Management Fees  

Basic Management Fee Structures  

In most cases, the management company receives a cost per resident door with a minimum fee to apply.  Not every HOA requires the same set of services and therefore the management fee can range from $8.00 per door to $14.00 per door based on services need by the HOA.  The services and prices are set forth in the management agreement.  Prices can be adjusted annually or during the year if more or less services are needed on a regular basis.  

In addition to a management fee, the management company may be compensated for providing services that require out-of-pocket expenses, special supervision, additional meetings above the management contract, mailing of newsletters, and other such services not specifically included in the management agreement.  

The following management agreement outlines the expectations of the HOA and the management company.  Common HOA expectations are: 

 

  • Ethical practices  
  • Confidentiality regarding HOA information
  • Qualified, experienced personnel  
  • Detailed reporting  
  • Thorough long-range planning  
  • Sophisticated financial accounting  
  • Thorough analysis of the properties performance  
  • Frequent communication 
  • Rapid response time  
  • Sufficient reserves for future needs  
  • Knowledge of physical maintenance  

 

The following services would be typical of the services included in an $10/door agreement:  

 

  1. Monthly Statement of Accounts  
  2. Monthly Reconciliation of Statements 
  3. Monthly Income Statement  
  4. Monthly Budget Comparison YTD  
  5. Monthly General Ledger List  
  6. Monthly Past Due List  
  7. Bi-Monthly Payables List for Board Approval
  8. Disbursement of Monies to Vendors  
  9. Notice of Past Due Mailing (Postage extra)  
  10. Payment Coupons (Mailing & Copy Expense extra)  
  11.  Credit Card and ACH capability (expenses paid by resident)  
  12.  Attendance at Quarterly Board Meeting  
  13. Unlimited On Line Meetings and Conference Calls 
  14. Bi-monthly  Property Inspections 
  15. Weekly Contact with Board Members 
  16. Web Site Creation 
  17. Toll-Free Information Service  
  18. Contact and Mailing for Citations and Violations 
  19. Dispatching of Service Calls to Contractors  

 

(Rates can be adjusted up or down depending on the number of report, on premise time, and contractor supervision on site.  Quotes are available upon request.)  

 


See Also: HOA CommunitiesHOA Board Member Resources | HOA Management Info
Trista Yost, Principal Broker
Welch Randall Real Estate
Ph: 801-399-5883Fax:801-340-4811
5300 S Adams Ave. Parkway #8
Ogden, UT 84405 US
www.welchagency.com
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