Auctions are great fun! A combination of silent and live can create a lively atmosphere. Approach local businesses for donations but don’t forget about the residents, too. They may surprise you by donating time, money, or talents.

Kids “beginning of summer” fun day

Bring out the water fun! Be sure to include lemonade, watermelon, even sparklers for after dark.

Dinner hosted by a local chef

If the weather is nice, you could even make it an outdoor affair. 

Donations from local businesses

Local business owners love being a part of the community and are typically more than willing to pitch in with goods, services or even a cash donation.

 Fundraiser days with local businesses for a percentage of sales

Arrange with a local business to donate a percentage of their sales to your HOA fundraiser. This works great for restaurants, ice cream shops, and small retailers. Be sure to promote it far and wide to the residents. 

Newsletter advertising

Do you send out a regular newsletter, either via snail mail or email? Sell advertising spots for a little extra cash. The rule of thumb is $25-$50 per thousand subscribers.

Fundraising Planning

Once you’ve picked the perfect project (or two), it’s time to start planning.

First, determine who you can recruit and for which role. Consider every team member’s specific skill-set, availability and enthusiasm. Everyone on the HOA committee should have a task or role.

Next, you’ll need to think about the finances. How much money will you need to get the event/activity off the ground and how much money are you hoping to raise.

After that, build your timeline by starting with the event date or end of project targets, then work backwards. You’ll want to establish clear deadlines at regular intervals. Set measurable goals so that everyone can have that sense of accomplishment to keep motivation.

Have fun! You are doing a fundraiser for the betterment of the community. The residents will want to be vested in this endeavor as well. You will want to focus first on serving the community then on raising funds.

One final note. Remember to send thank you notes to everyone – volunteers and businesses alike – who participated in your association’s fundraising endeavors. They’ll enjoy learning how much money was raised and what it will be used for, which will improves chances they’ll donate in the future.

Contact RS Fincher today

Running an HOA community is no simple task and you shouldn’t have to do it alone. RS Fincher is proud to support local Raleigh HOAs run their communities with a comprehensive list of services. These include everything from bookkeeping, accounting, and financial reporting to managing service requests and overseeing board meetings. We will work closely with the board president and board members to understand what goals the community has, then do everything we can to help you reach them quickly and affordably. If you have any questions or you’re ready to get started, contact us today.

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Homeowners Association Tips: Should My HOA Hire A Property Manager?

Chances are if you live in a newer neighborhood, subdivision or condo complex, you may have an association governed community, which is run by fellow property owners. The purpose of the association is to see to it that the communities’ needs are all met. Any HOA member may propose and vote on rules, however it’s an elected HOA board that has the final say, ensuring that rules and responsibilities are adhered to.

Not all HOAs, however are equipped for managing properties. While both HOAs and property managers are both involved in the management of housing communities, the functions of each are different. In most cases, they work together.

A property manager is able to assist the Homeowners Association in a number of ways. In the end, it often depends on the size of the community and what the HOA needs assistance with. It also may depend on what the member of the HOA are interested in (and if it increases their monthly fees). However, here are some of the potential benefits of hiring a property manager. 

Landscaping

The property manager is able to assist in maintaining and developing the landscaping of the property. There are many different points of concern here. For starters, seasonal improvements need to take place. This includes everything from collecting dead leaves and branches following extended winters to maintaining the grass, setting up a watering schedule and ensuring the grounds look pristine. The property manager will also determine when trees need to come down (such as if it poses a threat to utility or plumbing lines) and what kind of landscaping improvements the HOA should invest in.

Help Collecting Dues

The HOA has a number of duties already on its plate. The property manager can help with many of these duties, including the collecting of monthly dues and any kind of unpaid fees residents have not yet paid. They can then report this information to the HOA board and inform the board of any issues they may have with residents or if residents are experiencing certain issues with the property. In a way, they act as the middleman between the HOA and the residents within the community.

Property Maintenance

Beyond landscaping maintenance, the property manager is there to assist with property maintenance as well. These come in several different forms. In the event of broken locks or leaky pipes, the property manager is there to replace and correct these issues. They need to do it quickly in order to help maintain the safety of everyone inside the community. If a locked gate is damaged and not locking, the property manager needs this replaced right away.

The property manager also performs repairs on other areas of the property, such as common areas. This ranges from the parking lot and lighting to foyers. It is extremely important for all of this to work correctly and for repairs to occur in a timely manner. If the property manager is unable to provide these repairs quickly, the HOA needs to look at either not using a property manager or by hiring on a service provider capable of performing the repairs quickly.

