Property Management & Real Estate Sales in Maryland & DC

Our accounting staff acts as a liaison with tax professionals to ensure complete transparency and achieve financial goals. At Synergy Real Estate Group Inc, we provide professional, reliable, and transparent accounting services tailored exclusively for Homeowners Associations (HOAs) of all sizes. Our industry standard HOA accounting platform is designed to simplify financial management, empower your board, and bring best-in-class tools directly to your community. Reserve funds, which pay for big-ticket items (like roof repairs or pool upgrades) that protect a property’s value and can become expensive if done poorly. Association managers need to complete a reserve study every three to five years, taking into account the life span and rendering costs of your community assets to effectively control reserves. Such analysis assists in calculating appropriate reserve contributions so that managers provide sufficient funds to cover future costs.

• As a supplier in the AvidPay Network, you’ll have access to fast, secure, and flexible payment options through the AvidXchange Supplier Hub.
• Discover how RPAC supports Business Partners and helps protect the business-friendly environment our industry depends on.
• By familiarizing yourself with accounting, you can safeguard your association’s finances.
• Yet, HOA accounting remains an integral part of your job as an HOA board member.
• Budgets assist in achieving the objectives of the association by increasing the ability to meet expenditures, determining revenue, and appropriately allocating reserves.

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Kinney launched MIAMI Global in 1996, signing the association’s first-ever international agreement with SECOVI-SP in Brazil. Today, this international component of the MIAMI association has established worldwide partnerships with its soon-to-be 300th How Real Estate Bookkeeping Drives Success In Your Business real estate association in 77 countries. The organizations are part of MIAMI’s Global Referral Network, which connects MIAMI member properties in South Florida with more than 2 million real estate professionals worldwide. The Minneapolis Area Realtors® (MAR) is where real estate professionals connect, grow, and thrive. Hear from members and see the meaningful (and fun) relationships, exclusive opportunities, and unforgettable experiences that members say fuel their success—making MAR not just an association, but a community like no other. At Synergy, we’ve invested in a cutting-edge accounting and community management platform that we make accessible to your association without the overhead and cost of managing it on your own.

Experience Meets Imagination

HOA accounting can be very confusing — enough to make you use the wrong accounts when recording revenue and expenses. Far too many associations have made the mistake of deducting from their operating fund when they meant to deduct money from their reserve fund. It might seem like a small error, but it can throw your whole accounting setup into chaos.

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• HOA accounting is not the most exciting thing in the world, but it does need careful and open management planning.
• Among REALTORS® who transitioned from another career, most came from sales, retail, business or finance.
• BeachesMLS offers free IDX feed, compliance info & some of the top MLS benefits.
• If they find any discrepancies, they will point them out in their final audit report.

Your income statement depicts your association’s income and expenses for the period specified (usually for the month). It lists down all your revenues as well as your expenses, deducting the latter from the former to arrive at your net income or loss. Typically, audits take place at least once a year, although each association’s governing documents may have different requirements. If your association hasn’t undergone a financial audit in some time, you should schedule one as soon as you can.

PROPERTY MANAGEMENT

Accounting is arguably one of the most challenging aspects of managing an HOA community. Yet, HOA accounting remains an integral part of https://backinsights.com/professional-real-estate-bookkeeping/ your job as an HOA board member. Among REALTORS® who transitioned from another career, most came from sales, retail, business or finance. With a median age of 57—and 44% of REALTORS® over age 60—NAR members bring deep professional experience and maturity to the table.

• The same day as the announcement, MIAMI posted their toolkit and announced the first full week of classes in English and Spanish.
• As much as you’d want it to be smooth sailing from here, the truth is that HOA accounting is a subject that takes a lot of time and effort to master.
• The award-winning MIAMI Global Headquarters, which she delivered, designed and planned for 15 years, has been open for two years and is helping MIAMI’s 60,000 members access world-class education, networking and conferences.
• Overall, responses showed the median gross income of a REALTOR® rose to $58,100 in 2024—up from $55,800 in 2023.
• MIAMI’s advocacy team almost immediately successfully proved that Realtors were “essential” so they could continue doing business in Miami-Dade County, soon followed by Florida being declared open for business.
• All securities transactions are effected through INTE Securities LLC, member FINRA () / SIPC ().

What is an HOA? A guide to homeowners associations

It’s a good idea to block off a regular time in your calendar to take care of these tasks. If your association doesn’t have a reserve fund just yet, you should prioritize setting one up—before you encounter any surprise expenses. While there is no magic formula that can tell you exactly how much money to keep in a reserve fund, it’s a good idea to make sure you’re regularly funding this account as part of your approach to association banking.

On-Time Financial Reporting

In addition to highlighting challenges in the market, NAR’s Member Profile gives real estate professionals an annual look at the median income and expenses in the industry. The 2025 Profile, released Aug. 6, is based on a survey of NAR members reporting their 2024 transaction data. Kinney’s leadership and initiatives transformed what was once a medium-sized association in the early 1990s into one of the largest, most innovative and award-winning Realtor associations to exist. For more than three decades, she championed the distinct and powerful Miami lifestyle on the global stage, exhibiting, presenting and positioning the city at major international real estate events and within worldwide communities. Her steadfast efforts attracted substantial global business to Miami and played a pivotal role in elevating the city into the internationally recognized brand it is today. First, you need to gather the necessary information on the first day of your current fiscal year.