Property Management Company

What is a property management company?

For purposes of a homeowners association, a property management company (PMC) is a firm hired to handle most of the administrative tasks, vendor oversight, and conflict resolution inherent in the operation of an HOA, freeing board members for policymaking roles. A PMC’s advantages begin with avoiding board-member burnout and can include reliable handling of finances, quick responses to prospective buyers, and a clear point person for handling disputes. HOA-specific software, even when designed primarily for self-managed HOAs, can be a game-changing tool for property management companies. Conversely, some HOA boards will elect to use that same HOA-specific software to facilitate their own accounting, transactions, communications, and other challenges, saving homeowners perhaps hundreds of dollars per month in management fees.

Why is a property management company important for an HOA?

Some HOAs will decide that a property management company (PMC) is indeed right for them. By having people whose full-time job is to make sure the community’s priorities are followed, a PMC can help preserve both quality of life and property values by ensuring that tasks are completed, violations are addressed, calls are returned, and financial transactions are handled–all on a timely basis.

Many HOAs may find that the same HOA management software that facilitates a PMC’s administration of a community can also automate so many responsibilities that the boards can confidently self-manage their own HOAs, saving perhaps hundreds of dollars a month for each resident. Such decisions will largely come down to the size, scope, and complexity of each community and how hands-on its officers want to be.

How can you use “property management company” in a sentence?

A property management company can be costly, but its value in managing a HOA can be invaluable.