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HOA Management for Small Condominiums and HOAs
HOA Management for Small Condominiums and HOAs
According to the Community Associations Institute, there are approximately 28.2 million homes in 365,000 associations. Of those communities, only 7,000 to 9,000 associations have a budget of $2M or more.
With an average size of 77 homes (28.2M units / 365,000 associations), there are many associations that may not be able to afford full service management.
In our experience, we have helped associations that were paying for full service, but didn't need it, wasting tens of thousands of dollars over the years.
With Numerus, we are happy to work with smaller associations.
In most cases, this means single family communities that do not have amenities like a pool. For condominiums and townhomes, this means smaller developments that have more limited maintenance needs compared to larger developments.
Our range of services include:
Collecting HOA fees
Paying bills
Keeping accurate financial and community records
Preparing financial statements
Working with vendors
Running community meetings
And the list goes on...
For many associations, the task at hand is large enough to require the services of a management company or professional property manager for the association. However, for small HOAs and small condominiums, the option to hire a management company may be out of question due to budget constraints. This means that board members to manage everything themselves. While your board may have the capability to manage the association by itself, it may not have the capacity...This is where Numerus comes in!
How can Numerus manage a small HOA?
How can Numerus manage a small HOA?
Numerus is a great option for small associations. To help with comparisons, we'll divide up the primary responsibilities of the association into two categories: Administrative Tasks and Physical Tasks.
Administrative tasks include:
Billing and collecting HOA dues
Paying HOA bills
Keeping association records
Managing HOA bank accounts
Preparing financial statements
Filing taxes for the HOA
Issuing 1099s for vendors
Sending HOA community notices / letters
Following up on late payments
Processing estoppels / resale certificates
When it comes to "Physical" tasks, these include:
Property inspections
Meeting with vendors
Overseeing maintenance
Emergency issues
Filing insurance claims
Running community meetings
As a remote HOA management company, Numerus is responsible all of the administrative tasks and the board is responsible for the "physical" tasks. Because the board does not have to worry about all of the administrative duties, this frees them up to focus on the other tasks. And in many cases, we're able to provide our services at a much more affordable rate compared to a local management company!
If the HOA board is willing to handle the physical tasks, Numerus should strongly be considered as a viable option by your HOA board. If you're using a management company today, but find yourself doing a lot of the work, then Numerus will be able to help you reduce your current management expenses!
Our management model is a great option for small HOAs and condominium communities that may not need a full service HOA management company. To request more information and receive a free quote, please click the button below. We can't wait to hear from you!
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