property management compay and CPA for audit

Started by MeeL • 9 replies • 2046 views

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MeeL (California)
Posts: 1

Posted:

This association is locating in San Mateo County. I saw the last time some members asking for help in seeking "good" property management company was 2007 but can someone tell me how to find a "good" one in San Mateo County, CA which we also have to seek for an Auditor specialize in HOA as well as the result of this property management company we have for only two years and this HOA had not have a single one audit for over 20 years. Thank you.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Mee,

The best advice on selecting a new management company is to contact other associations in your area and ask them how they like theirs. Then solicit bids and actually check references.

As for audits, any Certified Public Accountant (CPA) can do this for you. You can ask neighboring Associations or just do a search for accounting firms. Prices can vary, therefore remember to get bids. Make sure you tell them how many years you want audited.

Tim

HoaC (Florida)
Posts: 95

Posted:

IMHO, it is better to be self managed. Been there and done the management deal. They have no vested interest in your HOA, other than lining their pocketsa antheir attorney's pockets with your money.

BruceF1 (Connecticut)
Posts: 2,535

Posted:

I can't agree on being self-managed; at least, not in all cases. For very small communities with little to do, that might be fine. But, the amount of work increases with larger communities and when there are considerable common elements that need to be maintained. You might not be able to find a volunteer to take on the task. Then what happens when the volunteer decides to all of a sudden quit? Of course, you could hire someone to do the work, but then, why not just bite the bullet and hire a professional property manager?

You can also get into trouble if you don't know what you're doing. Most of us are not professionals when it comes to managing HOAs. The property manager can provide essential guidance. Some insurance companies will offer a small discount on your D&O insurance policy when you are professionally managed because your risk is smaller.

HoaC (Florida)
Posts: 95

Posted:

Well Bruce, that is why there are CAMs in operation today. Just like Jiffy Lube, registered trade mark, for those that don't want to get thier hands dirty. But, with Saas cloud technologies today, like our software we use, our A/R is totally automated. That leaves us, the BODs to focus on issues. The invention of a Four, such as this and direct E-Mail from our website, allows the community to assist us in addressing the issues that are of the gravest concerns. Each of our BODs have role in the community, such as roads, lakes, pool, treasure, and secreatary. This method of approach has moved us forward to the point that where we use to have shouting matches at the monthly Association BOD meeting, we have a few to show up to discuss or monitor things. We became so transparent, with the help of our software provider, we spend less than 10 man hours per week now. With SaaS Cloud technology all the information is in the cloud' on a server, and accessible to all members 24/7.
With payments accepted online and with this companies Lockbox technology, we do very, very little in the A/R portion of managing the Association. In Fact, now we pay all of our venders online as well. The accounting is basically self managed. Now, we have had time to focus on the CC&R violation and bring the community back into compliance. This was accomplished by E-Mail and annoyomous Forum postings. The Forums have allowed everyone to have a voice in the community as well.
What I am saying, with Approximately 2000 units, there is a better mouse trap than using the CAMs. I do not know how Large is Large, but 2000 units seems large to me!

BruceF1 (Connecticut)
Posts: 2,535

Posted:

Quote:

Posted By HoaC on 06/27/2011 1:10 PM
Well Bruce, that is why there are CAMs in operation today. Just like Jiffy Lube, registered trade mark, for those that don't want to get thier hands dirty. But, with Saas cloud technologies today, like our software we use, our A/R is totally automated. That leaves us, the BODs to focus on issues. The invention of a Four, such as this and direct E-Mail from our website, allows the community to assist us in addressing the issues that are of the gravest concerns. Each of our BODs have role in the community, such as roads, lakes, pool, treasure, and secreatary. This method of approach has moved us forward to the point that where we use to have shouting matches at the monthly Association BOD meeting, we have a few to show up to discuss or monitor things. We became so transparent, with the help of our software provider, we spend less than 10 man hours per week now. With SaaS Cloud technology all the information is in the cloud' on a server, and accessible to all members 24/7.
With payments accepted online and with this companies Lockbox technology, we do very, very little in the A/R portion of managing the Association. In Fact, now we pay all of our venders online as well. The accounting is basically self managed. Now, we have had time to focus on the CC&R violation and bring the community back into compliance. This was accomplished by E-Mail and annoyomous Forum postings. The Forums have allowed everyone to have a voice in the community as well.
What I am saying, with Approximately 2000 units, there is a better mouse trap than using the CAMs. I do not know how Large is Large, but 2000 units seems large to me!

I would agree, 2000 units is pretty large. It does sound like you have everything under control. Unfortunately, not everyone is as well organized as you are. For those who have little or no experience in an HOA, I would recommend some experience before trying self-management.

HoaC (Florida)
Posts: 95

Posted:

I do agree, not just anyone can remove themselves and focus on the needs of the community.
We have a bank teller, and some other professionals on the BOD to help manage us. But, we weren't very organized until we purchased this software. And the staff there has been a tremendous help. We are basically in auto pilot mode now, not to say it hasn't taken us 5 years to get to this point.

BobB18 (Delaware)
Posts: 2

Posted:

What SaaS cloud based system do you use?

BobB18 (Delaware)
Posts: 2

Posted:

What SaaS cloud based system do you use?

TimB4 (Tennessee)
Posts: 21,059

Posted:

Bob,

This thread is over a year old.

It's best to start a new thread than reactivate an old one.

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