Chicago's best property management company, providing tenant screening, rent collection, property marketing, and more at a reasonable cost.
HOA Association Management
We Manage All Types of Home Owner Associations (HOA) in Grater Chicago Area
- HOA Communities
- Condo Association
- Housing Cooperatives a/k/a “Co-Ops”
Our Chicago Metro Area property managers will safeguard your homeowners association. We will help your organization with management, dues collection, maintenance, and enforcement of the rules and regulations.
To the board of directors
Relative to how many property management companies there are, only a handful of them are licensed to manage HOAs. In addition to the regular real estate brokerage license, to manage HOA’s a separate Community Association Manager License starting with numbers 261.xxxxxx is required from the State of Illinois. Our State of Illinois Community Association Manager License number is 261.003103.
1.
Challenges
Many Homeowners Associations (“HOA”) face problems that can create a large void in their community, issues for the homeowners, and problems for the board of directors. For example, increase in complaints, miscommunication, financial issues and even lawsuits are only the beginning of what can result if homeowner association problems are not resolved. Some common homeowner association problems that are steadily growing among HOAs include but are not limited to the following: (i) Maintaining property value; (ii) Common areas; (iii) Financial issues; (iv) Communication; (v) HOA Rights and Violations; (vi) Pets; (vii) Complaints; (viii) Member engagement; (ix) Parking and service trucks; (x) Investments in technology; and (xi) Change in legislation. In order for a community to thrive, volunteers and active participation of the membership is crucial. No HOA wants to be put in the situation where no one is willing to volunteer. As supporters of the HOA community, we feel it is important to acknowledge common HOA issues, along with effective ways to solve them. It is not easy to be a volunteer, have a full-time job, and manage a family, all at the same time. Sometimes there is simply not enough hours in a day.
2.
Solution
As a member of your homeowners’ association’s (HOA’s) board of directors, you’re tasked with maintaining and leading the community. While serving on the board can be rewarding, it’s a significant commitment that comes with a lot of responsibility. To ease the burden and minimize stress, many boards hire Three Pentacles, PLLC as their professional management company. Three Pentacles, PLLC can help board members successfully fulfill their roles, complete requirements, and assist with duties. Three Pentacles, PLLC will administer the association’s business affairs and support maintenance and accounting efforts, and so much more. If your board is on the fence about hiring a community management company, here are six reasons why you should hire Three Pentacles, PLLC:
(a)
Save time and effort. Some communities may have residents who are able and willing to dedicate their time and talents to self-manage the association; however, it’s a big undertaking and can be a full-time job. Board members are volunteers, and many have families, careers, or other interests that can prevent them from properly managing the association. Three Pentacles, PLLC can lighten the board’s burden and liability, provide peace of mind, and save volunteers time and effort by assisting with: (i) Overall operations and administration of the association, (ii) Contract and vendor management, (iii) Project management, (iv) Insurance administration, (v) Member dispute resolution, (vi) Meeting attendance and agenda preparation, (vii) Building and grounds maintenance, (viii) Budget preparation, (ix) Billing and collections, and more.
(b)
Professional expertise. Our Managing Broker, Mr. Arthur R. van der Vant earned many professional industry certifications and designations. Since 1988, Mr. van der Vant has obtained the following real estate certifications and designations: CCIM, CAI, AARE, PRI, CNE, CIPS, CRB, CRS, GRI, ABR, RECS, SRES, and ePRO. Mr. van der Vant is not an attorney, but he is an Associate Member of the Chicago Bar Association (CBA), where he serves on several committees. Board members can leverage his real estate expertise to stay abreast of the latest developments in the property management and real estate industry and potentially access resources that may not be readily available to average volunteers.
(c)
Valuable connections. To successfully managing a HOA, it takes a team of highly skilled service providers to get the job done right. Luckily, Three Pentacles, PLLC has existing connections with dependable contractors and vendors that can help the board carry out its directive. From lawyers and accountants to insurance agents and contractors, you can rely on our management company to make connections, solicit bids, oversee the relationship, and manage contracts.
(d)
Consistent enforcement. Enforcing the HOA’s rules and regulations can be challenging for board members and may lead to sensitive and uncomfortable situations with fellow neighbors. Three Pentacles, PLLC can alleviate some of this stress and tension by ensuring the association’s operations follow the requirements within the governing documents. Three Pentacles, PLLC can also make sure that rules and policies are consistently enforced and clearly defined and recommend solutions to resolve owner complaints and compliance issues.
(e)
Improved accounting. While maintaining the financial health of an association is a key board responsibility—it can also be a daunting task. Fortunately, our management company employ’s the latest property management accounting software, ensuring the most accurate representation of your association’s finances while aligning with the highest security and safety standards. Our management company can also handle most day-to-day financial responsibilities, develop a solid annual budget, keep records, and provide recommendations to avoid special assessments.
