Learn the lingo when it comes to property management right here!
A community association manager is a professional who is responsible for the daily operations of a community association. This includes overseeing the maintenance of the property, enforcing the rules and regulations of the association, and managing the finances of the association.
The legally binding document that outlines the rules and regulations that all homeowners in the community must follow.
Homeowners Association is a group of people who live in a planned development or condominium that owns and maintains the common areas and enforces the rules of the community.
High rise condominiums are residential buildings that are typically taller than 12 stories and have various amenities for residents, such as a swimming pool, gym, and concierge.
The definition of maintenance in HOAs is the process of keeping the common areas and amenities of the community in good repair and functioning properly. This includes tasks such as mowing the lawn, cleaning the pool, and painting the clubhouse.
Management of real estate by a third party is the process of overseeing residential, commercial, or industrial properties on a daily basis. Maintenance, security, and upkeep of properties are generally handled by property managers on a day-to-day basis.
A written authorization that gives another person the right to vote on behalf of a homeowner in HOA elections or meetings.
Zero based budgeting is a method of budgeting that uses zero as the starting point of the budget and projects the budget of the property based on estimated data. Each item within the budget is analyzed and considered through decision-making by the board of directors.