Data from This Old House shows that the number of HOA communities in the US reached about 358,000 in 2021.
HOAs are highly popular as they help residents enjoy a better quality of life. However, they often have a hard time keeping up with all of their responsibilities.
A home owners association property management company can provide assistance to an HOA board by taking on various duties. This helps the board achieve its goals, making things better for the entire community.
Let's take a look at some association management best practices that can help drive success for your community in Chicago.
Transparency
If there's one thing everyone appreciates, it's transparency. All residents will want the HOA board and association management company to be open and honest with them.
For example, they should make meeting agendas available to everyone to ensure no one is excluded. They should also keep residents informed about the finances of the community, as well as any current projects that are in the works.
HOAs should keep written records of things like:
- Meeting minutes
- Large community decisions
- Changes to governing documents
This is required by law in some states but is still a good practice, even if it's not essential. An association manager should actively ensure board members and residents know where they can find any information that they need.
Good Communication
This ties into transparency. There should always be good communication between an association manager and the HOA board, including promptly returning any calls or emails.
Newsletters are an effective approach for keeping residents informed and up-to-date. Making sure the board is also informed will also help ensure all HOA meetings go smoothly.
Clear Objectives
HOA success strategies are built around clear goals and objectives. An association manager should discuss these goals with the HOA board to make sure they understand what they're working towards.
They should consider the short- and long-term vision for the community and determine the decision-making process that will lead there. Skilled association managers can effectively establish and implement Chicago HOA strategies geared toward these goals.
Fiscal Responsibility
Managing finances efficiently is crucial to success. An association manager has suitable experience and skills to do this.
Homeowners in an HOA community don't want to be hit with large assessments, so the association manager should work with the board to help keep things cost-efficient. This can involve assessing spending and working out where costs can be cut.
They should also create budgets based on what the community is trying to achieve. For this, they need to make sure there are enough funds to cover future expenses while making sure there are also enough for any unexpected costs that might arise.
The Right Home Owners Association Property Management Company for Your Community
Working with a home owners association property management company can be a great decision for your HOA community. They provide a range of services that drive success, resulting in a better quality of life for all residents.
PMI Chicago Metroplex is a reliable association management company based in Hoffman Estates, IL. Our experienced team uses the latest technology to provide the best results, helping HOA communities to grow and reach their goals. Take a look at our association management page to find out more about what we do.
