Greenway's affiliate companies offer additional real estate and investment services.
Management company and BOD: What do they do?
March 2, 2011
How do the responsibilities of an association manager and a Board of Directors compare and contrast? This chart may help you learn more about the relationship between manager and BOD, what it is we do professionally, and how we could help your community.
Greenway Realty Management
• Write and mail letters to tenants and owners at Board’s direction
• Get Board approval on non-emergency maintenance work orders over an established threshold. This can cause a slight lag time in processing some requests.
• Advise Board of Directors & facilitate their requests
• Provide transparency with Board, owners/residents, and Management Company
• Prepare monthly financials and make them readily available at owners’ request
• Write checks, balance financials , handle money on behalf of the Association
• Act as a liaison between the Board of Directors and homeowners
• Provide quotes for contract renewals and negotiates on behalf of Association
• Submit yearly budgets for approval
• Property Managers report property visit notes to Board on a weekly basis
• Provide Board with individual account status and dues updates
• Work with Association’s attorney on collections and proceedings
• Hired by Board of Directors through an interview process
• Has no vote and cannot facilitate any action without the majority approval of the Board of Directors. Contracted to facilitate directives from the Board
Board of Directors
• Enforces Rules & Regulations through various correspondence, violation letters, fines, etc
• Approves maintenance work orders over threshold
• Directs management company on all issues and concerns relating to their Association
• Reviews and approves all financials on a monthly basis
• Does not hold or handle Association money
• Approves all contracts (i.e. landscaping, insurance, preventative maintenance, exterminating, etc)
• Approves and amends yearly budgets
• Approves/declines dues increases
• Votes on and approves which homeowners get turned over to an attorney for collections, on proceeding with foreclosures, and payment arrangements
• Members are elected by the owners at the Annual meeting
• Makes final decision on all matters