10 Tips for Better HOA Management
While many are highly efficient and operate effectively, there are other homeowners associations (HOAs) that are unable to properly manage even basic tasks such as resident conflict resolution or critical maintenance. Here is a look at 10 great tips that will ensure better HOA management services.
1 – Resolve Conflicts as they Surface
More often than not, plenty of conflicts between residents remain unresolved for quite some time. By then, HOAs have usually lost control of the situation or are unable to resolve it. As such, always resolve conflicts as they surface. This leads to efficient resource handling and higher resident satisfaction.
2 – Always have a Sizeable Reserve Fund
Most HOAs have a reserve fund in order to cater emergencies. Unfortunately, the size of the reserve fund is usually relatively low. As such, it is vital that you have a sizeable reserve fund that is almost 30% of your total maintenance fees.
3 – Hire HOA Management Service Companies when Needed
At times, there are chances that HOAs are unable to operate properly. During such times, it may be ideal to hire the services of an HOA management services company. With years of experience and a wide range of adequate resources, they can help you manage better.
4 – Find the Right Vendors
Whether it is for landscaping, supplies or cleaning, HOAs are required to have the right vendors available. Not only does this improve resident satisfaction, it helps minimize costs.
5 – Hire the Right People
Whether it is an accountant or an electrician, it is rather unfortunate that many homeowners associations hire the wrong people to manage their community. Correct hiring not only ensures cost reductions, but ensures efficiency in management.
6 – Reinforce Policies as Needed
While residents are required to read, understand and comply with the outlined policies, there are always residents that seemingly forget to follow them. As such, in case of policy violations, such as violence or nightly disturbances, HOAs are required to put their foot down and ensure that policies are being adhered to.
7 – Monitor Resource Usage
More often than not, resources are not properly allocated. In fact, it is unfortunate that they are, at times, being misused. As such, by monitoring resource usage, HOAs can ensure that resources are being properly used, taking corrective actions if they are not.
8 – Hire a 3rd Party Auditing Service
In case any discrepancies arise, or the year-end is close, hiring a 3rd party auditing service can help offload work for HOAs and ensure local compliance, thereby ensuring the elimination of fines.
9 – Place Better Signs
Whether it is a “no parking” or a “no smoking “ sign, HOAs are required to place clear, concise and effective signs around the residential community area.
10 – Be Firm with Fees
Maintenance fees are usually the lifeline for any HOA; it’s where they are funded. At times, some residents can be uncooperative with them, either in meeting deadlines or incorrect amounts. As such, HOA needs to be firm with such people rather than leverage simple warnings; always follow the rulebook on this.
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