Wednesday April 02, 2025
What is property management?
Property management is the comprehensive oversight of residential communities, focusing on maintaining common areas, managing finances, and supporting residents. A property management company handles the daily operations that keep a community running smoothly, working closely with board members to maintain property values and address the collective needs of residents.Key responsibilities include financial management, such as budgeting, collecting fees, and allocating funds for maintenance and community projects. Maintaining shared spaces is just as important, requiring regular inspections, repairs, and coordinating with vendors for landscaping and amenity upkeep. Property managers also play a role in rule enforcement, applying community guidelines consistently to keep the neighborhood well-maintained and visually appealing.
Beyond logistics, effective property management supports resident communication, providing updates, organizing meetings, and addressing concerns in a timely manner. When conflicts arise, property managers help mediate disputes, working toward fair resolutions that keep the community functioning smoothly. By balancing these responsibilities, professional property management helps create a well-organized and financially stable living environment.
HOA governing documents
A Virginia community’s governing documents tie the property management partner, residents, and homeowners association (HOA) board together. The governing documents outline the responsibilities and expectations of all stakeholders and should include detailed information regarding:- HOA fees
- Maintenance expectations
- Property access details
- Pet policies
- And more
Fair housing laws
Property managers are also required to stay on top of fair housing laws and avoid any practices that could be interpreted as discrimination. The Virginia Fair Housing Law prohibits discrimination based on race, color, religion, national origin, sex, disability, familial status, and other protected classes.From the way the home is advertised to the questions asked during a community walk-through, property managers must be careful not to break any fair housing laws when managing residents. If there is a violation, it could mean an expensive lawsuit for the board. A professional property management company will be current on these laws and intentional about following them carefully.
Know your role when it comes to compliance
Property managers play a key role in keeping properties compliant by staying ahead of evolving laws, proactively addressing potential risks, and helping board members navigate regulatory requirements.One of the most critical aspects of compliance is understanding the specific obligations of a property, whether it’s an HOA, a condominium, or a multifamily rental. Regulations may pertain to building codes, safety inspections, environmental laws, fair housing guidelines, and financial reporting. Property managers act as compliance coordinators, making sure required documentation is up to date, permits are renewed on time, and any necessary inspections are scheduled and passed.
Beyond legal requirements, property managers also help apply community rules consistently. This means working closely with board members to enforce guidelines in a fair and transparent manner, mitigating legal risks while enhancing the life of each resident.
Staying compliant requires ongoing education and awareness. Property managers should proactively monitor regulatory changes, work with legal and compliance professionals when needed, and provide clear communication to residents and board members about their responsibilities. When done correctly, compliance not only protects the community from potential liabilities but also contributes to long-term financial stability and operational efficiency.
Virginia property management basics
HOA fees
Financial management is a cornerstone of effective property management. From negotiating lease agreements and collecting payments to tracking daily expenses, a property manager must maintain financial stability while optimizing operational costs. More importantly, keeping a property profitable requires strategic planning, clear financial reporting, and proactive cost management.Communication
Strong communication is at the heart of a property manager’s role. Whether responding to resident emails, coordinating with vendors, or keeping board members informed, clear and timely communication keeps operations running smoothly. A skilled property manager not only articulates expectations to service providers but also simplifies complex processes — like lease agreements and policy changes — so that residents and owners always know what to expect.Marketing
Attracting and retaining residents is an essential function of property management. Whether overseeing an HOA or a rental community in Virginia, a property manager should understand the basics of marketing. This includes crafting compelling property descriptions, producing high-quality video tours, and leveraging digital platforms like social media and email to engage prospective and current residents.Maintenance
Managing vendor relationships goes beyond hiring contractors — it requires setting clear expectations, monitoring performance, and verifying that all work meets the community’s standards. A property manager also oversees payment coordination, contract negotiations, and service quality, helping the board secure the best value for maintenance, repairs, and community improvements.Legal compliance
Navigating Virginia’s property laws, HOA regulations, and local ordinances is a critical part of property management. A skilled property manager stays ahead of changing requirements, from fair housing laws and rental regulations to HOA bylaws and building codes.HOA insurance
Insurance plays a larger role in property management than many realize. Some HOAs work with property management firms to help secure competitive insurance coverage through third-party providers. With this approach, claims may be processed without affecting individual homeowners’ personal insurance premiums, offering an added layer of financial protection.Why hire a property management company
Without an experienced property manager, board members or property owners must take on everything from property maintenance and inspections to financial management and vendor coordination. Without the expertise, industry knowledge, and vendor network of a professional management partner, self-managed communities often face unexpected expenses or missed cost-saving opportunities — ultimately paying more over time.For board members and owners looking to streamline operations, property management technology has become an essential tool. FirstService Residential Connect™ helps boards and residents stay informed, automate payments, track maintenance requests, and communicate seamlessly. With the right technology and expert support, property management becomes more efficient, allowing board members to focus on what truly matters: enhancing the value and experience of their community.