Annual Inspections

The property needs annual inspections. In the event of apartments or condos, this may include testing the fire alarms and replacing HVAC filters (although the HOA may determine this to be the responsibility of the community member). They will also inspect other aspects of the community, such as the elevators. Some property managers will inspect individual units to make sure appliances are working properly, and to see if unaccounted for pets are living in the community as well (as this may be an insurance issue or a breach of the community’s code of conduct). The property manager helps perform all of these annual inspections.

There are a number of benefits working with a property manager. The property manager can assist with everything from major repairs to landscaping. In a sense, they improve the value and quality of the property. However, it all comes down to what the HOA needs and if the community members are fine with a potentially higher HOA monthly fee. Due to this, there is no right or wrong answer, but instead it comes down to a community’s specific needs.

If your HOA is looking for management services, RS Fincher can help! From working directly with property managers to managing financials our Homeowners Management Services can save you time, money and energy. Learn more about our Services here.

RS Fincher & Co. provides the highest quality homeowners’ association management services and has done so for more than 20 years.  Ron Fincher founded RS Fincher & Co., LLC in 1994.  Since then, we have maintained an impeccable reputation in the community management industry. Proactive and innovative management methods coupled with experienced and certified professionals contribute to the consistent high satisfaction of our clients.

RS Fincher & Co. currently manages 55 communities in the greater Raleigh Area of North Carolina, including Chatham and Harnett Counties.

RS Fincher & Co. is dedicated to assisting homeowner associations with administering and coordinating the affairs of their community. We share their goals to improve and maintain their aesthetically pleasing appearance, as well as property values.

To learn more about RS Fincher, please refer to our Services Page or contact us directly.

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Summer Safety Tips for Your HOA Residents

With summer here, now is the time to begin taking the necessary safety precautions for residents of your HOA. Some of these tips might depend on the types of property and the current services provided, but with the increased temperatures and reliance on air conditioning, here are a few of the most important summer safety tips for your HOA residents.

HVAC Care

In some instances, a faulty AC can prove dangerous. As the heat increases, so too does the demands of local HVAC service providers, so repairs can take longer. Due to this, it is important to take proper care of the HVAC system. For starters, swapping out the filters is important. This should be done every two to three months anyway, but if the filters haven’t been replaced recently, now is the time to do so.

Having the HVAC system inspected is also recommended. This will help identify potential problems with the unit ahead of time. Whether the AC is low on refrigerant or the thermostat needs new batteries, having all of this taken care of ahead of time is important, especially for the elderly and young children, who are more susceptible to heat exhaustion.

Follow Grilling Requirements

Some properties do not allow grilling outside of individual units. If this is protocol it is important for all residents to follow through with this. For those who are able to grill outside it is necessary to grill at least six feet from any buildings or trees as this will cut down on the risk of anything catching fire. Residents, especially first summer residents, need to be reminded of these rules.

Don’t Post Travel Details on Social Media

Social media is a great when it comes to sharing information with friends and family. However, it’s important to not post travel details on social media. By indicating someone is on vacation or away from their home for a prolonged period of time it lets the Internet know the house will be vacant. This increases the risk of a possible break-in.

For those who do go on vacation, it is recommended to let the HOA know ahead of time. This way, if something strange happens around the unit the HOA will know it isn’t from those who live inside. Residents may also want to consider investing in timers for their appliances and lighting. This way, lights can turn on and off at different times of the day, in order to give the appearance of someone home.

Have Mail Held at the Post Office

In addition to sharing vacation details on social media, HOA residents should consider using the USPS’s free mail-hold services. When mail piles up in your mailbox, it’s a sign to would-be burglars that no one is home.

Pool Safety

Summer is a great time to get outside and enjoy the HOA pool. As long as appropriate pool safety is followed there shouldn’t be any kind of problem when it comes to this. It is important for your HOA to remind residents of the pool safety requirements.

If there is a container rule (such as no exposed glass bottles), this needs to be followed. Additionally, children need to know they should not run around the pool. If the pool is on the shallow side, reminding everyone that diving is not allowed is another precaution in pool safety everyone in the residence needs to follow.

