Homeowners Management Company, otherwise known as HOMS, is a full-service management firm offering financial, administrative, and advisory management services to residential communities. Homeowners Management Companies (HMCs) provide various financial services tailored to meet the needs of different types of housing communities. For example, homeowners may have multiple financial needs, from paying down debt or consolidating their debt to preparing and implementing a strategic plan. Homeowners can also use these services to help them manage taxes and insurance related to their residences.
HMCs also offer a wide range of financial and property management services, which can be tailored to meet each homeowner’s unique financial and asset requirements. A standard service that many homeowners seek is a foreclosure prevention service. In this case, an HMC may contact a prospective buyer who is interested in purchasing a property, offering relevant financial and technical information about the properties in foreclosure, and discussing the process with the homeowner. In some cases, a foreclosure team will be appointed to assess the property and make suggestions to the homeowner on saving the house from foreclosure.
In addition to assisting the homeowner in saving their home, a Homeowners Management Company can assist with various routine maintenance and management tasks. For instance, many homeowners hire a Homeowners Management Company to handle lawn care and property upkeep. Duties can include lawn cutting, lawn mowing, edging, mulching, weeding, graffiti removal, tree removal, or similar general maintenance tasks. In some cases, a Homeowners Management Company may provide direct employment to the property manager, meaning the homeowner would simply submit jobs for the property to be tended to. The homeowners then receive a report detailing all of the work they have completed for the property.
Some homeowners choose to work with a Homeowners Management Company as a co-tenant. This means a tenant can occupy the house through the Homeowners Management Company without occupying the entire property. Generally, co-tenants rent the property to one another; however, this is not always the case. If a renter moves out, the owners can assign the duties and responsibilities of the vacant space to a different Homeowners Management Company. As previously stated, each homeowners’ management corporation has various financial services and options available to clients. In addition to standard accounting and bookkeeping, some companies even offer a full-service financial advising center.
When choosing a Homeowners Management Company, the best way to ensure their legitimacy is to find out as much as possible about them. Homeowners who are trying to save money on their monthly house payments should be particularly careful about selecting a company that has a low reputation. Most reputable financial services companies have a high percentage of their overall customer base that has never had an issue. There are even some companies that the Better Business Bureau has accredited.