Whether you have had years of experience working with an HOA manager or are just beginning to explore the idea of hiring one, there is a lot to learn when it comes to terms typically used by HOAs. When searching for a Weld County HOA manager, it is important to have a basic understanding of some of the most commonly used terms relating to HOAs. With many years of HOA management experience, keep reading to learn 365 RPM’s top five HOA terms that you should be aware of when searching for the best HOA management company.
Top 5 HOA Terms To Know When Searching For a Weld County HOA Management Company
1. Community Association Manager
Often referred to as a CAM for short, the community association manager represents the face of the HOA management company. This role typically attends community HOA meetings, works with the board to resolve resident issues or complaints, and collects HOA fees. It is important that you feel comfortable with your CAM to have a good relationship with the HOA management company that you hire. Make sure that your CAM knows the goals of your community and that residents know how to reach your CAM if they have any questions about any of the policies in your community.
A quorum is defined as the minimum number of owners required to hold an HOA meeting. It is important to have a quorum when conducting any official HOA business such as making policy changes, voting on new board members, or deciding on what vendors to hire for the community. Without a quorum present, none of the decisions made during the HOA meeting will be official. Make sure that all board members know the minimum number of owners that need to be present to avoid any delays with changes being made in the community.
3. Board Member
A board member is a volunteer from the community that helps make decisions for the community as a whole. Typically every HOA will have officer positions that are elected from the other board members. These officer positions include a president, vice president, treasurer, and secretary.
4. Governing Documents
One of the most important terms on this list to understand is an HOA’s governing documents. Governing documents include any bylaws, rules of operation, declarations, and any other document that is essential to running the day-to-day operations of the HOA. Governing documents allow the HOA to function in a cohesive way that aids in efficiency for the community. Your CAM will also be well versed in these documents to properly manage the community.
5. HOA Fees
Often referred to as assessments, HOA fees are typically collected on a monthly or yearly basis. Residents pay HOA fees to fund things like insurance, landscaping for the community, roof replacements, paint for the homes, and more. The amount of an HOA fee can vary depending on what the community wants to invest the money in. An HOA management company can also assist with determining the proper allocation for this money.
We hope that you have found this information useful during your search for a Weld County HOA management company. Consider 365 RPM for your HOA management needs.
Check out this 5-star review from our happy customer, Eugene Salazar.
“365 real property management is a big step up from the previous HOA management we had. I’ve always been able to ahold of someone in the office, get a callback, or get a response from any question or issue I had. Their online service is easy to use and I was able to have my HOA dues auto drawn from my bank account.”
To learn more about how to buy, sell, or manage your real estate, give 365 RPM a call today at (970) 506-0615.