Who governs property management companies
See full list on allpropertymanagement. Although it’s not a government entity, the primary regulator for an HOA management business is the client’s board. As an association manager, you’re often given tremendous power within the HOA — and with great power comes great responsibility, as the saying goes.
HOA managers have access to the association’s financial accounts, private data about residents, and more sensitive information. You’re also expected to enforce rules for residents on the HOA’s behalf.
Unfortunately, there have been cases where unscrupulous HOA managers took advantage of their position. Due to the nature of an HOA, they’re often targeted for fraud and embezzlement. An HOA manager can help protect the association from these problems, but many boards will also keep a close eye on your activity.
To reduce fraud and other abuses of power, many HOAs will impose certain regulations for the management companies they hire. For example, you may be required to have multiple board members authorize a new vendor, bill p. If you violate a client’s rule, you’ll probably just get fired. However, violating government regulations for HOA management companies can carry more severe consequences.