Every homeowners association board faces the same balancing act: managing community needs while respecting time, expertise, and budget. One of the biggest decisions is whether to hire a management company for financials only or to engage in full-service management. Understanding the differences can help your board make the right call.
What is Financials-Only Management?
With a financials-only contract, the management company focuses solely on the association’s accounting and reporting functions. This typically includes:
Collecting assessments and posting payments
Paying approved invoices
Reconciling bank statements
Preparing monthly financial reports
Assisting with budgets and year-end reports
Coordinating tax filings and 1099s
Boards that choose this route are often hands-on with day-to-day operations but want professional oversight of the money.
What is Full-Service Management?
Full-service management covers financial administration plus operations support. This usually includes:
All financial services listed above
Coordinating vendors and maintenance
Enforcement of deed restrictions and violations
Communication with owners
Assisting with meetings, notices, and elections
Advising on legal compliance and best practices
Boards that opt for full-service management are typically looking for end-to-end support, ensuring both money and operations are handled by professionals.
Why Choose Financials-Only Service?
Boards may prefer financials-only service when:
The community is smaller and board members are willing to self-manage day-to-day tasks.
Cost savings are a priority, and the board wants to minimize management fees.
The board has members with experience in contracting, maintenance, or community leadership who are comfortable handling operations.
The board wants to keep more direct control over community communications and enforcement.
Why Choose Full-Service Management?
Boards often find full-service management worthwhile when:
Board members are busy with careers and families and lack the time to self-manage.
The community is larger or more complex, requiring professional coordination.
Consistency in rule enforcement is needed to avoid personal conflicts between neighbors.
The board values a single point of accountability for both finances and operations.
The board wants to ensure consistency in collection of past due balances
The board values a professional manager who is a member of the Community Associations Institute, is credentialed, and regularly attends training to stay current on State Law that impacts HOA's
Making the Right Choice
The decision between financials-only and full-service comes down to your community’s size, volunteer capacity, and long-term priorities. A financials-only plan might save money in the short term but requires more board involvement. Full-service management may cost more, but it reduces workload and liability while offering professional consistency.
👉 At PMI Metroplex Properties, we understand that no two associations are alike. That’s why we offer flexible options — from financials-only packages to full-service management — so your board can choose the level of support that fits your community best. To discuss the options available or to request a bid, click here: https://www.bedfordpropertymanagementinc.com/bedford-association-management
