A quality HOA board is the key to success for all HOA communities.
Anyone living in an HOA expects certain things from the association lifestyle. If you aren't getting these things, there's a good chance it's due to issues with your HOA board.
The board of directors is made up of fellow neighbors who volunteer their time to help the community. If they're swamped with work, association management might be the key to major improvements.
In today's post, we'll look at some of the key responsibilities of an HOA board. Understanding how your HOA works starts with understanding the board's roles and responsibilities. Keep reading and learn more about your community.
Budgeting and Accounting
When a homeowner pays their HOA dues, they should never have to wonder where that money is going. The HOA board is responsible for looking after this money, ensuring that there's enough of it to cover the expenses associated with running your association.
They also need to formulate a budget so that the community can boost its value whenever possible. Things like regular maintenance need to be paid for, but you also need money to make improvements to the community.
When HOA accounting is done right, the community is healthier, and property values remain high.
Part of managing an HOA is making sure that all routine maintenance to common areas is done on a regular basis. This includes things like landscaping outdoor spaces and arranging for garbage pickup, but it also includes emergency repairs to roads and amenities.
To ensure timely maintenance, the HOA board must build relationships with local vendors. Having contracts with vendors will make it easy for them to schedule the work in advance so it's never missed.
Enforcing Rules and Regulations
Living in an HOA means abiding by its rules and regulations. There are rules common to all associations and others that will be unique to your community.
Whenever you have a large number of people living in a homogenous community, you'll have to deal with rule breakers. Members of the HOA board have to ensure homeowners are complying with the regulations. This could involve disciplining bad actors and mediating disputes.
At the end of the day, your goal is to maintain harmony in the HOA. It can be awkward for volunteer board members to do this, which is why so many HOAs hire association management to help.
All members of the HOA should have a say in the direction of the community. HOA boards need to hold annual meetings with the entire community so that everyone's on the same page. This is where people can bring forth any questions, concerns, or opinions about how the HOA is being run.
At HOA board meetings, the board of directors will discuss the day-to-day aspects of running the community.
Does Your Central Puerto Rico HOA Board Need Help?
These are the main responsibilities of an HOA board, but there are many more. If your HOA board is falling behind on its duties, it might be time to hire association management.
At PMI Central PR, we're one of the top HOA property managers in Puerto Rico. To learn more about our services and how they can help support your association, don't hesitate to contact us today.