Sunshine and ample tourist attractions make Costa Rica a country high on many people's bucket lists. In the first half of 2023, 1.3 million people visited Costa Rica.
The gorgeous weather and culture lead people to move to this tropical republic full-time or to fly in for vacation. Many of the luxurious properties in Costa Rica are managed by a homeowners association.
Read on to learn more about HOA property management and the type of guidance and oversight these companies can provide.
Association Managers Enforce HOA Code
An HOA management company is useful because it helps to enforce the rules. Examples of some common HOA rules include:
- Noise ordinances and complaints
- Restrictions on landscaping and what kind of plants homeowners can grow
- Making sure that pools, tennis courts, and rec rooms, are well-run
- Upholding standards for property exteriors
- Parameters for holiday decorations
Having a manager assigned to your HOA gives your rules and ordinances more teeth. The HOA board can issue fines and other penalties when any of these codes are broken.
Enforcing the rules keeps the community a peaceful place to live and protects property values.
They Address Accounting and Finance
An HOA property management company can handle the association's financial obligations. This starts with bookkeeping and accounting services.
These professionals will collect rent and manage each member's account. HOA managers also collect and return security deposits. They have access to the association's business bank accounts and other financial documents.
HOA managers also send bills and invoices to members, collect dues, and send accounts to collections when necessary.
Managers are also involved with pursuing HOA liens whenever members have delinquent accounts.
HOA Property Managers Work With Vendors
Running a homeowner's association also means managing professional relationships. This includes working with several vendors, such as the pros who clean and maintain the pools. They also hire arborists to care for the trees, and landscapers to maintain the grounds.
Managers work to find vendors that are both affordable and reliable. They'll keep track of the contracts and vendor rates, and nurture professional relationships over the years.
This is a valuable part of the job because long-term business relationships can lead to discounts. A good HOA manager also knows when to make the switch to a different company.
They Make Sure Maintenance Is Cared For
Perhaps the most important role for HOA property management is handling maintenance and repairs. HOA members rely on professional contractors for their plumbing, electrical work, HVAC care, and other handy work.
An HOA manager will oversee the workflow and make sure that professionals are taking on each project in a timely fashion. They use customer dashboards with time slots and calendars so that no repair task is overlooked. Caring for the property in this way protects the property values for years.
The Work of HOA Property Management
The role of HOA property management can't be overstated. If you need help with your HOA, use these tips and start looking for a management company to work with.
PMI Costa Rica can assist you when you're looking for the best property management services around. Reach out to us via our site form or call 506.2220.3717.