Additionally, you may consider:

  • Hiring a lifeguard
  • Encouraging swim lessons
  • Keeping the parameter of the pool enclosed
  • Ensuring safety equipment is accessible, appropriate and in working condition

Bike & Scooter Safety

Longer, warmer days beg for families to move and more often than not, that includes biking and scootering. As kids may bike around the neighborhood, it is the HOA board’s responsibility to make sure the parents are informed of the rules.

Here are our suggestions:

Before sending kids off, all equipment should be checked. Are tires deflated? Are brakes in working order? When is the last time chains were checked?

  • Safety gear is a must! The children in your homeowners association need to be encouraged to wear helmets when biking, knee and elbow pads when scootering or rollerblading.
  • As an HOA, it’s important to check the paths that children may take to ensure there are no fall hazards with uneven pavement or unexpected obstructed pathways.

Pet Safety

Allow pets at your HOA? Then you likely already know how important a homeowner’s furry family member is. Hot southern days can be dangerous for anyone, including pets. Here are a few reminders for residents:

  • Keep pets inside during extreme temps.
  • Make sure there is an abundance of cool drinking water.
  • Be mindful of sun-absorbing sidewalks that can easily burn paws.
  • Try to keep your pets active so they don’t get cabin fever by walking them in the early morning or late afternoon hours.

Keeping everyone in your homeowners association safe is important. In order to help, these different summer safety tips will assist in reminding your residents of what they need to do to best prep for the warmer months. From taking care of the AC to following appropriate grilling requirements, each of these tips will help keep all of your HOA residents safe and sound, no matter the temperatures outside.

About RS Fincher

Instead of seeing ourselves as an outside provider of services, we embrace the perspective of both the Homeowners Association Boards and the homeowners, themselves.  Our expectations are high, and yours should be too. We hold ourselves accountable to fair pricing, upfront communication and professionalism – all of the things we would expect as residents.  And it’s not just a theory. Since we live in the area, we conduct ourselves in a manner that lives up to the face-to-face test. The process might be more expensive in the short term, but it pays dividends, with average client relationships of more than 10 years. That consistency directly relates to more smiles and more revenue, and less cost due to turnover.

Feel free to contact us with any questions!

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HOA Management Companies: What’s the ROI?

The Homeowners Association (HOA) is a body formed by a group of neighbors that manage a property and shared areas in a neighborhood. The HOA chooses a board of directors that create conditions and rules that govern the homeowners and ensures that all the characteristics of a particular community are maintained. This may include managing common areas such as the roads, pools, and parks. Homeowners are required to live by the set conditions and restrictions outlined.

HOA management companies, on the other hand, are hired experts that have vast experience, training and are knowledgeable. They have quite a lot of responsibilities such as helping with finances, collecting dues and making the best business decisions. Are HOA management companies important? This is a question most HOA ask.

HOA Management Companies Help with Achieving a Higher ROI

Every activity that you carry out in real estate should always focus on increasing the Returns on Investments (ROI). The Return on Investments in a property is the measure of profitability that is evaluated by the performance of an asset.

Did you know that HOA management companies can increase the ROI of a property? HOA management companies aim at conducting their roles with an interest on expanding the property value of the HOA. Here are some of the ways that professional HOA management companies can help you increase your ROI:

Collecting Dues and Fines on Violations 

Experienced HOA management companies will ensure that the rent is paid on time. The HOA management companies also collect the set fees that facilitate continuous maintenance of your property. This will save you from routine repairs that are costly, and that add to expenses.

As previously mentioned, the HOA is made up of a group of homeowners. At times, some of the residents will violate the set rules and this is when HOA management companies help with collecting fines and taking the necessary legal measures. These actions will prevent you from receiving complaints from homeowners over a particular resident being favored. Collecting fines serve to deter residents from activities that would attract fines.

Overseeing Improvements

Once in a while, the architecture, flower beds or parking spaces need to be modified. HOA management companies manage facility and property repairs and save you the effort of taking on common improvements.  Your time is valuable and better spent outsourcing the work that should be carried out on your property.

Marketing

Every day there is a possibility of a property going unrented. An unrented apartment means that there is a loss of revenue for you. You can entrust your  HOA management company to attract the right resident and get them to lease a property quickly. This results in a higher ROI in the long-run.

Handling Problems that Arise

It is essential that you understand the laws that govern your property. HOA management companies conduct thorough screening to choose the qualified residents for a property.  However, sometimes problems arise and HOA management companies may need to evict your tenants.

