Homeowners Associations are becoming more prevalent in
communities and neighborhoods throughout the country. With that, more
homeowners are finding themselves living in HOAs and serving on a homeowner’s
association board. However, many new board members don’t realize what is
involved with serving on the board of their HOA and what is expected of them.
Board members have a fiduciary responsibility to the
homeowners association. The Board members are held responsible for ensuring the
operations of the community association are properly managed, but few have time
for the details involved with the day-to-day operations.
The best way for Board members to ensure the day-to-day
operations are properly executed is to hire a professional HOA management
company. A successful home owners management company will not only properly
manage the community, but will help the community association raise its
property value. Plus, there are countless benefits 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, knows
how to get things done, anticipates issues and concerns, and who has a track
record of finding reliable solutions. When looking for a new management
company, the Board members need to find out what services each company provides
to their clients. The list below outlines just a few of the services that
should be expected from all professional community association management
firms.
1. Communicate openly and honestly with the homeowners
association board
2. Respond to information and maintenance requests promptly
3. Be easily accessible by phone 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 the HOA’s best interests in mind
8. Understand homeowners association rules and governing
documents
9. Create an annual operating budget
10. Be an expert in homeowners association management
(Source: ezine articles)