How to hire an HOA management company
Not all property managers are top quality, and selecting the right one is a key to success. The first step is to determine what types of property managers are available in the area, and which types of properties they actively specialize in. This is where research and due diligence come in — determining which licenses are needed, whether they have insurance, and their track record is essential before any property management agreements are signed.Then there is the cost involved with hiring one. For rental properties, property management companies often charge a percentage of the rental income as their fee. This percentage typically ranges from 8% to 12% of the monthly rent, although it can vary depending on the market and the services included. Other property management companies may charge a flat fee for their services. This fee can range from a few hundred to several thousand dollars per month, depending on the scope of services provided.
Importance of board member education
- Understand your HOA’s basic financial status: As an HOA board member, you are partly responsible for the proper administration of HOA funds. Heard of “fiduciary duty?” Yep, as an HOA board member you are a fiduciary. As a fiduciary your obligation to the association is to act in the best interest of the association, show good faith and act diligently — most importantly with regard to the HOA’s general financial well-being. Make sure you spend some time reviewing the current budget, past budgets, and the most recent reserve study.
- Get familiar with state laws impacting HOAs: What are the legal requirements and restrictions that your community association faces in your state? No state laws are the same for HOAs, so learning the state laws is crucial.
- Know your community’s guidelines: The HOA is also governed by its own unique governing documents, after the applicable Virginia HOA laws. Board members should have copies of these and spend some time studying and understanding them.
- HOA insurance and Directors’ Liability insurance: These are distinct types of coverage. Familiarize yourself with the types of lawsuits facing HOAs, and how to discern if your HOA and board of directors have proper coverage. These are not all-inclusive policies!
- Develop best practices for efficient HOA meetings: This will involve some strategic development on meeting procedure and possibly integrating some templates. We have a complete archive of articles and tips on how to have a successful HOA board meeting.
- Know your management team: Who is your property manager or HOA management company? What services does your association management team offer? Spending some time with your manager, simply getting to know one another, can be most helpful so that you are using your resources wisely.
- Know your role (and everyone else’s too!): A clear understanding of expectations for each board member also helps define everyone’s role. Start by outlining the board’s powers & duties and the roles of the board officers. This exercise can create stronger and more effective working relationships amongst the HOA board.
Frequently asked questions
What are the main duties of a property manager?
A property manager is responsible for overseeing the daily operations of a property, whether it's a residential community, commercial building, or short-term rental. Their primary duties include handling maintenance and repairs, managing vendor contracts, supporting financial stability through budgeting and rent collection, and keeping residents or tenants informed. Property managers also play a key role in legal compliance, risk management, and enhancing the overall experience of those who live or work in the properties they oversee.What is the most important aspect of property management?
Successful property management comes down to proactive oversight. While maintenance, finances, and resident relations are all critical, the ability to anticipate needs and respond quickly sets the best property managers apart. Keeping operations efficient, protecting the property’s value, and making life easier for residents and owners are the ultimate goals.What are property management skills?
A strong property manager can oversee resident communication, manage maintenance, handle finances, and market available units. These professionals typically have a background in property management, maintenance, or real estate.What are the four pillars of property management?
The business provides solutions across four pillars of property management: residential, commercial, association, and short-term rental.- Residential property management: Managing single-family homes, condominiums, and apartment communities, focusing on resident experience, maintenance, and financial operations.
- Commercial property management: Overseeing office buildings, retail spaces, and industrial properties, determining that lease agreements, tenant retention, and facility upkeep are handled efficiently.
- Association property management: Working with HOAs and condo boards to maintain common areas, enforce community guidelines, and manage budgets for long-term property value.
- Short-term rental management: Coordinating the logistics of vacation rentals or temporary housing, including guest communication, pricing strategies, cleaning services, and occupancy management.
What are the five different roles and responsibilities of property managers?
- Marketing your property: Attracting new tenants or buyers through effective advertising, property listings, and digital engagement strategies, supporting maximum occupancy.
- Extensively screening residents: Conducting thorough background and credit checks to help secure reliable tenants who will meet lease obligations and respect community guidelines.
- Supporting legal compliance: Staying ahead of evolving regulations, managing lease agreements, overseeing fair housing compliance, and helping to keep legal documents up to date.
- Managing financial documents: Handling rent collection, budgeting, expense tracking, tax documentation, and financial reporting to maintain financial health.
- Solving resident problems: Acting as the primary point of contact for residents, addressing maintenance concerns, disputes, and any service-related issues promptly.