HOA management companies also keep records to protect you from tenants that may sue you for various reasons such as evictions.

Your HOA management company does not set the rules that govern your property, however, they do implement them and make sure they are followed. From finances to leadership, to meet the set ROI, you need to seek an expert from the many HOA management companies that have these broad skills. They will make sure that everything is in place.

Contact RS Fincher today

Running an HOA community is no simple task and you shouldn’t have to do it alone. RS Fincher is proud to support local Raleigh HOAs run their communities with a comprehensive list of services. These include everything from bookkeeping, accounting, and financial reporting to managing service requests and overseeing board meetings. We will work closely with the board president and board members to understand what goals the community has, then do everything we can to help you reach them quickly and affordably. If you have any questions or you’re ready to get started, request a proposal today.

 

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Rules Every HOA Board Member Should Follow

Being an HOA board member or president is generally a great experience. It allows people to take on new challenges outside of their normal full-time job and also learn how to take responsibility and make some big decisions that will impact their community (hopefully for the better). Although HOA management is usually a positive experience, heavy workloads along with a lack of experience can lead to complications. In this blog, we’re going to talk about several rules that all HOA board members should follow.

Understand your community

The most important thing you can do as an HOA board member is to have a better understanding of your community and its needs. Although you should already have a good understanding of your community just by living in it, you shouldn’t assume that the problems or concerns that you have faced are the only concerns out there. You should take every opportunity to speak with people in your community and meet new people to see what their concerns are. Once it comes time to perform your board duties, you’ll have a better idea of what should be done to satisfy everyone’s needs rather than just the needs of a few.

Ask questions

Nobody would be able to get anywhere without questions, and great ones at that. However, that doesn’t mean you should be afraid to ask questions, no matter how silly or insignificant you think they are. The truth of the matter is that as a board member, this isn’t your only job. You have a full-time job that you need to focus on, and probably a family that needs your time too. So there really isn’t any time to be walking around with unanswered questions whether it’s for another board member, the president, or a resident. Asking questions will also give other people an idea of what your concerns are.

Understand the CC&Rs

CC&Rs or Covenants, Conditions, and Restrictions indicate what things can and cannot be done by those living in the community. For example, they could dictate that homeowners can’t keep certain things in their yard or park a car on the street. These restrictions are in place for the benefit of everyone in the community, so it’s in your best interest to understand them.

Contact an HOA management company

The great thing about being an HOA board member is that you don’t necessarily have to do everything alone. Part of being a board member is being a team player and that means giving and taking advice when it’s necessary. Although your peers are great people to go to for help, your HOA may need more than that. At RS Fincher, we provide comprehensive HOA management services. We don’t completely take board member’s jobs off their hands, but we provide guidance and services for every aspect of HOA management. What this means is board members will have a lower workload and be more confident that everything they’re doing is in compliance with regulations. If you have any questions for us, don’t hesitate to contact us.

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Tips For Better HOA Financial Management – Part 2

Hello, and welcome back to our blog here at RS Fincher. If you recall from last time, we talked about several financial management tips for you and your HOA board of directors. We talked about understanding basis of accounting, understanding federal and state laws, as well as having a clear and organized budget that will work several years down the line. This time, we’re going to talk about several more tips to help you manage your HOA community. If you’d like to learn more about RS Fincher and our HOA management services, contact us today.

Perform an annual audit

Even if you’re not required to do an annual audit, HOA boards should still do one, especially if it has a lot of cash flowing in and out. An audit is one of the most all-inclusive types of reports. It allows you to understand the HOA community as a whole by focusing on verification and substantiation procedures, in addition to inventories with creditors and debtors.

Shop locally

Shopping locally for everything that your HOA needs is almost always a good idea. Not only does this mean your pumping money back into the local community and homeowners in the area, but it may be beneficial for the board and the HOA as a whole. HOA boards that shop locally usually end up with loyalty rewards or discounts that can go a long way towards creating a sound and stable financial management plan.

Don’t forget security

The security of your bank account is fundamental to the success of your HOA community. Since the security of the community’s funds is important for both board members and residents, it’s important to ensure that everyone is on board and that no major purchases are made without first being approved by the board.

Learn from each other

Since the majority of HOA board members work full-time jobs and have to manage their own finances on top of that, it’s important that everyone learns from and bounces ideas off each other. Being a board member is a huge responsibility, so don’t be afraid to ask for help or take on new members to handle the workload.

