A condominium owners association (COA) or a homeowners association (HOA) can encounter unexpected challenges. A community association management team can help the HOA resolve problems facing the community. Here is more information about how community association management adapts to new challenges:
Project Management
New challenges for a community can consist of damage to community property after a storm or natural disaster. This can include flooding in common areas or roof damage from a tree being knocked down. This may also include loss of public property after a robbery. A community association management team can help an HOA by providing project support.
Some community management teams have a project office dedicated to managing projects with HOAs and COAs. The project office coordinates projects to help resolve damages to the community. This includes water loss remediation and coordination of unexpected losses. The management team assists the HOA with navigating insurance claims, keeps projects on schedule, and informs community members.
Financial Planning
A management team is able to help an HOA create a yearly budget, which is ratified during a meeting with the entire community. This budget determines the amount of assessments that are collected from homeowners. This money is allocated towards maintaining common community elements, covering amenities, paying for the management team’s services, and planning community projects. The team prepares regular reports and supports the board in its financial decisions. This includes when to use a reserve fund for emergencies.
A reserve fund refers to an account set aside for larger projects and repairs. An amount from assessments is placed in the reserve fund. Having a reserve fund in place offers a financial source for emergency repairs and other financial needs that require immediate attention. This includes repairing HVAC systems during a heat wave or fixing broken equipment that could endanger residents.
If needed, a management team can assist an HOA with creating a special assessment. A special assessment is a one-time payment that community members make to cover unexpected expenses. The team can advise the board on when to use a reserve fund and when to collect an additional assessment.
Homeowner Communication
A management team coordinates communication with homeowners to inform them about upcoming meetings, special assessments, and repair and project efforts within the community. Methods include digital communications such as emails, texts, and messages through a community web portal.
Maintaining open communication with homeowners when problems arise can help prevent additional challenges and facilitate community participation in meetings and committees. Holding community meetings allows homeowners opportunities to offer feedback and approve decisions made by the board. Homeowners can participate in committees on a voluntary basis to help mitigate new challenges in the community.
Also Read: Is a Hotel Management Degree Right for You?
Find a Community Association Management Team
A community association management team can be hired for complete management services or on an on-demand or financial-only basis. A team is able to assist with administrative tasks, including managing inquiries from homeowners. Other services include taking notes during meetings, providing investment advice, and coordinating maintenance needs with vendors. Find a reliable management team today.
