Slightly more than one-quarter of the American population resides in a neighborhood, condo community, or planned community under HOA management.
While many people have a favorable view of community associations, not all HOA real estate gets stellar reviews. A lot depends on the HOA manager and property management company.
Home owners association property management requires diligence and expertise. Please keep reading to learn these best practices and how to implement them!
Members of the HOA appreciate transparency from the board and property management company. Meeting agendas should be made available to all homeowners in advance of meetings.
The board should encourage homeowners to participate in meetings to keep them informed about current projects and the finances of the association.
Most states have laws requiring that HOAs keep written records of things like decisions made for the community, meeting minutes, any changes to the community's governing documents, etc.
The property manager should also take an active role in ensuring that homeowners and board members know where to go to access information on the HOA's website.
2. Good Communication
Open communication is key between the manager and the HOA board and HOA members. It is the job of the manager to return emails and phone calls within 24 hours.
Newsletters are an effective way to keep the community informed. Keep the homeowners up to date on events and other goings on in the community.
The manager should keep the HOA board informed so that they can run efficient board meetings and have the information necessary to make decisions.
When the manager communicates effectively with the board, all members of the community will then get the information they need. A positive relationship with the HOA will be the result.
3. Clear Objectives
When running a homeowners association, the board and the property manager must establish goals that define the future of the community.
What is the vision for the homeowners' association? What will guide your decision-making process?
Answers to these questions will help when drafting short and long-term strategic plans to handle projects that will better the community.
4. Fiscal Responsibility
The last thing homeowners want is large assessments when living in an HOA community. They often demand that the board find ways to cut costs and stick to a budget that allows for robust reserves.
Having sufficient funds to cover regular expenses and having reserves for future and/or unexpected costs is ideal.
The way to show that the association is living up to ethical standards is to avoid personal agendas, apply rules and regulations consistently, use good judgment to make decisions and avoid conflicts of interest.
Home Owners Association Property Management
Now that you know the best practices a home owners association property management company should be employing, is yours measuring up?
Do you know who can fulfill your community's needs for property management? We at Property Management Inc. Bluebonnet Realty are here for you. We are a locally, veteran-owned homeowner/property owner association (HOA/POA) management company.
Contact us today to set up a consultation. We'll discuss how we can provide support to your board of directors and customize our services to best meet your needs.