A report from the Foundation for Community Association Research (FCAR) states that there are over 6 million residents in Texas who currently live in managed communities. The growth of HOA communities over the years has benefited a lot of people, but things don't always work out as they should.
HOA boards can often struggle to stay on top of all of their responsibilities. Fortunately, they can get assistance from HOA community management companies, The support that an association property manager provides can help an HOA board serve their community effectively, benefiting all residents.
So how can an association manager help your HOA community? Keep reading to find out.
Leadership Strategies for HOA Boards
A new HOA community may not already have a board. These are formed of volunteers living in the community who are interested in taking on the relevant responsibilities. The members selected for different board positions will have a significant impact on how the board operates and its ability to produce results.
An HOA manager can offer assistance to help the board select the most suitable members. They'll guide the residents through the formation process, encouraging those with relevant skills to apply. They'll also advise on a suitable structure which can vary by community.
An HOA manager can then provide training on meeting management. This will cover what the board needs to know about discussing the following topics:
- Visual standards
- Behavioral standards
- New member introductions
- Reserve budgeting
- Upcoming development projects
- Reserve budgeting
A reliable HOA manager will continue to work with the board to help them fine-tune their processes. They understand that their responsibility is to support the board and help them achieve HOA success.
Financial Management
One of the most important responsibilities that an association manager can take on is financial management. It's typically quite complicated, and most HOA boards don't have any members who know how to manage finances effectively.
Some common duties here include:
- Collecting HOA fees
- Creating invoices
- Determining budgets
- Managing reserve funds
- Maintaining financial records
Mistakes here can be costly for the community, so it's best to leave things to someone who knows what they're doing. An association manager can take on these responsibilities to ensure everything is done correctly. They may also be able to find ways to improve financial efficiency to help save community funds which can then be used in other areas.
Communicating Integrity Standards
A reliable HOA manager can help maintain and communicate neighborhood integrity guidelines which are vital for HOA structure. Part of this involves making sure homeowners are penalized when violating these guidelines.
Board members might have a hard time doing this due to personal relationships with other residents. An association manager can act without bias to ensure everyone is treated fairly and equally.
Working With an Association Property Manager
An association property manager can offer various HOA services to help your community achieve its goals. Their guidance will get you on the right path to improve community wellness for all residents.
PMI Cross Timbers has an experienced team of professional HOA managers who use the latest technology and strategies to drive exceptional results. We can tailor our services to your community's specific needs. Take a look at our association management page for more information.
