Stepping into the role of an HOA board member is a service that requires good people to dedicate their time to serving a non-profit organization.
Although the community elects HOA board members, the position is not for everyone, especially if you’re unaware of the job requirements.
Before deciding to become an HOA board member, consider these five important lessons.
Lesson 1: Understand the Local Laws
When joining the HOA as a board member, it’s best if you understand the HOA guidelines and the state, county, and town bylaws regarding HOAs and housing.
Having a working knowledge of the local laws helps you better implement new policies and ensure your HOA is doing everything possible to help its residents.
Lesson 2: Brush Up on Financials
Financial status and upkeep are one of the HOA’s most important jobs. After collecting monthly dues and other bills, the organization must responsibly spend the money to protect the community and improve it.
You don’t have to be an accountant to understand HOA financials, but you should brush up on various financial terms and dealings regarding HOAs.
Lesson 3: Maintain Open Communication with Residents
An HOA exists to serve its members and residents. Open communication is the best way to hear your members’ concerns and share upcoming news.
Part of maintaining open communication channels is actively participating in your community’s events and engaging with the neighbors.
Lesson 4: Attend Meetings In-Person
Although the pandemic showed that many meetings and essential events could happen virtually, meeting in person is the best option for HOA meetings because it helps you stay in the loop and quickly come to decisions without worrying about the network connection.
Additionally, not everything easily translates to a virtual format. If you and the other members need to look at a 3D diagram of a new community park or other ideas, sharing the information over a webcam is not convenient.
Lesson 5: Fulfill Your Fiduciary Duty
The number one job of all board members is to fulfill their fiduciary duty, which means that you always put the needs of the HOA above your own. This distinction is important because, with the focus on the community, the board accomplishes more and makes the most people happy.
An HOA Management Company Can Help with These Responsibilities
Volunteering to serve on the HOA board is an honor that comes with a lot of responsibility. Make sure you’re ready for the job by understanding the local laws, brushing up on financials, talking with the community, attending meetings, and fulfilling your duty as a board member.
An HOA management company in St. Petersburg can help you fulfill these responsibilities. We are on top of current HOA laws, will manage day-to-day communication with residents, and more. To learn more about the services we offer, please contact us today.