Homeowners associations vary greatly, with some requiring more attention than others. Although many find the idea of self-management appealing, it is not always the right call. In fact, when you become a self-managed HOA, you open your community up to certain risks. UNDERSTANDING SELF MANAGED HOA PROS AND CONS What is a self managed HOA?…
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…
One of the most important aspects of serving on the homeowner’s association Board of Directors is understanding your fiduciary responsibility. What this means is that Board members are tasked with doing everything in their power to ensure that the homeowners association remains financially healthy. In order to fulfill this important obligation, Board members should have…
A Homeowner Association and a Property Owners’ Association sound similar, and they can be, but they can also function very differently depending on the situation. The following outlines the main differences between an HOA and a POA. HOAs Defined In an HOA, homeowners become members of the association board and work to better the particular…
As a board member, it’s your fiduciary responsibility to make sure association members’ dues are well accounted for in the budget. To do that, the HOA can use two vital budgets: operating budget and reserve budget. Both budgets are crucial for the smooth and effective running of the association and community operations. To help…
Hiring an HOA management company is beneficial for your association as it ensures smooth operations, streamlines communication, and enforces rules and guidelines. It also safeguards the best interest of your community without compromising the board’s authority. Regrettably, several misconceptions surround HOA management companies, making homeowners and board members perceive them negatively. Let’s debunk eight common…
If you manage an HOA or are part of an HOA board, you may be wondering if your HOA needs a professional property management team to take over. Running an HOA takes a lot of work and requires many hats, so it may not be the right job for anyone. If you want to improve…
Managing a rental property can be strenuous. From collecting rent to planning for maintenance and inspection, screening tenants, and advertising the property, it is not always a walk in the park. Fortunately, a property management company can take care of these tedious and time-consuming tasks giving you more freedom, and peace of mind. A management…
If you’ve ever considered real estate as a source of income, you’ve probably wondered if you could handle the ins and outs of day-to-day management. Rental properties can provide a substantial income, but if you want to take a hands-off approach, you should consider hiring a property manager to take care of your tenants for…
Property management is a difficult challenge for owners and boards. You must be skilled and effective in many different areas as vastly different as accounting and negotiation. One easy solution is to create a toolkit of these skills through the use of a property management service. What tools does a quality property management company provide…