Community management is the management of resources by the action of stakeholders or volunteers. Examples of community management are water rights, managing condominiums, managing active adult communities, high-rise communities and master planned communities.

There are several ways community managers can help a community such as making the property more beautiful. If a community has no solid plans on keeping the property maintained, then they will find it difficult to retain property owners or attract others to the area. Another way community management can help is by managing paperwork. It is important to hire someone who is knowledgeable about government guidelines so that required services for property can be accomplished in an orderly fashion. Most importantly, property ownership changes often in a community and if the procedures of buying and selling are not done correctly, then problems will occur. It is important to hire a company that understands the regulations and guidelines of buying and selling.

It is important to note that there are several tips that can help when thinking about hiring a community management company such as looking for a company that is in partnership with a trade group, a trade group that is working to improve industry standards. Another tip is to visit the company’s office. Look to see how they are running their business such as how they are handling homeowner’s funds. Another thing to check out is if they carry a fidelity bond, workers compensation insurance and general liability.

Most importantly, keep a good working relationship with the bank handling your association’s accounts. Be sure to also check references by calling other association board members about how the company in question, performs. It is also important to meet with your independent CPA at least once per year. When you talk with your independent CPA, find out if the records were in order.

To conclude, review the information above and then research and review carefully the community management company you are interested in. Hiring a community management company has many benefits but it is most important to first find out if they are qualified, licensed and insured.

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