FREQUENTLY ASKED QUESTIONS
Why hire a homeowner association management company?
Why choose Paper Street Associates?
Is Paper Street Associates insured?
How much does it cost to manage my HOA?
Does Paper Street replace our existing Board of Directors?
What authority does Paper Street Associates have enforcing payment of dues/assessments?
Can Paper Street Associates list my house for sale or lease?
What is the difference between Paper Street and a property management company?
Q. Why hire a homeowner association management company?
A. Homeowner associations were created to help protect, maintain, and promote the long value of real estate within a community. The idea was to create a community that would self govern and provide mechanisms that would promote high standards for the community. In order to meet these standards, homeowner associations lead by volunteer resident's as board members were established to govern these communities. In theory, this all sounds great.
The reality of running a homeowners association is akin to running a business. There are accounts payable and receivable. There are vendors, tax, and legal issues. There are collections and meetings to attend. There are often uncomfortable situations between residents especially for non payment of dues/assessments or non compliance with association rules. All these activities take time and effort. For many volunteer board members, this is a heavy and unwanted burden. The result is often a poorly run association that not only can hurt property values but also creates apathy and no desire for the residents to participate in the association whatsoever. Associations without centralized management also face continuity problems. If a key board member sells their property, often time all the history and information leaves with that resident leaving the remaining homeowners on their own.
Association management companies address these realities by providing superior service and managing the association as a business. This not only streamlines the work involved but it frees volunteer board members from the daily work required and actually enjoy living in their community. Board member involvement is still required but at a much lessor extent than managing the association internally. We have found that more residents participate in the homeowner associations and meeting if they know they won't be saddled with time consuming ongoing responsibilities.
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Q. Why choose Paper Street Associates?
A. Paper Street Associates exclusively manages Homeowners Associations in southeastern Tennessee. Our professional community managers are nationally certified to provide our clients expertise and the highest standards of service to our communities. In addition, our real estate development division has built and managed condominiums, town homes, and single family homes. We have drafted master deeds, set up systems and protocols, and continue to manage our own homeowners associations. We understand the entire process and can provide this same level of expertise to your community.
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Q. Is Paper Street Associates licensed and Insured?
A. Absolutely. All of our community managers are certified Community Association Managers through the National Board of Certification and the Community Association Institute (CAI).
We carry general liability insurance as well as a fidelity bond. A fidelity bond insures against any fraudulent activities of the management company or its employees. Copies of these policies will be provided to every association.
Q. How much does it cost to manage my HOA?
A. Each community is unique by its very nature. Some communities have minimal needs while others are much more complex in operation. We tailor each proposal based on the level of service requested from the homeowner association as well as our internal determination of the time and
resources.
We will meet with you, listen, and discuss your needs. Often, we discover more cost effective solutions in other areas of the associations budget that can easily offset the monthly management fees. The best way to begin is to request a free proposal or call us.
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Q. Does Paper Street replace our existing Board of Directors?
A. No. The Board of Directors hires Paper Street Associates on behalf of the Community Association. Our services relieve volunteer Board Members from the business of running a homeowners association. All major decisions are still made by the Board of Directors. Paper Street Associates will prepare reports, manage vendors, perform collections, and organize meetings. However, all of these activities will be communicated with the Board of Directors and the Board shall have final jurisdiction over direction and decisions of the Association.
Q. What authority does Paper Street Associates have enforcing payment of dues/assessments?
A. Paper Street Associates will become throughly knowledgable of each community's master deed and/or covenants, conditions, and restrictions (CC&R). These documents dictate the governing authority of the Association and the enforcement powers of the Board of Directors. As agents for the Board of Directors, Paper Street Associates will insure compliance with these documents.
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Q. Can Paper Street Associates list my house for sale or lease?
A. No. We are a service provider exclusively for homeowner associations and are not in the 3rd party brokerage, leasing, or traditional property management business. We can not and will not lease, sell, or represent buyers in any real estate transaction.
^Top
Q. What is the difference between Paper Street and a property management company?
A. A property management company typically acts as agent for an owner who want help leasing and/or managing their property. They are the liason between the owner and tenant. In contrast, Paper Street deals exclusively with owners. We help manage a group of owners who collectively have a vested interest in shared property and maximizing the value of their interest in that property. We also have a deep understanding of HOA's and have catered our services to align with the needs of owners.
