If your HOA or co-op board members aren’t ready for full-service property management, yet they realize they need help with the high-stakes legal and financial responsibilities of the community, a streamlined and online support service like MyPropertyBilling.com is a smart middle ground. It allows board members to focus on community improvement because they are free of most technical, tedious, and time-consuming tasks.
How Does Property Management Support Help?
Eventually, board members realize, “We’re volunteers, not accountants. Accurate records protect us from liability.” Or maybe board members are burned out or lack the experience needed for the current situation of your community. A company like MyPropertyBilling.com brings the expertise of a property management professional along with the benefits of bookkeeping services – like bank reconciliations being done correctly and on time.
This further reduces risk and errors, shifts fiduciary responsibilities (like handling funds) to trained professionals, and can protect the board from accusations of financial mismanagement.
In fact, risk reduction is a major benefit of working with MyPropertyBilling.com. They ensure that taxes, insurance, corporate filings, and financial records are maintained properly and can prepare everything an auditor or state agency might request. The professionals at MyPropertyBilling.com aren’t just property management experts – they are also advised by legal firms specializing in HOA law, unlike a general accountant.
More Benefits of HOA Support Services
Of course, hiring a company like MyPropertyBilling.com isn’t only about reducing risk and playing defense. It’s also a way to enhance the quality of life for residents and property owners.
Even smaller associations can benefit from avoiding awkward neighbor-to-neighbor collection conflicts and improving cash flow. MyPropertyBilling.com handles HOA/co-op billing, payment processing, tracking delinquencies, and late account follow-ups. They even create online payment portals for homeowners!
That online portal also enables boards to provide regular financial reports, giving everyone in the community visibility into the community’s financial health. Transparent reporting and easy communication build trust and confidence among owners.
And there are more tangible benefits, too! By preparing annual budgets based on real data and future needs, MyPropertyBilling.com helps create a solid financial plan to support community projects, avoid surprises, and build reserve funds responsibly. This helps protect the property value of every owner’s investment.