HOAs are becoming more and more popular in the United States.
If your community in Panama City is struggling with managing your HOA, know that you have community association management options. About 70% of all HOAs in the United States are managed by a property management company.
What can they do for you? How can they guide your community?
This guide breaks down effective community association management.
Talk to Your Community
One of the biggest things that your HOA has to do is talk to your community. It is important to effectively communicate with homeowners to get a true understanding of what everyone in your community wants.
This can start by encouraging homeowners to attend HOA meetings. Gathering everyone in one formal place allows for a rational discussion about issues in the community.
The next key is to have an unbiased voice, listen to all of these concerns, and address each one accordingly. It can make the homeowners in your HOA feel heard, and they can be encouraged to participate in future HOA meetings as a result.
Most importantly, this approach can encourage a good dialogue between the HOA board and homeowners that you all can use for the foreseeable future.
Understand Your Finances
Another important part of community association management is to know what kind of finances you are working with. This starts by knowing how much money is coming in via HOA fees and making sure all of the money is being collected monthly.
Doing this effectively will give you a better idea of how much money you have to work within your budget. Then, take a hard look at your finances and see what services you need to spend money on.
Some services that your HOA will likely have to invest money towards include waste management, landscapers, security, and more.
Another thing you have to think about is maintenance needs. This is going to be a mix of both routine services as well as unexpected expenses.
Because HOAs are typically responsible for the exterior of homes in their community, the maintenance required for that is something that you will have to put in your budget. For this, it is recommended that you set aside at least one percent of the home's value.
Along with this, you have to set aside funds for other maintenance needs. Most of this will be for community areas, such as fences, pool issues, playground equipment repair, and more.
Get Community Association Management
These are a couple of things that you need to know about community association management. Engaging with your community and understanding your finances are the two most important things you can do to have success.
Make sure that every homeowner feels like they have a voice in your community. You also need to make sure you have an unbiased voice that can listen to these concerns.
Then, you need to review your finances and make sure you have the appropriate HOA fees. After that, you can budget your needs accordingly.
Do you need HOA management? Message us here today.
