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Conducting day-to-day operations for an entire community is a tall task for any Homeowners Association (HOA), many of which are filled with volunteer board members who have their own jobs outside of the HOA. From rule enforcement to vendor management and budgeting, the possibility of burnout is a constant risk.
That’s why communities across the country are seeking out HOA/community management companies to ease the workload for board members and provide an additional level of expertise. What Does a Community Management Company Do? Community management companies work alongside the community’s existing HOA to handle day-to-day operations, including:
Why Do I Need a Community Management Company? Partnering with an HOA management company not only reduces the workload of your HOA, but it also provides a host of benefits for board members and residents alike. Increased Resident Engagement and Satisfaction When it comes down to it, the best way to get a positive return on investment in your community is by keeping residents happy. That’s why many community management groups will offer event planning support for community engagement events such as community days and seasonal celebrations. These events help strengthen the community’s culture, improve resident engagement and ultimately increase resident satisfaction as well. Not to mention, well-managed communities with engaged and satisfied residents often have higher property values. Streamlined Communication One of the most common complaints we hear from residents is about poor communication from their self-managed HOA. A good management company will have a dedicated portal and/or customer service line for residents to speak with community managers, allowing for their concerns and issues to be resolved in a timely manner. Simplified Financial and Accounting Services A common headache for self-managed HOAs is having to handle the accounting needs of the entire community. Most HOA management companies reduce this burden by providing accounting services and financial reporting on behalf of the board. They can also help with long-term reserve planning and annual budget development, so your HOA can stay financially healthy. Vendor Management Dealing with a long list of outside vendors such as contractors, maintenance companies, and insurance agents can put unnecessary stress on HOAs and boards. With a property management company, board members can find peace in knowing that communications, contracts, and invoices with these vendors are taken care of. Stronger Technological Infrastructure Self-managed HOAs often lack the personnel and expertise to leverage the latest technology in their day-to-day operations - that’s where community management groups come in. By leveraging technology systems such as homeowner portals, violation tracking platforms and integrated online banking, community managers can streamline HOA operations while also providing training support on these systems for board members. Why Partner With American Community Management? When you partner with ACM, your community can experience the above benefits (and more) nearly instantly. That’s because we pride ourselves in creating a personalized timeline for each new community so they can be fully transitioned to our services in 90 days or less. For 20+ years, ACM has increased resident satisfaction, streamlined HOA operations and made life easier for board members across the greater DMV area and beyond. Led by a Certified Public Accountant, our team has helped 200+ communities through custom management plans tailored to each community’s unique needs. Whether you need assistance with accounting, resident communications, vendor oversight, or any number of services that we offer - you can trust our team to get the job done right. To request a proposal today, click here.
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If you're purchasing a home or condo in a community governed by a homeowners association (HOA), you'll receive an important set of documents called a resale package (also known as a resale disclosure package or resale certificate). This comprehensive document provides crucial details about the HOA and your future community. At American Community Management, we want to help you understand what to look for so you can make an informed decision about your purchase.
What Is a Resale Package?A resale package is a collection of documents that sellers must provide to prospective buyers when selling a home in an HOA community. This package gives you insight into the financial health, rules, and operations of the association you're about to join. In many states, reviewing this package is legally required before finalizing your purchase. Key Documents to Review 1. HOA Financial Statements: The association's financial documents are among the most essential items in your resale package. Look for:
2. HOA Dues and Fee Information Understanding your financial obligations is essential. The resale package should clearly state:
3. CC&Rs (Covenants, Conditions, and Restrictions) The CC&Rs are the governing documents that outline the rules and restrictions for your community. Pay close attention to regulations regarding:
Make sure you can live comfortably within these guidelines before committing to the purchase. 4. Bylaws and Rules & Regulations While CC&Rs provide the framework, bylaws and rules offer specific operational details:
5. Insurance Information Your resale package should include details about the HOA's master insurance policy, including:
This information is crucial for determining what additional insurance you'll need to purchase. 6. Maintenance and Repair Responsibilities Clearly understanding maintenance responsibilities prevents future disputes. Review:
7. Special Assessments and Pending Projects Special assessments are additional fees charged to cover major expenses not covered by regular dues. Look for:
Making an Informed Decision The resale package is your window into your potential new community. A thorough review helps you understand what you're signing up for and whether the community aligns with your lifestyle and financial situation. At American Community Management, we're committed to transparency and helping homeowners understand their communities. A well-managed HOA with clear documentation, healthy finances, and reasonable rules can enhance your property value and quality of life. Taking the time to carefully review your resale package is one of the most essential steps in your home-buying journey. For more information about the value ACM can add to your HOA, click here. Is your HOA Board stretched too thin? Conducting day-to-day operations for an entire community is a tall task for any Homeowners Association (HOA), many of which are filled with volunteer board members who have their own jobs outside of the HOA. From rule enforcement to vendor management and budgeting, the possibility of burnout is a constant risk.
