It's estimated that 26% of the U.S. population lives in HOA communities. Learning how to manage a small HOA is important if you want to grow your community and attract new homeowners every year. You need to know about your members and their lifestyles if you want them to stay invested in the HOA.
To have a successful HOA takes a team effort. So, you need to start with implementing an effective HOA strategy. The strategy needs to include running events, managing finances, and sharing HOA responsibilities.
Find out about Home Owners Association property management in this article.
Home Owners Association Property Management Tips
When you're looking into Home Owners Association property management resources, the first thing you'll come across is involving members. One way to do this is to organize exciting and engaging events with members. But it's also important to lead with effective communication and be transparent.
For example, you should inform members of updates in advance and ensure that everyone understands payment due dates. Important details of the HOA must be available at all times. This means there is no miscommunication about paperwork or essential maintenance.
Social media can be a great tool for spreading information to multiple people in different places. You can set up a group online and post regular updates for members. Plus, it's a good place to share photos of events and get people involved in the community.
Stick to Policies
Policies are an essential part of HOA as they keep the community accountable and prevent people from taking advantage of the association. Even though policies are not as fun as a community party, they are vital for managing HOAs and keeping people on the board for a long time.
If one member is allowed privileges above others, it can cause issues in the community and lead to bigger problems like people moving away. You should allocate someone to check the policies annually and make suitable upgrades where possible. This allows people to have an input in the process and avoids the HOA having outdated rules.
This is particularly important for attracting younger board members with different goals than older generations. The best HOA practices are flexible for new members but stick to the foundations of traditional HOAs.
Ultimately, you should hire a property management company to help you lay down effective policies and organize community events for your HOA. This way, you'll have a professional to turn to if you have problems with members and can find solutions quickly.
Denver Property Managers for Your HOA
It's easy to overlook the responsibilities of running a Home Owners Association property management team. If you don't have insights into these communities, finding the best way to approach different members can be hard if you have lots of ideas but a limited budget.
So, that's why you need to lead with professional management by hiring a team of experts.
Call us to discover all the ways we can help you run a successful HOA in Denver this year.