Being an HOA board member is not always easy. Although it is a volunteer position that does not offer any compensation, board members still have a responsibility to ensure they are managing the community properly. Below are some simple steps you can take to ensure your HOA is adding the maximum value for you and your neighbors.
One common reason HOAs fail is from not being prepared financially. Reserve funds and a realistic budget are both crucial, as you want to be covered in case of unexpected costs or occurrences. Make sure to carefully plan out each year’s budget and try to stick to it as much as possible throughout the year. Always try to think long-term and set aside an appropriate amount of reserve funding for the future.
Communication between the HOA Board of Directors and residents is very important. It’s common for members to complain about not being in-the-know about important information, like new policies or procedures, regulations, or due dates. One way of disseminating this information to residents regularly is through a community website or newsletter.
Besides keeping community members informed, they should also be involved. Have specialized member committees with specific goals and projects to accomplish is a good way to encourage participation and strengthen the community. An involved community leads to an active HOA, which contributes to a successful HOA.
Being Clear About Meetings
Also related to communication and involvement, HOA meetings should be organized and informative to members. One tool that is absolutely necessary for successful HOA meetings is an agenda. Not only does a meeting agenda help keep everything on track, it prepares residents for what to expect. This could be posted to the association’s website or mailed out so its easy to access. An agenda means your HOA is prepared and organized.
Steady Policy Enforcement
Slacking on rule enforcement can become a slippery slope, so it’s best to avoid it. An organized board should also have directors experienced in dealing with complicated matters such as foreclosures and liens so nothing slips through the cracks. Another option is voting to appoint a community management company to handle those legal issues and administrative tasks like record-keeping, financial management, and communication.
These key strategies are important and necessary parts of a successful HOA. You want to be sure your association’s money is well-spent and that matters are being handled in the best interests of the community as a whole. Aspire to see these characteristics in your HOA. This will help you ask the right questions if necessary and provide the most value for your neighborhood.