If you’re a new member of an HOA or are just familiarizing yourself with the industry in general, you may have seen the term “property management services” appear quite a bit. What, you may wonder, does this even mean? The term can suggest anything from real estate management to online property management. Furthermore, some property management companies use the term to mean many of these things at once—and then they won’t tell you exactly what they mean. No wonder you may be confused!
Gassen, an HOA management company of Eden Prairie, hopes to shed some light on this convoluted subject: what exactly are property management companies?
Understanding Property Management Services
In a broad sense, property management companies work alongside your HOA to make sure all aspects the board oversees are running smoothly. That’s why the term “property management services” can feel so vague; it really can mean many different things, depending on what services any given organization provides.
As broad as the term is, the services that fall under the umbrella of “property management services” can be boiled down into three categories:
● Ongoing physical management. Property management services that involve ongoing physical management deal with maintaining the aesthetic of your HOA neighborhood. These services will help your HOA board talk to vendors, help supervise property inspections, and train on-site staff to respond to emergencies. They also keep the board in the loop regarding rule violations and delinquencies.
● Accounting management services. These workers are skilled in the money side of running an HOA. They can help balance the monthly budget, manage yearly finances, and also help prepare complicated HOA tax documents.
● Value-added services. This category is sort of the catch-all for services that don’t fall within the other two. They aren’t required of an HOA management company, but a quality one like Gassen will provide them to you as an extension of its other services. This group includes such bonuses as an in-house client support center, financial guidance seminars, and having a CPA (certified public accountant) on staff to help with budgeting and taxes. All of these are provided with Gassen. The extensiveness of the value-added services offered can be a good measurement of how dedicated any HOA management company is to its job.
Looking for Extensive Property Management Services? Gassen is Here to Help
We’re an Eden-Prairie based provider of property management services that would be privileged to serve your HOA. To find out more about our how we can help you with your property management needs, call us today at 952-922-5575, or you can message us on our contact page.