A Las Vegas residential property management company can work with HOAs (Homeowners’ Association) to help the Board of Directors manage the myriad details – both large and small – that are involved in the daily decisions of community life. Since the Board is responsible for determining the policy of the association, the property managers act as advisers to the Board providing the value of their experience and expertise.
The manager may take on the responsibility of carrying out the directives of the Board which often includes daily operations of the HOA such as:
- Providing routine inspections of the property
- Noting and reporting violations of the CC&R’s (Covenants, Conditions & Restrictions)
- Providing notice of violations to homeowners regarding lack of compliance
- Helping homeowners resolve issues of property violations
Las Vegas Residential property management companies will maintain a list of vendors who are carefully and thoroughly screened to provide a high level of service to the HOA clients. They can help the association by suggesting and obtaining three required bids from vendors in areas of pool maintenance, landscape gardening, plumbing repair and electrical work. They also maintain a list of professionals which include attorneys and accountants.
In communities that maintain security services, the management company can provide a list of security companies. When club houses need to be redecorated, the management company will locate vendors who will paint, wallpaper and install carpeting or new floors.
When emergency repairs are needed, a designated staff member of the property management company can be reached 24/7 to help solve the problem by finding and dispatching the appropriate repair person.
All vendors are required to complete specific forms and attach necessary documentation before being considered an approved vendor for goods and services:
- Independent Contractor Information Form
- Vendor Agreement Disclaimer of Liability Form
- W9 Request for Taxpayer Identification Number
- Secretary of State Trade Name Registration Form
- Liability Insurance Certificate from vendor’s insurance agent stating minimum liability coverage of $1,000,000
- Certificate of Workers Compensation for company with more than one employee
- If vendor is sole proprietor, an Independent Contract Workers Compensation Indemnity Agreement.
Residential property management companies also provide business and financial services to the HOA. These financial reports include – on an interim as well as an annual basis:
- Operating budget
- Balance sheet
- Accounts Receivable report
- Bank reconciliation of all accounts
- Cash disbursement report
- Budget comparison report.
Las Vegas Neighborhood Communities that are governed by HOA’s are required to pay a monthly fee for maintenance. Depending upon the services covered, the fee can be anywhere from the high $xxs to the low to medium $xxxs.
Of course, homeowners may pay these monthly fees by sending a check to the management company or by paying in person at the company office. Some companies have arranged to allow homeowners to pay their dues by automatic withdrawal payment. They provide an ACH form which must be completed and given to the company along with a voided check so that the maintenance fees are conveniently paid each month.