HOA communities come in different sizes and styles, but they all have a common goal: to create a serene and secure environment for residents. This helps preserve and even increase property values.
Creating such communities doesn't happen overnight. It takes proper leadership and management.
In this article, we are sharing a couple of community association management strategies these boards can use to govern their communities effectively.
Let's get into it:
HOA boards have a big impact on the quality of governance in a community. A board that's made up of incompetent directors cannot be expected to lead an HOA toward its mission.
Residents who are eligible to vote in HOA elections have a duty to elect people who have strong leadership qualities and can be trusted to put the interests of the community first.
Stories of HOA board members that go rogue once elected into office aren't uncommon. Although an HOA's governing documents provide for how to remove an ineffective board, the damage caused can take several years to undo.
Steadfast Enforcement of HOA Rules and Regulations
Every HOA has rules and regulations that all residents must follow. However, left to their own devices, most residents would disregard some of the rules without a second thought. Yet, these rules and regulations help maintain community standards.
HOA boards have a responsibility to enforce these rules, and they need to do so effectively and fairly. Imagine a scenario where some households, for some reason, are allowed to keep pets when pets are banned in the community. That's not how to build successful HOA communities.
From time to time, an HOA's rules will need to be reviewed and updated. It's the job of the board to initiate these reviews and ensure the desires of the homeowners are respected.
HOA Financial Planning
Every HOA requires homeowners to pay HOA fees. These funds are used to maintain and repair communal facilities, pay the community's workers, and meet other expenses.
Management of these funds rests on the HOA board. However, since most directors aren't financial experts, it's best to outsource the function.
Most association management companies offer accounting services, which include the billing and collection of HOA fees, budgeting, and general bookkeeping.
A portion of the HOA fees your community collects should go into the fund. During emergencies, such as if a natural disaster destroys some common facilities, there will be enough funds at the community's disposal to make emergency repairs.
Proper HOA reserve management is essential.
Great Community Association Management for Stronger Columbus HOAs
An elaborate HOA board governance structure is central to the success of an HOA, but a lot more is needed. For the most part, what you need is a community association management partner.
At PMI Scioto Metro, we provide professional association management services to HOAs in Greater Columbus, Ohio. We are part of PMI Inc., a global property management firm that has over two decades of experience.
Get in touch with us and let your community experience the PMI difference!