There are 35 established neighborhood associations in and around Boise, ID. These carefully managed communities provide homeowners with a beautiful place to live with property value security. They trust the HOA association will use best practices and strategies to ensure success.
Follow these tips to ensure the success of your community association property management efforts.
Maintain Reserve Funds
A portion of the HOA fees collected from residents should go into a reserve fund. This account can fund unexpected or emergency expenses that pop up.
If enough is accumulated, it can fund more extensive projects that significantly improve the community. Perhaps you modernize or upgrade current features. Or you could add amenities that have become in demand.
You can also use it to pay for large maintenance needs. For example, your community building will eventually need painting or a roof replacement. Or the community signage will need renovation.
Stay Current With Maintenance
Homeowners embrace HOA living because they want to protect the value of their property. They work to maintain their homes. It is the association's job to maintain community assets.
Hiring an HOA management company can assist with this. It can manage maintenance vendors by scheduling routine tasks, like landscaping. Your management company can also arrange for less frequent specialty tasks, like roof replacement.
Plan for Ongoing Expenses
Hold a yearly budgeting meeting where the board members discuss association expenses. During this time, set the budget for the community for the year. That way, you know the collected fees can cover all of the ongoing community expenses.
You may find that inflation and rising vendor costs make community management more expensive. Knowing this early on is essential. You may need to renegotiate vendor service contracts or increase HOA fees.
Work With a Management Company
You may need to hire a manager to assist. Board members tend to provide oversight but not daily service. They are like the captains that steer the ship. The management team is the crew that does the work.
A full-service management team can provide homeowner communication. It can also help with accounting, vendor relations, and maintenance.
Working with a management service can also ensure you stay updated on changing HOA laws. For example, recent legislation changed how HOAs are managed. It stops HOAs and cities from banning additional dwelling units (ADUs).
Hands-On Vendor Management
Like managing a property, an association needs to actively manage its vendors. This includes yearly contract reviews, term renegotiation, and service quality checks. Verify that your vendors provide the service paid for at the quality you expect.
Improve Your Association Property Management
You can set your association up for success with careful association property management. Maintain a reserve fund, carefully budget, and perform routine maintenance. In addition, consider working with a property management company like PMI Treasure Valley.
Our team of experienced managers can provide valuable guidance. Our network of vendors ensures your community stays beautiful. We can also ensure that homeowners pay their fees and meet budgets.
Make your HOA community successful by contacting our team at PMI Treasure Valley.