Speak with an HOA management company

If you’ve followed some of our tips and are still experiencing difficulties managing your HOA’s financials, you should contact RS Fincher to learn about our HOA community management services. When you hire us, we will provide you with accounting and bookkeeping services; weekly, monthly, and yearly financial reporting, as well as coaching board members, to better handle financial situations. But that’s not all, RS Fincher will help you with all of your HOA management responsibilities from overseeing board meetings to managing facilities and amenities. We will work closely with your HOA board of directors to understand what goals you have, then formulate a comprehensive plan to see it all come to fruition. Managing an HOA community is no simple task, so don’t be afraid to call in some help. Contact RS Fincher today to learn more about us.

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Tips For Better HOA Financial Management

Financial management is a critical component of any HOA board, but all too often, it’s something that many board members avoid due to lack of experience or knowledge in the area. It’s not unusual for an HOA board member to have no experience tracking budgets or creating financial reports. And if these duties are neglected each year, you may find your community in a state of disarray or financial turmoil. In this blog, we’re going to talk about some helpful tips for managing your HOA’s financials and staying on track.

Understand basis of accounting

If you want to better manage your HOA finances, you’re going to need to know what basis of accounting you should be using when preparing your interim monthly, quarterly, and annual financial statements. These include accrual basis of accounting, cash basis of accounting, and modified accrual basis of accounting. Accrual basis of accounting is generally seen as the best option because it is comprehensive. This basis of accounting is when all financial transactions are reported on the homeowners association’s financial statements. Cash basis of accounting records income and expenses when cash is actually exchanged. Finally, modified accrual basis of accounting is a combination of the two. Revenues are reported when they are earned whereas expenses are reported when they’re paid. Although it is not in conformance with the Generally Accepted Accounting Principles (GAAP),  it is used as an acceptable basis of accounting for interim reporting for HOAs.

Understand federal and state laws

When creating and distributing financial statements, you won’t be able to just do whatever works for you. There are certain federal and state laws that you will need to follow in order to ensure that your HOA’s practices are legal and fair to homeowners. For example, after yearly reports, financial statements will need to be physically distributed to homeowners within a certain period of time and the HOA board must be able to provide certain financial documents if they are requested. Make sure you understand all federal and state regulations and laws.

Have a clear budget

Having a budget for your HOA community is similar to having a budget for your own personal income, just on a much larger scale. However, one problem many HOA leaders make is that they’re not specific enough with their categories. For example, as you manage your general ledger account, you should have it divided into separate categories like landscaping and maintenance. This way you can create sub-categories to budget specific projects that you have going under each category.

Another thing you need to make sure to do is to ensure this system will work well into the future. If you change treasurers or have an assistant treasurer on the job, there may be complications if the categories aren’t easy to understand and make sense.

Hire an HOA management company

If you’re having trouble managing your HOA community finances, one of the best things you can do for yourself and your board is to hire a qualified HOA management company. HOA management companies like RS Fincher are essential for managing HOA communities of all sizes. With us, you’ll never have to worry about your bookkeeping, accounting, or financial statements. We work closely with HOA board members to understand their goals, then do everything we can to make them happen. And financial management is only a small part of what we do. RS Fincher will guide your board of directors through every aspect of HOA management and establish a system that works best for you and your residents. If you have any questions or you’re ready to get started, contact us today.

Read part two of this blog to learn some more helpful tips about financial management.

Four Reasons To Hire An HOA Management Company 2

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Four Reasons To Hire An HOA Management Company – Part 2

Hello, and welcome back to our blog here at RS Fincher. In our last post, we talked about two of the most important reasons you should call an HOA management company. We talked about how this would reduce the workload on you and your Board of Directors, and how you’ll have a stronger sense of direction when it comes to decision making. Keep reading to learn about more of the benefits.

Expertise

One of the most important reasons to hire an HOA management company is for expertise. There are a lot of aspects to community association management, and it’s nearly impossible for one person to be an expert in all these areas. A traditional board can be used to spread out the management responsibilities a little bit, but without external help, it’s difficult to see real progress. When you hire an HOA management company, you’re not only reducing the workload on your board members, you’re also bringing in expertise that has been used, time and time again, to run successful communities.

