An HOA board has one primary priority, and that's to keep its HOA running smoothly to preserve its favorable property values. This involves numerous responsibilities that can seem overwhelming for volunteer board members.
Some of the tasks involved include maintaining the property, managing homeowner complaints and queries, budgeting, and keeping accurate records. You must carry out these tasks in line with accepted best practices.
Read on for your recipe to success with homeowners association property management.
Set Up Effective Communication Channels
Transparent communication is vital for successful HOA management. Board members should keep members informed about community happenings via emails, forums, social media platforms, and newsletters.
These forums are great for spreading news about upcoming events, changes to HOA laws, and important updates. The board should encourage homeowners to attend HOA meetings to discuss concerns and have their say in community matters.
An online portal is useful as a tool for direct correspondence with residents, boosting community engagement, and keeping track of homeowners association communication.
It's also a useful platform for keeping important notices like meeting minutes, announcements, and community rules.
Be Transparent in Managing Finances
Board members must keep track of spending, track transactions, and compile complicated financial reports. They're also solely responsible for collecting all-important HOA fees from homeowners and managing delinquent accounts.
Managing money can cause conflict among board members, but you can avoid it by:
- Hiring an outside party to audit the financials
- Obtaining multiple bids before spending money
- Asking for advice when appropriate
- Using a mediator to manage disputes
Poor financial management can be disastrous for an HOA, leading to shortages, unexpected expenses, and even bankruptcy.
Prioritize Property Maintenance
The common areas of an HOA significantly contribute to the community's value and appeal. It's vital to keep up with maintaining these areas for the residents' enjoyment.
The board should implement a routine maintenance schedule to prevent major repairs and address them promptly before they get worse.
Upgrades can enhance the value of an HOA community and keep it up-to-date with prevailing trends. The board should investigate worthy improvements and also consider homeowners' suggestions for improving the property.
Foster Board Cohesion
A divided board cannot work effectively to the benefit of the HOA. Board members must work as a team to foster a collaborative environment for the good of the community.
A clear designation of tasks helps to make the most of each board member's diverse skills and expertise.
Get Help With Homeowners Association Property Management
To sum up, managing an HOA effectively requires clear communication, fair rule enforcement, efficient fee collections, precise accounting, and teamwork. That's a lot to ask from volunteer board members.
Hiring a property manager relieves HOA board members of most of the stress of managing an HOA effectively. These experts adopt the above best practices as a matter of course to ensure success for your HOA.
PMI Reliance is Suwanee's leading homeowners association property management company. We are backed by over 20 years of experience in Georgia real estate and use the latest technology to ensure smooth operations for all our clients.
Discover how we can help you elevate your HOA management skills to a new level.
