You may think there’s not much difference between an HOA manager vs. a property manager. While the roles are similar in some aspects, there are several differences between these two jobs. Today, we’ll review some of the tasks and responsibilities of each job role, the fees each manager charges, and the essential certifications each manager should have.
Contents of This Article:
- What Is an HOA Manager vs. a Property Manager?
- HOA Management Company Tasks
- Property Management Company Tasks
- HOA Manager vs. Property Manager Fees
- HOA Manager vs. Property Manager Cerfitifcations
- Find the Manager You Need With BMG
What Is an HOA Manager vs. a Property Manager?
Despite what some may assume, a homeowners association (HOA) manager and a property manager have different roles and responsibilities. While they both manage properties and handle administrative tasks, there are a few key differences in their daily roles.
For instance, an HOA manager primarily works with homeowners associations. HOAs are organizations within communities that make and enforce rules for the properties and residents. That said, HOA managers handle tasks related to community governance, like organizing board meetings, enforcing community rules, managing finances, and overseeing common area maintenance.
On the other hand, a property manager is in charge of the overall management of individual properties on behalf of property owners. This may include residential, commercial, or rental properties. Philadelphia property managers handle tasks like marketing properties, screening tenants, collecting rent, managing maintenance, handling repairs, and addressing tenant concerns. Essentially, they’re responsible for the day-to-day operations of a property.
HOA Management Company Tasks
An HOA management company oversees and handles various tasks related to managing an HOA community. While the specific tasks may vary depending on the needs and agreements within the HOA, they generally include the following.
- Collecting and managing HOA fees or dues
- Budgeting and financial planning for the HOA
- Handling financial records and statements
- Organizing and facilitating board meetings
- Keeping records of meetings and important HOA documents
- Implementing and enforcing community rules and regulations
- Addressing violations and coordinating appropriate actions
- Coordinating regular maintenance of common areas
- Overseeing repairs and improvements to facilities or common areas
- Working with vendors or contractors for necessary services
- Ensuring compliance with local laws and regulations
- Handling legal matters related to the HOA
- Facilitating communication between board members and homeowners
- Managing a communication channel for the community
- Organizing community events or initiatives
- Planning and managing reserve funds for future repairs or improvements
- Maintaining accurate records of HOA information and documents
- Assisting in resolving disputes or conflicts within the HOA
- Mediating between homeowners or between homeowners and the board
Property Management Company Tasks
Property management companies have their own set of tasks and responsibilities. While some of them are similar to those of HOA managers, property managers generally handle tasks on behalf of property owners. Additionally, the specific tasks may vary depending on the type of property and the property owner’s expectations. However, most property management company tasks include the following.
- Advertising and marketing rental properties
- Screening potential tenants through background checks, references, and research
- Drafting and managing lease agreements
- Handling lease renewals, terminations, and rent adjustments
- Collecting rent from tenants and enforcing late rent policies
- Coordinating regular property maintenance
- Addressing repairs and ensuing compliance with safety standards
- Handling emergency situations like property damage or urgent repairs
- Servicing as a point of contact for tenants and property owners
- Addressing property owner or tenant inquiries and concerns
- Conducting regular property inspections
- Identifying and addressing issues related to the property condition
- Ensuring compliance with local housing laws and regulations
- Handling eviction proceedings, if necessary
- Hiring and supervising vendors or contractors for property services
- Maintaining accurate records of property-related transactions
- Keeping property owners informed about the status of their property
- Providing reports on property performance
- Conducting market analysis to determine competitive rental rates
- Facilitating positive relationships between property owners and tenants
- Handling disputes or conflicts when they arise
HOA Manager vs. Property Manager Fees
Another difference between an HOA manager vs. a property manager is the fees they charge. While their jobs have some similarities, the way that they charge for their services also differs. For instance, many property managers or management companies charge either a percentage of the monthly rent or a flat monthly rate.
Typically, property managers charge around 8 to 12 percent of the monthly rental rate, aside from other expenses. That said, some management companies charge less if they manage ten or more units and more if they manage less than 10. Then, aside from the monthly fee, there may be other fees that property managers charge. For instance, they may charge a vacancy, lease renewal, or early termination fees.
On the other hand, HOA managers or management companies typically charge an average fee of $10 to $20 per unit. However, several factors can affect this rate, including the location and size of the association. Additionally, like property managers, HOA managers may also charge additional fees, like initiation fees or exit fees.
HOA Manager vs. Property Manager Certifications
Becoming an HOA manager or property manager may seem quite simple. However, property managers and HOA managers must receive adequate training before performing job duties. Some property managers or HOA managers can gain enough expertise through experience and on-the-job training. However, some may pursue different certifications based on their roles and responsibilities. Here are some common certifications associated with each field.
HOA Manager Certifications
- Certified Manager of Community Associations (CMCA)
- Certified Community Association Manager (CCAM)
- Association Management Specialist (AMS)
- Professional Community Association Manager (PCAM)
Property Manager Certifications
- National Apartment Leasing Professional (NALP)
- Certified Property Manager (CPM)
- Certified Apartment Manager (CAM)
- Master Property Manager (MPM)
Find the Manager You Need With BMG
Whether you’re a real estate investor or looking to get into property management, it’s important to know the differences between an HOA manager vs. a property manager. While the two positions have some similarities, the roles of each type of manager are important in their own ways.
If you’re looking for a manager to handle your rental properties or your HOA community needs, Bay Property Management Group can help. We provide both HOA management services in Philadelphia and property management services throughout Baltimore, Philadelphia, Northern Virginia, and Washington, DC. So, if you’re looking for help managing your properties, contact BMG today to learn how we can help!