According to HOA-USA, the US boasts over 370,000 homeowner associations. One of the key aspects of any community governed by a Board of Trustees is its Home Owners Association Management team, as residents entrust it will run the community smoothly and with complete transparency.
To construct a successful HOA, there are effective HOA strategies you need to implement. From creating a transparent budget to involving residents in community activities, this helpful guide has it all.
Construct Clear Objectives for Residents
Goals are paramount in running an HOA. The Board of Trustees needs clear objectives so all homeowners know what their plans are and how the HOA plans on handling certain community items within the community.
Construct an overall vision for the HOA. What will you make decisions? What participation will residents have?
Draft a plan. These goals should be ranked from greatest importance to least. Share these plans with community members, explaining that, although the Board of Trustees is primarily responsible for carrying out these actions, you respect their participation and involvement.
Additionally, have clearly-written bylaws ready for residents to read.
Home Owners Association Management Should Involve Community Members
After all, members are funding the HOA, so they must be as involved as possible. The more invested they are in their HOA, the more enjoyable the community will be as a whole.
When HOA residents participate, it means they:
- Work to keep the community a safe, happy place for everyone
- Vote during Board of Trustee elections
- Volunteer for community events
HOA property managers should be friendly and approachable. Make residents feel as if their ideas are welcome and always make them heard, thanking them for their feedback.
Run Board Meetings Smoothly
Board meetings are an excellent time to restore a community's faith in its Board of Trustees, especially if things have been running less than smoothly within a community. No matter what talking points you have at your board meeting, approach residents with an organized agenda and ensure there is plenty of time for everyone to speak and share thoughts, ideas, and ask questions.
When in doubt, board members can always look into available resources to help them organize meetings.
Be Honest About Your Budget
A budget must be transparent so members trust what their Board of Trustees are doing with their funds. This means drafting a budget ahead of time, as it is the bedrock of any functioning community.
A budget should be readily available for residents to look over, so have it either online in a secure, password-protected location or email it to them if requested. Regardless of HOA state laws, transparency is key as it builds trust.
Utilize Effective HOA Management Solutions Today
A well-oiled Home Owners Association Management should be transparent with its budget, encourage members of the community to participate in events, and should be organized with a clear, well-organized plan on how they'll run the community. When members ask questions, there should be literature - especially anything budget or bylaw-related - ready to provide to them.
If you need help with your HOA, PMI Birmingham Region can help. We offer Board Member Resources and so much more. Schedule a consult today.