(f)
Increased community value. It’s easy for board members to get bogged down by the burden and rigors of daily property management. With the support of our professional management company, board members can focus on fulfilling their duties and improving the quality of life in the community. Engaging Three Pentacles, PLLC as your management company offers unique systems, services, and offerings that inherently add value to your community. Smoothly run HOA translates to higher property values.
3.
Cost & Services
We require an initial One (1) Year Management Agreements, which will automatically convert into a month-to-month arrangement after 12 months. If you are not completely satisfied with our work, you can terminate the agreement at any time after 12 months by giving us a 30-Day Written Notice. Three Pentacles, PLLC will offer its services in the following areas of your HOA for a fee of One Hundred Dollars ($100) per month, per unit:
(a)
Communication: Announcement for New Rules/Amendments; Association Letter to Members Introducing New Management Company; HOA Feedback Survey; Notice of Annual Membership Meeting, Notice of Special Meeting; Welcome Letters; Newsletter/Announcements, Special Assessment Letters; Letter of Authorization; Motions.
(b)
Requests: Application for Approval of Architectural Improvement or Modification; Approval of Request for a Reasonable Accommodation; Architectural Review Application Form, HOA Request for Reasonable Accommodations; Parking Application; Reasonable Accommodation / Modification Request Form (Service Animal); Homeowner Request for Copies of Documents.
(c)
Maintenance: Checklist of Common Area Components; HOA Maintenance Checklist, HOA Maintenance Plans; Inspection Checklist; Maintenance Request Form/Letter; Property Inspection Report; Property Maintenance Checklist; Work Order; Maintenance Log.
(d)
Violations: HOA Violation Letter; Notice of Delinquent Assessments; Notice of Fines for Rules Violation; Schedule of Fines; Board Decision on Member Discipline; Board Decision on Penalty Imposition; Imposition of Monetary Charge.
(e)
Elections/Nominations: Board Election Nomination Form; Candidate Nomination Form; Candidate Registration List; Checklist for Prospective Board Member Candidates; Confirmation of Desire to be a Candidate; Election Ballot; Proxy Form; Voting Ballot.
(f)
Accounting/ Financial: HOA Account Receivables; HOA Income Statement; HOA General Ledger; HOA Monthly Balance Sheet; HOA Statement of Account Reserve Study; HOA Audit Checklist; Statement; Levy Notice.
(g)
HOA Board Members: HOA Board Member Recruitment Letter; HOA Board Resolution (Policy); HOA Board Resolution (Administrative); HOA Board Resolution (Special).
(h)
Record Keeping: Annual Meeting Minutes; Board Meeting Agenda; Board Meeting Minutes.
(i)
Budget: Annual Budget; Budget Preparation Checklist.
(j)
Disputes: Alternative Dispute Resolution Letter; Contest Lien; Homeowner Complaint Form.
(k)
Vendors: Vendor Contract; Vendor Documents: Request for Bid/Proposals, Evaluation Matrix.
(l)
Others: Background and Reference Verification; HOA Emergency Plan Checklist; HOA Sample Rules & Regulations.
4.
Conclusion
Hiring Three Pentacles, PLLC as your property management company can be one of the most cost-effective decisions an association’s board of directors can make. We can ease stress, maintain a smooth-running community, improve homeowner/board relationships, and increase the value of your community.
WHY WE'RE DIFFERENT
Our guarantees ensures that you have peace of mind knowing that we are working hard for you.
You will have a single point of contact. No more running around from a rep. to a rep. to know what’s going on with your property. You will be exclusively working with a dedicated Asset Manager.
Since 2010, we have been managing properties in receivership for the State of Illinois Courts and the United States District Court Northern District of Illinois.
We have been closely working with attorneys, judges, and banks. Our managing broker is an Associate Member of the Chicago Bar Association and a member of different committees.
We are Real Experts in Real Estate™, experienced in property management, real estate investing, mortgages, title insurance, construction, and real estate law. Obtained the following real estate designations and certifications: CCIM, CAI, AARE, PRI, CNE, CIPS, CRB, CRS, GRI, ABR, RECS, SRES, ePRO.
Don’t settle for a Monday through Friday company, while Three Pentacles is working overtime to facilitates showings of vacant units 7 Days a week!
Our managing broker graduated from an Air Force Academy with an aviation engineering background, which helps us be systems-oriented, focused, disciplined, and able to help property owners turn their properties around.
We perform tenant screening and background checks using a Private Detective Agency.
We combine modern technology, online-systems, and decades of real estate experience with old fashion values. We run this company the way our grandparents taught us: “Anything worth doing, is worth doing right.” TM
Our team has helped landlords across the Cook County, Illinois to get more from their real estate investments. Let us put our expertise and hard work for you, too.
Art holds equivalency of three PhDs in real estate: (1) 2002, a CCIM designation, Certified Commercial & Investment Member of the CCIM Institute. (2) 2010, CAI designation, Certified Auctioneers Institute. Both are graduate level curriculum that take years to complete and require qualifying experience. (3) Since 2010, he has been serving as the Illinois Receiver managing properties under courts’ jurisdiction in Illinois State and Federal Courts.
