I'm the president of our HOA board. It's a small HOA, 9 residential and 3 commercial units. I own 3 of the residential. Of the 12 units, only 1 is owner occupied.
We've had a crappy property management company for years and I wind up performing half the property management responsibilities. The company charges less than $6000/year which is great pricing (I'm in Boston), but obviously you get what you paid for. A decent company will charge $9000-$10,000.
Now I have a great handyman, general contractor, jack of all trades who has his own crew and I think he could play the role of property manager from the maintenance perspective, etc. My question is regarding all the banking/financial matters like collecting HOA fees or levying assessments. Are there companies or services that could perform that end?
I have to start out by saying it looks like the $6,000.00 a year does not seem like a good price for Boston for 12 units. I use a property management company(that I would happily refer) for a building with 6 condos in it and they do a good job of managing and they charge us $175/month or $2,100.00 annually, with twice the units I imagine they would charge $4,200 or less. We do use our own contractors for maintenance and repairs but they are involved in managing that work and they cut the checks to the contractors for us. They take care of billing all the units and working with an attorney for the court proceedings when unit owners don't pay their fees. Our condo Building is located in Chelsea and the property management company is located in Marblehead. Let me know if you're interested and I'll send you their info.
I'm not in Boston but $41/unit/month for full service management isn't unheard of, that's if you're getting full service management. Many companies offer accounting services only, even if they don't advertise that service it doesn't hurt to ask. You could also try using a management system software and collect the payments and pay expenses yourself, on a small building it might be manageable. Buildium and CondoManager are good solutions for self managed buildings.
I provide this service to a HOA (74 SFR) on Cape Cod. Bookkeeping, tax returns, state filings, collections and some other tasks. It's possible to find people to do just bookkeeping.
Buildium's HQ is in Boston. Their software is set up to run an HOA as far as I am aware. I havent looked into it myself as I use it to manage residential units only.
@Vlad Selsky Welcome.
We've had a crappy property management company for years and I wind up performing half the property management responsibilities.
Sometimes we inadvertently train people to be like that...
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