Homeowners Associations have become more prevalent in communities and neighborhoods throughout the country. Because of that, more homeowners are finding themselves living in HOAs and serving on a homeowner’s association board. However, many new board participants don’t understand what is a part of serving within the board of their HOA and what is expected of them.
Board members possess a fiduciary responsibility for the homeowners association. The Board members are held accountable for ensuring the operations of the community association are properly managed, but few have enough time for those details that are part of the day-to-day functions.
The best method for Board members to guarantee the day-to-day operations are properly executed can be to hire a professional HOA management company. An effective home owners management company will not only properly manage the community, but can help the community association raise its property value. Plus, there are numerous advantages of having professional management, including prompt communication, timely reports, and an increased sense of community.
A homeowner’s association board should expect an HOA management company to be a reliable partner who understands their needs, understands how to get things done, anticipates issues and concerns, and who has a history of finding reliable solutions. When looking for the right management company, the Selected board members need to find out what services each company provides for their clients. This list below outlines just a few of the services to be expected from all professional community association management firms.
1. Communicate openly and honestly with the homeowners association board
2. Reply to information and maintenance requests promptly
3. Be easily accessible by telephone and email
4. Prepare for Board and homeowners meetings
5. Vigorously pursue delinquent homeowners fees
6. Produce complete, readable, and timely financial reports
7. Consistently act with your HOA’s best interests as the primary goal
8. Understand homeowners association rules and governing documents
9. Create a yearly operating budget
10. Be an authority in homeowners association management
If you’re a Board member and your management company doesn’t provide these services to you, you need to start looking at a new firm. Ultimately, it’s the Board members’ responsibility to locate a good HOA management company and it is the Management Company’s responsibility to ensure the community association runs smoothly and efficiently.
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