Why hire a homeowner association management company?
Why choose Paper Street Associates?
Is Paper Street Associates insured?
How much does it cost to manage my HOA?
Does Paper Street replace our existing Board of Directors?
What authority does Paper Street Associates have enforcing payment of dues/assessments?
Can Paper Street Associates list my house for sale or lease?
What is the difference between Paper Street and a property management company?
Q. Why hire a homeowner association management company?
A. Homeowner associations were created to help protect, maintain, and promote the long value of real estate within a community. The idea was to create a community that would self govern and provide mechanisms that would promote high standards for the community. In order to meet these standards, homeowner associations lead by volunteer resident's as board members were established to govern these communities. In theory, this all sounds great.
The reality of running a homeowners association is akin to running a business. There are accounts payable and receivable. There are vendors, tax, and legal issues. There are collections and meetings to attend. There are often uncomfortable situations between residents especially for non payment of dues/assessments or non compliance with association rules. All these activities take time and effort. For many volunteer board members, this is a heavy and unwanted burden. The result is often a poorly run association that not only can hurt property values but also creates apathy and no desire for the residents to participate in the association whatsoever. Associations without centralized management also face continuity problems. If a key board member sells their property, often time all the history and information leaves with that resident leaving the remaining homeowners on their own.
Association management companies address these realities by providing superior service and managing the association as a business. This not only streamlines the work involved but it frees volunteer board members from the daily work required and actually enjoy living in their community. Board member involvement is still required but at a much lessor extent than managing the association internally. We have found that more residents participate in the homeowner associations and meeting if they know they won't be saddled with time consuming ongoing responsibilities.
^Top
Q. Why choose Paper Street Associates?
A. Paper Street Associates exclusively manages Homeowners Associations in southeastern Tennessee. Our professional community managers are nationally certified to provide our clients expertise and the highest standards of service to our communities. In addition, our real estate development division has built and managed condominiums, town homes, and single family homes. We have drafted master deeds, set up systems and protocols, and continue to manage our own homeowners associations. We understand the entire process and can provide this same level of expertise to your community.
^Top
Q. Is Paper Street Associates licensed and Insured?
A. Absolutely. All of our community managers are certified Community Association Managers through the National Board of Certification and the Community Association Institute (CAI).
We carry general liability insurance as well as a fidelity bond. A fidelity bond insures against any fraudulent activities of the management company or its employees. Copies of these policies will be provided to every association.
Q. How much does it cost to manage my HOA?
A. Each community is unique by its very nature. Some communities have minimal needs while others are much more complex in operation. We tailor each proposal based on the level of service requested from the homeowner association as well as our internal determination of the time and
resources.
We will meet with you, listen, and discuss your needs. Often, we discover more cost effective solutions in other areas of the associations budget that can easily offset the monthly management fees. The best way to begin is to request a free proposal or call us.
^Top
Q. Does Paper Street replace our existing Board of Directors?
A. No. The Board of Directors hires Paper Street Associates on behalf of the Community Association. Our services relieve volunteer Board Members from the business of running a homeowners association. All major decisions are still made by the Board of Directors. Paper Street Associates will prepare reports, manage vendors, perform collections, and organize meetings. However, all of these activities will be communicated with the Board of Directors and the Board shall have final jurisdiction over direction and decisions of the Association.
Q. What authority does Paper Street Associates have enforcing payment of dues/assessments?
A. Paper Street Associates will become throughly knowledgable of each community's master deed and/or covenants, conditions, and restrictions (CC&R). These documents dictate the governing authority of the Association and the enforcement powers of the Board of Directors. As agents for the Board of Directors, Paper Street Associates will insure compliance with these documents.
^Top
Q. Can Paper Street Associates list my house for sale or lease?
A. No. We are a service provider exclusively for homeowner associations and are not in the 3rd party brokerage, leasing, or traditional property management business. We can not and will not lease, sell, or represent buyers in any real estate transaction.
^Top
Q. What is the difference between Paper Street and a property management company?
A. A property management company typically acts as agent for an owner who want help leasing and/or managing their property. They are the liason between the owner and tenant. In contrast, Paper Street deals exclusively with owners. We help manage a group of owners who collectively have a vested interest in shared property and maximizing the value of their interest in that property. We also have a deep understanding of HOA's and have catered our services to align with the needs of owners.