Benefits of Using an HOA Property Management Company
Hiring an HOA property management company to handle most responsibilities day-to-day does several things for a homeowner’s community. Number one, it makes sure that rules and policies are clear and defined, and that everyone knows what they are and can follow them. Number two, it ensures consistency with enforcing those policies or rules, so that there’s never a perception of unfair treatment, favoritism, lax handling of difficulties as they arise, or inability to see and respond to problems, fixing them as soon as possible after they arise.
Consistency is especially key, because homeowners association management can decide policy issues with the help of the board and clarify HOA laws as well. This is often done best with an HOA property management company’s assistance, because enforcing those policies and making sure all residents know about them can be a difficult task and may be impossible to be completely consistent within self managed communities.
It can also be difficult to handle the diverse difficulties brought to management’s attention without proper experience or training, but a good HOA property management company will have experience in doing so, so that they can deal with problems calmly and effectively.
Hiring an HOA property management company also ensures that vendors and legal firms are kept in good stead, with good relationships, so that if legal issues or other difficulties should arise, they can be taken care of immediately. Vendors are happy to work with a well-run homeowners association, because they know they’re going to be paid on time, which means that community residents’ needs are always going to be fulfilled.
Finally, because HOA property management companies’ business depends on the happiness of residents overall, it’s also in their best interest to make sure that the community they manage is kept safe, clean, well-maintained, and has the amenities residents need and desire. A good HOA property management company is going to work hard to keep HOA residents happy and to make them proud of their homes and of the homeowners association.
For this to all work, of course, HOA property management companies must work hard to maintain a constant line of open communication with residents. That is, the company in question must have an “open door” policy, and the management company must also truly take into consideration residents’ concerns and desires, not just simply tell them to “follow the rul
es,” because they’re in place. In other words, flexibility as well as open communication is imperative for a well functioning HOA community.
Benefits to Landlords
If you've owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time and effort.
While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. With this in mind, here are some critical tasks a property manager can help you with:
Setting the right rental rates: While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
Collecting and depositing monthly rent payments on time: If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
Additional Services
Real estate is a proven investment with the potential to reap big rewards. Your property is valuable, and so is your time. Ovation Management invests the considerable hours, care and skill required to manage properties and maximize returns, so you can spend your precious time elsewhere. We deliver full-service residential property management for single-family homes, multi-family homes and condo units in West LA. Here are some of the many tasks we can take off your hands:
Maintenance Services
Accounting Services
Periodic Property Evaluation
24/7 Emergency Maintenance
Service Requests
Inspection Facilitation
Project Management
Fast Turnover Time​
Monthly dues/rent collection
Property Taxes/ Insurance/ Bill Payment
Vendor Payments
Bank Reconciliation
Monthley and Yearly Operating Statements
Owner Distribution
Leasing Services
Marketing The Property
Open House
Tenant Screening
Tenant Contracts
Move-In Fees & Documentation
Fast Turnover Time​
Salem Safadi
Ovation Management-Condo Specialist
2708 Wilshire Blvd
Suite # 388
Santa Monica, CA 90403
Cell: (310) 990-5470
Fax: (424) 245-6183