Successfully managing a homeowners’ association (HOA) is no small feat. No matter the size of your community, there’s a number of factors you have to take into careful consideration before making any decision that’s going to impact the residents of your community. This article will review just a few of the most common pitfalls homeowners’ associations run into and how you can solve them with the help of a property management company. If you are in need of comprehensive St. Petersburg homeowners association management services, contact Wise Property Management, Inc., today.
Lack of Communication
Whether it be between residents and the board or the HOA and vendors, a breakdown in communication is often the first step down the path towards severe management issues and open conflict between the board and homeowners. Without active communication between the board and residents, the board may end up pushing improvements residents are opposed to, receiving complaints from residents regarding unexpected policy changes, and seeing an uptick in policy violations. In the worst-case scenario, your HOA may end up facing costly litigation as a result of unresolved communication issues.
One of the best things your board can do to improve communication is to invest in a St. Petersburg HOA management company that can provide the tools and experience necessary to keep your community engaged. Your board can focus their energy on building the community, and the management company will ensure every line of communication is open between board members, residents, and vendors. Whether that’s making phone calls to vendors, sending emails to residents, or posting notices in common areas, a management company will handle all of the time-consuming aspects of maintaining stellar communication in your HOA.
Related: 3 Tips for Better HOA Communications
Poor Budgeting
It’s impossible to run a successful HOA and maintain property values without proper budgeting. Even the smallest of budgeting mistakes can lead to serious conflicts between HOA board members and homeowners down the line. Common budgeting mistakes HOA boards have been known to make include neglecting to include current bad debts and unpaid dues in budget projections, having an ineffective fee or assessment collection process, failing to adequately fund the reserve fund, and not adjusting for inflation rates.
If you need help getting your community back on track or simply want to take the stress out of the process of setting and adjusting the budget for your HOA, it’s time to think about consulting one of the leading St. Petersburg homeowners association management companies, Wise Property Management. A professional HOA management company will help your board to review contracts with vendors, calculate increases in expenses, review financial statements, and calculate next year’s homeowner fees. Budgeting is never easy, but a management company like Wise Property Management is sure to save your HOA time and money in the immediate future.
Related: These 4 Budgeting Basics Are Crucial for a Successful Community
Lack of Enforcement of HOA Rules & Regulations
Every HOA has a set of rules and regulations that tenants, homeowners, and their guests are expected to abide by. These rules should exist in a document set in place by members of your board with the intent of protecting the best interest of the community. A common challenge HOAs face, however, is effectively communicating and enforcing these rules.
The more these rules and regulations continue to be disregarded, the more likely your community is to spiral out of control. That’s where a management company comes in. A company like Wise Property Management can help you construct a letter with the date and description of the violation along with an avenue to rectify it that can be sent out whenever a homeowner violates one of the rules. If the homeowner does not remedy the issue, they can move forward with fining the homeowner, seeking a court order, or contacting the community’s attorney to initiate foreclosure proceedings against the homeowner. All efforts will be exhausted in pursuit of maintaining the safety of your HOA.
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Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.