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Can HOA board member manage a HOA property without a management company?
Wiki User
∙ 11y ago
Yes, but it is not a wise strategy according to best practices.
Why? Board members in associations may be volunteers, but they have legal obligations, responsibilities with actions governed by state laws.
In a very small community -- say six owners -- an experienced board member with a deep business background may be able to lead the community in ways to both maintain, protect and preserve the real estate assets, and save the association money by not hiring association management. This scenario also assumes that the value of the assets is not great, and that all owners are financially stable enough to pay cash for major projects. It also assumes that the leader won't die, sell or otherwise be unable to carry on.
A larger association is a multi-million dollar association measured by the market value of the assets that require oversight. No business professional wants that magnitude of responsibility without a knowledgeable team.
Governing documents and state laws dictate how the business operates and how the assets can be used. A self-managed association may not be able to keep up with updates in state laws, municipal code updates and so forth.
Association managers -- not property managers who rent real estate -- understand the business of associations, state laws, municipal requirements and are a repository of expertise that a volunteer board can lean on for guidance.
Wiki User
∙ 11y ago
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