7 Reasons to Hire an HOA Manager This Year
How is your homeowner’s association doing? Is everything running easily and smoothly? Do you have interested members at each HOA board meeting? Is your reserve fund fully funded? What would you do if you were faced with a lawsuit or an unexpected project? If you answered no to any of these questions or don’t know the answer at all, below are 5 reasons you should consider hiring an HOA manager this year.
1. Understand the financials
HOA board members don’t necessarily understand financial-speak, but an HOA manager does. They can help board members understand the finances and how to read the financial statement. They also have a management company backing them with resources to help.
2. Find funds for unexpected projects
When an HOA board is faced with a project or repair that wasn’t planned for, such as dry rot that was found when replacing the roof on the clubhouse or pipes that burst during a freeze – a manager can help weigh different options to pay for the project, such as implementing a special assessment, taking out a loan, or borrowing from the reserves.
3. Assist in doing a reserve study
In some states, it’s required by law to update the Association’s reserve study each year, and to conduct a physical inventory of the items in the homeowners association every three years to keep the study relevant. An HOA manager can help guide the board through the process and probably already knows a reserve study specialist they trust and have a working relationship with.
4. Help with communications
It’s important to communicate with members in the Association, but board members are volunteers and don’t always have time to keep up with extra communications such as a monthly newsletter or calendar. An HOA manager can assist with these tasks to ensure no details are missed and the members stay in-the-know.
5. Encourage member involvement
It’s hard to encourage members to get involved if they aren’t informed or if there isn’t anything going on for them to get involved with. A manager can help board members plan social events in the community where members can get to know each other, as well as make sure the communications go out at the right time to notify members of board meetings.
6. Relationships with vendors
Anytime the Association needs services such as landscaping, accounting, legal help, etc. a manager already has the relationship with vendors they know and trust.
7. Board education and training
Since being an HOA board member isn’t usually someone’s day job, they need extra training and education to learn the ropes. A manager can coordinate and provide this to board members, as well as help them run meetings effectively.
An HOA manager can help the homeowner’s association run more smoothly, provide guidance and peace of mind to board members, and help them fulfill their top duties to enhance, protect and maintain the Association.