HOAs often get a bad reputation. People sometimes hear horror stories about them, such as the corrupt HOA featured in the Associated Press that embezzled millions from their community. While events like this are rare, sensational stories mean many are distrustful.
An association manager needs to take their responsibilities seriously and ease people's concerns. So what are some of the main responsibilities of an association manager? Read on to learn about four of their most important obligations.
1. Meticulous Financial Management
The local community puts a lot of trust in the HOA. They pay their monthly dues, so they expect to see those funds being put to good use. If the streets are full of potholes and the local amenities are falling apart, people will start to question where the money goes. Successful association management means taking money management seriously.
The association needs to shop around to get the best deals on contractors and vendors. If they overpay, the HOA might not have funds to pay for critical emergency repairs or community events. The HOA should keep detailed spending records, and they should be available to any resident who wants to review them.
2. Vigilant Maintenance of Common Areas
The main objective of an HOA is to boost the local real estate market. If you've ever sold a house, you likely staged your furniture and front yard to create a good first impression. The HOA does the same, but they're responsible for the common areas.
If the pavements are cracked, streetlights are out and amenities are in a state of decay, it hurts the local housing market. But, when the HOA is vigilant and proactive about making the area look presentable, local real estate fetches a good price.
3. Fair and Balanced Enforcement of the Rules
Another way the HOA maintains the local real estate market is by creating and enforcing rules and regulations. There is huge potential for controversy when these rules are perceived to be unfair, as the HOA is supposed to be impartial.
If people think the rules are unjust, the HOA could be accused of running the HOA for their benefit. The only way to avoid this is to have clear rules with fair and balanced enforcement. Often, the only way to achieve this is to hire an association manager from outside the community.
4. Impartial Conflict Resolution
Finally, conflict resolution is one of the key association management skills. People in key management roles take an active interest in prompting community cohesion, but conflict between neighbors can ruin their efforts.
The solution is to implement strong conflict resolution measures at the first sign of tension. Occasionally, it may be necessary to bring in a neutral mediator.
A Professional Association Manager Can Help
To run a successful HOA, you need someone with effective management qualities at the helm. Effective management requires skill and experience, and finding a local volunteer who has all the necessary aptitudes is hard.
If you're looking for an accomplished association manager to help boost your local community, look no further than PMI Fine Properties. We're a Houston-based full-service property management company, so we have access to all the necessary expertise to help your HOA be the best it can be.
Contact us today, and let's discuss how PMI can help your community.
