After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
An HOA, or homeowners association, is a group of people who work together for the common good of a neighborhood. With that responsibility often comes a lot of rules and regulations that the homeowners living there must abide by. For members of the HOA board, it can be quite a challenge to keep the peace and keep everyone happy while still having all residents uphold the rules. Here are some tips for HOA management and board members to ensure that your neighborhood is running smoothly while still maintaining a good relationship with residents.
Since homeowners have to shell out a monthly HOA fee, it's important to be as transparent as possible when it comes to how their dollars are being spent. An annual or even bi-monthly report showing where the money is going is a great way to show residents how their cash is being used to keep the area looking nice to help hold up resale values. The report should show where every penny is going including road repairs, trash removal, signs, and street light bulb replacement. This kind of transparency creates a sense of trust among members and shows that you're spending the money on things for the improvement of the neighborhood.
Although HOA groups have rules for a reason, it's still a good idea to listen to residents' concerns. For example, if someone recently had an issue with a worn out roof and you've sent a letter demanding they get it replaced, make sure you talk to them and understand why they're unable to get the problem fixed right away. In some cases, people may be dealing with a financial hardship or personal issue and simply cannot make repairs on demand. By listening and understanding, you're building a good rapport with members and giving them a fair chance to make things right.
Since everyone is paying a monthly fee for things like landscaping and trash removal, make sure you're doing your homework when it comes to finding a good vendor. Look for quality landscapers who specialize in your type of neighborhood, and make sure they have good credentials and positive reviews. Rather than just flipping to a random number in the phone book and hiring someone, doing your homework will ensure that the services you provide your residents with are top notch. If you find that the private trash removal company you hired is late every Monday, it may be time to switch companies. By checking into the places providing your services, you're making sure that the members of the HOA are getting what they're paying for every month.Share