The board of a homeowners association has several different tasks. To understand what these tasks should be, it is essential that the Board understands that the HOA “thing” is. And it is often not what most think it is. Here are some of the myths.
Monthly fees are kept low.
The board is elected to the HOA to maintain assets properly. There is a difference between being a good administrator and a tightwad. Stingy boards skip routine maintenance services and tend to erode the value of homes. It takes money to make things right and the board should spend the money necessary to accomplish tasks.
Volunteer Councils are not subject to the same standards as professional property managers.
Volunteers they are, yet are saddled with the task of conducting business for the Owners Association in an informed and businesslike manner the same way a community manager would. This means that they should be taking care of things in a timely manner, planning to anticipate problems, receiving and acting on good advice.
The HOA is small and so are the needs.
The lower the HOA poulation, planning is more-so important because the cost increases for the smaller owner’s association.
We are too small to professional management.
In areas such as financial management and enforcement, all homeowner associations should have the professionals out front. Collecting money from neighbors and control of their antisocial behavior is bound to cause problems for a volunteer. It’s even worse when you live next to the abuser. There are professionals who perform these tasks management 24 / 7 and get paid for it.
The board is chosen to be the director.
The board is elected to hire and supervise competent service providers. When properly organized, the work of the general meeting should only take a couple of hours a month.
The board is responsible for most valuable asset most people own. The responsibilities of a HOA board are not unlike those of any Fortune 500 board. In both cases, physical and human assets are maintained by the board. Careful planning and effective communication to shareholders (owners) is needed.
Is your board is asleep? Does it understand the true scope of Board Member work?
So, heed this wake-up call, and call Riverside Property Management, TODAY! (678) 866-1436 or (404) 788-7353.