It’s a good idea for many homeowners and condominium associations to employ a manager for your Board of Directors. If you don’t have one yet, especially if board members are not fully versed in the specifics of keeping an HOA running smoothly, you could be missing out on many benefits.
Having a manager to handle the things like HOA billing, reserve funding, and running annual meetings can go a long way in assisting the flow of your condo or homeowners association. Below are a few good reasons to consider an HOA manager.
Dealing with Financial Details
Aside from taking pressure off of board members to collect assessments and pay the association’s bills, HOA managers will understand the financial details that board members may not. The manager can help guide the association in knowing how to deal with finances and financial statements, plus they will have helpful resources from their management company.
A manager can also help make decisions involving unexpected expenses, like unplanned property repairs or projects. They will understand the different payment options available, such as taking out a loan, dipping into reserve funds, or applying a special assessment.
Conducting Reserve Studies
It’s highly recommended to update your association’s reserve study on a regular basis. In some states, it’s even required by law. You’ll also need to do item inventory every three years to keep the study up-to-date. Having a manager will help the board understand how the process works. They probably also know a reserve study specialist they trust to help. Having a property reserve fund in place ensures the association is prepared for large future expenses.
Increasing Member Involvement
The best way to keep members involved in the HOA is to also keep them informed. The Board Members are volunteers after all, so they will have other life matters to deal with and may not have a lot of time to keep up with HOA details. Communicating with board members and residents is key, and an HOA manager can help keep members informed and plan events to get them more involved. The manager will also help plan the right times to send out invitations or newsletters, keeping members up-to-date and interested.
An HOA manager will already have good relationships with vendors they trust, which is helpful for when your HOA needs to hire services. Whether its legal services or landscaping work that needs to be done, a professional association management company will have the relationships with trusted vendors your community requries.
Member Education and Training
As mentioned previously, an HOA board member is not usually a person’s normal job. Members will need to be educated and go through training to understand the inner workings of the association, which a manager can help with.
At Cedar Management Group, we can help by providing condos and HOAs with a manager to help with all of these matters. If you feel your association could use some help, let us assist you in helping your HOA run more smoothly for Board Members and the association.