Full Service vs Financial Only HOA Management Services
Not every association needs the same level of management support. Learn how to identify your needs, and HOA Explore can take over the search for you.
Two levels of HOA management support
Full-service management covers everything a financial-only plan does, then adds oversight of the association’s daily operations.
What’s Included in Financial Only HOA Management?
Financial-only management focuses on the association’s books and financial administration. It’s a good option for associations that want to keep most of the operations in-house while getting professional help with the numbers.
Financial-only services may include:
- HOA accounting services
- Budget preparation
- Dues collection and billing
- Accounts payable and receivable
- Bank reconciliations
- General ledger management
- Annual and monthly financial statements
- Reserve planning and management (where applicable)
- Audit and tax preparation (where applicable)
Exact services can vary from one company to another.
What’s Included in Full Service HOA Management?
Full-service management covers financial services, plus oversight of the association’s day-to-day operations. A management company assumes more of the administrative workload, allowing the board to focus on decision-making.
Full-service management may include:
- HOA financial management services
- Board and meeting support
- Homeowner communication
- Maintenance coordination
- Vendor management
- Rule enforcement
- Legal compliance
- Recordkeeping and documentation
- Emergency or after-hours assistance
As with financial-only services, the exact scope of full-service management can vary from one company to another.
How to choose the right fit
The right type of management will depend on the association. When deciding which option is most suitable, consider the factors below.
Needs
What does the board actually need help with? An association that constantly runs into problems with maintenance and rule enforcement, for instance, may benefit from full-service management. If the board has everything else locked down and only needs support with financial administration, it may be best to go with financial-only services.
Budget
Financial-only management generally covers fewer services, making it a more affordable option for communities that require professional support. Your HOA board should compare the total cost against the scope of services.
Complexity
The level of support a community needs highly depends on how complex its operations are. Community size, amenities, property type, and maintenance needs can all affect how much support is necessary.
Find the right partner in three easy steps
Whether you need full-service or financial-only management, HOA Explore can find the right partner for you.
Assessment
Tell us about your community, including its size, location, and budget. Your current management needs help us determine the best options for you.
Vetting and Sourcing
We evaluate what you’re looking for and connect you with management companies that offer the right type of service.
Selection
Compare and choose from our curated shortlist of candidates. No commitment, no cost.
One for Every Style
Find HOA management that fits your community. Start your management search with HOA Explore!