According to the National Association of Realtors, about 75.5 million Americans reside in a community managed by a homeowners association (HOA). This is more than 30% of the US housing stock. Such neighborhoods are highly preferred due to the immense benefits the members enjoy.
HOAs make communities a better place to live by maintaining shared spaces and investing in community upkeep. They also enforce rules and regulations, fostering a peaceful co-existence.
However, a lot of input is needed for effective association management. Effective HOA management can help increase your property's value.
Are you wondering how to streamline the operations of a disorganized HOA? Here is a comprehensive guide on association management strategies.
Financial Management
Homeowners associations depend on HOA fees for funding. The funds are supposed to support the association's maintenance and operational needs. So, the HOA leadership must ensure the funds are used wisely.
To ensure proper allocation of funds, the board should:
- Come up with a budget
- Prepare monthly financial reports
- Perform an annual audit
Board members can hire association management companies if they lack the required skills. Such companies have experts skilled in financial planning for communities.
Create Community Engagement
Increased community engagement creates a sense of belonging. It allows neighbors to engage in positive social interactions, fostering a higher quality of life. Boosting community engagement is one of the key roles of the HOA board.
To enhance neighborhood interactions, the board can:
- Host events that bring the community together
- Foster positive communication by engaging the community and asking for feedback
- Have sessions to welcome new residents
- Recognize volunteers
Furthermore, the board should take advantage of technology. Digital tools and online forums facilitating interactions and virtual meetings can enhance community engagement.
HOA Maintenance Planning
Another role of an HOA is maintaining common ground and upkeep of buildings. The association should ensure that gated entryways and the fence are in good condition.
To ensure effective maintenance, HOA should:
- Come up with a maintenance schedule
- Set up effective reporting systems
- Prioritize preventive maintenance
The board should also allocate sufficient funds for maintenance purposes. Creating a contingency fund can help the association address emerging needs.
Enforcing Community Standards
HOA regulations vary from one community to another. However, the regulations that are set in place address common issues. Some of the issues addressed include:
- The required maintenance standards
- Architectural guidelines to be followed
- Pet policies
- Noise ordinance
- Parking regulations
It's the responsibility of the HOA board to ensure everyone abides by the set standards. This can be achieved by:
- Imposing fines
- Giving warnings
- Revoking rights and privileges
- Taking legal action
Discover the Best Association Management Practices Today
Living in an HOA community comes with added perks. Members should have access to well-maintained amenities and a safer community. But this is only guaranteed under effective association management.
Are you looking for an experienced team of association management professionals who will deliver exceptional results in Hyattsville, MD? At PMI PG County, we've got you covered. We deliver exceptional services to solve challenges unique to each community.
Contact us today to see how we can help your community.
