Every Chicago HOA board faces the same question eventually: how much management do we actually need?
The answer depends on your board's capacity, your association's complexity, and what you want to stop worrying about. This guide breaks down the two primary service tiers — Finance-Only and Full-Service — so you can make an informed decision before signing a management contract.
What Finance-Only Management Covers
Finance-Only management is built for boards that are operationally capable but want professional financial infrastructure behind them. Under this model, your management company handles:
- Assessment collection — monthly invoicing, online payment processing, delinquency tracking
- Accounts payable — paying vendors, utilities, and insurance on your behalf
- Monthly financial reporting — balance sheet, income statement, budget vs. actual
- Annual audit preparation — organizing records and working with your CPA
- Reserve fund tracking — monitoring contributions and expenditures against your reserve study
Your board retains responsibility for vendor selection, maintenance coordination, resident communications, and meeting management.
Best fit: Associations with 12–80 units, an engaged board with time to manage operations, and vendors already in place.
What Full-Service Management Covers
Full-Service management transfers day-to-day operations to your management company. In addition to everything in Finance-Only, this includes:
- Vendor management — sourcing, contracting, and supervising all maintenance and repair vendors
- Resident communications — handling owner and tenant inquiries, violation notices, and rule enforcement
- Meeting management — preparing agendas, attending board meetings, recording minutes
- Emergency response — 24/7 after-hours coverage for urgent property issues
- Project oversight — managing capital improvement projects from bid to completion
Best fit: Associations over 40 units, boards with limited time or high turnover, associations with complex amenities or aging infrastructure, and any association experiencing governance challenges.
The Decision Framework
Use this framework to decide which tier fits your association:
| Factor | Finance-Only | Full-Service |
|---|---|---|
| Board availability | High — board handles operations | Low — board sets policy only |
| Association size | 12–80 units | 20–250+ units |
| Vendor relationships | Board manages vendors | Manager manages vendors |
| Resident volume | Low inquiry volume | Any volume |
| Infrastructure complexity | Simple | Complex or aging |
| Budget | Lower cost | Higher cost, higher ROI |
Pricing Transparency
Altus Property Partners publishes its pricing rather than hiding it behind a sales call.
- Finance-Only: Starting at $12 per unit per month
- Full-Service: Custom proposal based on association size and scope
Both tiers include onboarding, financial software access, and a dedicated point of contact. There are no hidden setup fees.
The Right Question to Ask
Before choosing a tier, ask your board: "What do we want to stop doing?"
If the answer is "managing the money," Finance-Only is your tier. If the answer is "managing everything," Full-Service is the right investment.
Altus Property Partners serves associations across Chicago and the suburbs in both tiers. We can help you evaluate which model fits your association's current state and where you want to be in three years.
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Frequently Asked Questions
What is Finance-Only HOA management?
Finance-Only management means a professional management company handles your association's financial operations — collecting assessments, paying invoices, producing monthly financial reports, and preparing for the annual audit — while your board retains responsibility for day-to-day operations, vendor management, and resident communications. It's designed for boards that are operationally capable but want professional-grade financial oversight.
How much does HOA management cost in Chicago?
Finance-Only HOA management at Altus Property Partners starts at $12 per unit per month. Full-Service management is priced via custom proposal based on association size, complexity, and service scope. Most associations in the 20–80 unit range pay between $18 and $35 per unit per month for full-service management.
What size association is a good fit for Finance-Only management?
Finance-Only management works best for associations with 12 to 80 units that have an engaged board willing to handle operational tasks. Associations over 80 units or those with complex amenities, aging infrastructure, or high board turnover typically benefit more from Full-Service management.
Can we switch from Finance-Only to Full-Service later?
Yes. Altus Property Partners offers both tiers and can transition your association from Finance-Only to Full-Service as your needs evolve — without changing management companies or re-onboarding your financial history.
Let's Talk About Your Property
Whether you're evaluating management options or ready to make a change, we'd like to hear about your situation.