That’s why communities across the country are seeking out HOA/community management companies to ease the workload for board members and provide an additional level of expertise. What Does a Community Management Company Do? Community management companies work alongside the community’s existing HOA to handle day-to-day operations, including:
Why Do I Need a Community Management Company? Partnering with an HOA management company not only reduces the workload of your HOA, but it also provides a host of benefits for board members and residents alike. Increased Resident Engagement and Satisfaction When it comes down to it, the best way to get a positive return on investment in your community is by keeping residents happy. That’s why many community management groups will offer event planning support for community engagement events such as community days and seasonal celebrations. These events help strengthen the community’s culture, improve resident engagement and ultimately increase resident satisfaction as well. Not to mention, well-managed communities with engaged and satisfied residents often have higher property values. Streamlined Communication One of the most common complaints we hear from residents is about poor communication from their self-managed HOA. A good management company will have a dedicated portal and/or customer service line for residents to speak with community managers, allowing for their concerns and issues to be resolved in a timely manner. Simplified Financial and Accounting Services A common headache for self-managed HOAs is having to handle the accounting needs of the entire community. Most HOA management companies reduce this burden by providing accounting services and financial reporting on behalf of the board. They can also help with long-term reserve planning and annual budget development, so your HOA can stay financially healthy. Vendor Management Dealing with a long list of outside vendors such as contractors, maintenance companies and insurance agents can put unnecessary stress on HOAs and boards. With a property management company, board members can find peace in knowing that communications, contracts and invoices with these vendors are taken care of. Stronger Technological Infrastructure Self-managed HOAs often lack the personnel and expertise to leverage the latest technology in their day-to-day operations - that’s where community management groups come in. By leveraging technology systems such as homeowner portals, violation tracking platforms and integrated online banking, community managers can streamline HOA operations while also providing training support on these systems for board members. Why Partner With American Community Management? When you partner with ACM, your community can experience the above benefits (and more) nearly instantly. That’s because we pride ourselves in creating a personalized timeline for each new community so they can be fully transitioned to our services in 90 days or less. For 20+ years, ACM has increased resident satisfaction, streamlined HOA operations and made life easier for board members across the greater DMV area and beyond. Led by a Certified Public Accountant, our team has helped 200+ communities through custom management plans tailored to each community’s unique needs. Whether you need assistance with accounting, resident communications, vendor oversight, or any number of services that we offer - you can trust our team to get the job done right. To request a proposal today, click here. Establishing trust between your HOA and residents is crucial when it comes to building a better community. And there’s no better way to ensure this trust than with transparency in financial reporting.
In this blog, we’ll discuss the core aspects of financial reporting, how to ensure transparency in the reporting process and what an HOA management company can do to help. What is HOA Financial Reporting? Just like with any other organization, financial reporting from an HOA involves providing homeowners or board members with reports pertaining to the community’s finances. These can include:
How Do I Ensure Transparency? If your community’s HOA is already providing financial reports to residents, then you’re well on your way to financial transparency! Having said that, there’s always room for improvement in order to provide your residents with the peace of mind that their community’s finances are being properly managed. Create a Schedule For Report Releases Setting (and sticking to) a predetermined schedule for the release of financial documents can provide a sense of structure that residents will appreciate. For instance, releasing expense statements on a timely basis helps keep residents in tune with the financial doings of the HOA. Make Reports Accessible Releasing reports is one thing - making sure they’re easily accessible and readable is another. Rather than just sending spreadsheets and invoices to residents, try organizing the information into easy-to-read graphics or summaries with clear explanations. For those who didn’t get a degree in accounting, this will be a big help in understanding their community’s finances. On top of that, storing reports in a centralized digital location such as a homeowner portal makes it easy for residents to access them at any time. Get The Help of an HOA Management Company For HOA or Board members, financial reporting can be a tall, time-consuming task that’s prone to human error. But when you bring on an HOA management company for your property, they can take a significant load off the board while making sure that reports are accurate and readily available to residents. More on this below: How American Community Management Makes Financial Reporting Easy At ACM, we understand the importance of transparency in financial reporting and how time-consuming the reporting process can be for an HOA. That’s why our accounting team, led by a CPA with 20+ years of experience, provides transparent financial reporting that is also fully compliant with GAAP and AICPA standards. Our services include:
To ensure transparency, board members will have access to an online dashboard where they can:
To make financial reporting easier for your HOA and more accessible for the entire community, request a proposal with ACM today. |
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American Community Management Locations
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Headquarters
1099 Winterson Road, Suite #200 Linthicum Heights, MD 21090 Phone: 410-997-7767 Fax: 443-883-3745 Toll Free: 1-800-463-1086 Payment Address Only:
(Name of Association c/o ACM) PO BOX 98161 Phoenix, AZ 85038-0161
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Prince George's County/Greater Washington
Servicing DC, Montgomery County and Prince George's County, MD, Calvert County, Charles County, Northern VA 9701 Apollo Drive, Suite #451 Largo, MD 20774 Phone: 301-596-0307
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