Exploring HOA Finance Mgmt Business

Started by DouglasC • 1 replies • 1367 views

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DouglasC (Kentucky)
Posts: 1

Posted:

I am located in Kentucky and am considering starting a business focused on assisting HOAs manage their finances. I am interested in hearing feedback as to whether this is something HOAs would be interested. Although I am an attorney, I am not currently licensed in Kentucky so the business would solely focus on the financial aspects (not legal aspects), i.e. creating and maintaining budgets, maintaining balance sheets, sending due notices and collecting dues, etc.

I have served on HOA Boards in the past (as Vice-President and Treasurer). I've also held Treasurer positions in the past for different organizations, i.e. Boy Scouts of America.

Please let me know your opinions as to whether there is a need for this type of work and your thoughts as to what things should be considered within scope of this potential business.

Thanks.

RogerB (Colorado)
Posts: 5,067

Posted:

Douglas, there is a need for HOA accounting services and with your background you could easily provide other property management services as well. The market is growing as there are more HOA's created with each new development of communities. Your difficulty will be finding clients and will need references.

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