Management Company
A professional firm hired by the board to handle the day-to-day operations of the association under a management agreement. Management companies provide services such as assessment collection, financial reporting, maintenance coordination, vendor management, rule enforcement support, and meeting administration. The board retains decision-making authority while the management company executes those decisions.
Example in Context
The board issued a 60-day termination notice to their management company after repeated complaints about slow response times, and transitioned to a new firm specializing in communities their size.
Frequently Asked Questions
How do I switch HOA management companies?
Review your current management contract for termination provisions, typically requiring 30 to 90 days written notice. Issue an RFP to prospective management companies, evaluate proposals, and select a new firm. Coordinate the transition of financial records, vendor contracts, keys, and homeowner data. Ensure overlap between the outgoing and incoming companies for a smooth handoff.