One area in particular that RS Fincher will assist your business with is financial management. Financial planning would be useless if it wasn’t clearly communicated with everyone managing your community. That’s why, at RS Fincher, we’ll work perform accurate financial reporting, then make sure everyone on the Board of Directors is on the same page. We’ll help you determine annual budgets and financial control systems that will safeguard the community and make financial information easy to understand. Here are some of the many financial services we offer:

  • Budget planning
  • Monthly financial statements
  • Timely invoice payments
  • Prepare and review homeowners’ account status
  • Assist in drafting and executing a collection policy
  • Daily bank account reconciliation
  • Analyze operating and reserve accounts
  • Prepare data for annual auditing and filing taxes
  • Exclusive online access to financial information for board members
  • Assistance with real estate forms and closings

Homeowner Resources

At RS Fincher, we realize that making your job easier also means making life easier for your residents. We aim to do this by streamlining association living and allow residents easy access to information and other resources. Our community website allows for online payments, easy access to documents such as community policies and other forms, submission of maintenance requests, and payment of fees.

Account management

Through our website, residents will have 24-hour access to payment history, balance, and make payments. Although there’s no need to visit in person, our staff will be available by phone, email, and in person in case there are errors or the resident has questions

Work orders

Allowing your residents the ability to maintain work orders online is the simplest and surefire way to ensure that they’re getting the services they need, right when they need them.

Other Requests

Other submissions such as architectural requests are made easy through our website. Residents will be able to submit their request through the platform which will be sent directly to the community manager and architectural committee who will be able to reply with their decision.

Contact RS Fincher Today

RS Fincher has served community associations and office condominiums for over 20 years. It’s due to our passion for successful community living that we’re able to build healthy communities through our partnership with homeowners and their values. Our strong communication skills allow us to identify issues, provide financial direction, engage the community, and provide a sense of direction for our clients. Our staff is certified and attends education opportunities to stay on top of innovative ways to serve our communities, as well as the ever-changing laws that impact homeowner associations. Contact RS Fincher today to learn more.

Four Reasons To Hire An HOA Management Company

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Four Reasons To Hire An HOA Management Company

There is a lot of work that goes into building and maintaining a well-managed HOA community, from accurate accounting and bookkeeping to community engagement, there’s never a lack of work to do. Although you can attempt HOA management with just you and your board members alone, there is another option: hiring an HOA management company. There are a number of benefits to choosing the latter over the former, and if you want the best possible leader for your community, you’ll take all options into account. Keep reading to learn why you should hire an HOA management company today.

Reduced Workload

There’s no doubt about it, running a successful HOA community is no small task. You have to have great communication skills, be a great leader, and manage a safe neighborhood, all while keeping the residents’ best interest in mind. Although Homeowner associations represent a rather small portion of housing in the U.S., since 1970, HOA’s have grown from around 1 percent to 20 percent of housing since 2010. This is an enormous spike in the popularity of Homeowners’ Associations, and with this popularity comes the need for great leaders who are up for the task of managing a community.

Although there are many great leaders out there who are willing to take on the challenges of being a community manager, they won’t necessarily have the manpower to make it happen. This is where an HOA management company like RS Fincher will come into play. Instead of completely handing your HOA community over to us, you’ll still maintain a leadership position. The difference is that the workload will be on us. All you have to do is tell us your community’s goals and we’ll manage all the intricacies necessary to allow you to maintain a happy and healthy community. Our staff at RS Fincher is already trained to run every aspect of an HOA community and share the values of community engagement, safety, and a high standard of living. With every client, our highest priority is to help you and your community to reach your maximum potential.

It’s great to have a “do it yourself” mentality when it comes to HOA management, but part of being a leader is knowing when to seek help, and RS Fincher is here when you need it.

Stronger Sense Of Direction

Another reason to hire an HOA management company is to have a stronger sense of direction while managing your HOA. Chances are, you and your board members already have goals and aspirations for your community, but you may not know the best way to achieve those goals. That’s okay! When you contact RS Fincher, you and your board members will always have a team of experts to contact and will provide you with information that is crucial to maintaining your HOA exactly the way you like it. And we aren’t just there to do administrative work either, we are a team of experts, equipped to handle all levels of decision-making within your HOA.

HOA laws and regulations are another aspect of HOA management that will be difficult without an HOA management company. We are your all-in-one resource for consultation on the legality of your HOA’s actions, so you never have to worry about breaking any laws that could lead to hefty fines or lawsuits. Since we work internally, we’re able to micro-manage these regulations on a daily basis and ensure that you and your board abide by them.

Are you ready to speak with an HOA management representative? Contact RS Fincher today.