Poor association management can bring down your entire community. Resident satisfaction drops, and eventually, this is reflected in freefalling property values. Don't let this happen to your community.
This guide will show you what it takes to be successful. From best practices to useful strategies, do these things when managing your community.
Open Communication
Communication and transparency prevent dissatisfaction. Like owning a rental property, community residents want to know what is happening. The first step is letting residents know how to contact the board members or managers.
A management service can help improve communications. It can maintain a resident portal, send newsletters, and do other community outreach activities. This gives residents a chance to voice their concerns and feel heard.
You can also encourage homeowners to attend the HOA meetings. That way, they stay informed of the issues and decisions faced by the HOA.
Defined Roles
Clearly define the roles of each person on the HOA board and the support staff team. Each person should have assigned tasks and responsibilities.
This ensures that nothing falls through the cracks. It also helps maintain communication by including the appropriate people.
- President
- Vice president
- Secretary
- Treasurer
You may also have a management team that handles daily tasks.
Clear Goals
You need to set clear goals for your community and association. Otherwise, you have nothing to compare your performance against. Without a goal, you do not know if you are successful.
Set short and long-term goals. Doing so helps you maintain productivity. It also sets your community up for long-term growth.
Follow the Rules and Laws
Hiring property management services can help you abide by California HOA law. This is crucial because the laws change all the time. Civil Code Section 4739 went into effect on Jan 1, 2023.
It states that associations cannot stop homeowners from renting out a room when they live in their residence. As long as the rental period is longer than 30 days. If your association previously stopped this activity, it can't in the future.
You can easily violate laws if you do not stay abreast of changes. This can lead to expensive lawsuits that will drain the community's finances, hindering its success.
Financial Accountability
Residents of the community pay fees that go towards community management and improvement. If these funds get mishandled, it is detrimental to everyone.
Hiring an HOA management service can maintain financial accountability. It removes the temptation for board members or anyone else to do something they should not do.
Accounting tasks should include a yearly budgeting meeting, monthly expense reporting, and reserve fund saving. Regular review of vendor contracts also ensures expenses don't spiral out of control.
Improve Your Association Management
Successful homeowner's association management requires open communication, defined member roles, clear goals, and financial accountability. The team at PMI San Bernardino helps community associations find success.
Our expertise helps associations stay organized and streamlined. That way, they can reduce costs while maximizing community benefits and amenities.
When you contact PMI San Bernardino, you can look forward to successful community management.
