What the new Fannie Mae and Freddie Mac condo rules mean for buyers and boards

More than 1.4 million Americans have been killed by gunfire since 1968. Many of those shootings were accidental; some were suicides; some were at the hands of law enforcement officers in the line of duty. But many were not. Mass shootings, meaning that at least three people were killed by gunfire, have become an almost daily occurrence in the United States, with instances increasing each year since 2000, and many instances becoming more deadly. Thankfully, incidents of violence in community associations are rare, but unfortunately, they do occur.

The chief responsibility of a community association board member is to preserve, protect and enhance the community. That includes, above all else, its financial health. But you can’t affect the financial health of your community if you don’t understand where it is when you join the board. Balance sheets are the best tool for gaining that basic understanding.

You know that your association needs to have the right insurance coverage in place. So you have property coverage, liability insurance, workers’ compensation, directors and officers (D&O) and an umbrella policy in place. Premiums are paid regularly and on time. Did you know that’s not enough?

Read on for more about how to best complete your next annual association budget, a budget that will enhance your property values and improve your residents’ lives.

We have a very long road to recovery ahead for both Texas and Florida, for those of us affected by Hurricanes Harvey and Irma.  In the aftermath of the storms, there are tangible examples of our industry leadership, and in particular, why our ability to immediately leverage the depth of resources we have at our disposal is such a powerful differentiator for us.   Here are a few examples of how we leveraged our resources, organization-wide, to ensure seamless service delivery for our clients.

There’s a lot to love about living in a community with a homeowners association (HOA). The amenities. The sense of belonging. The high aesthetic standards. But none of that happens without stable finances. With that in mind, here’s the bottom line on financial best practices for your HOA.

There's an entire process to creating, implementing, & communicating your association budget. Learn more about how to simplify this process.

Preparing your association’s annual budget...it can be a source of stress, but more importantly, it’s a valuable opportunity to ensure the financial well-being of both your association and homeowners. Proper association management hinges on this financial tool for both short-term and long-term planning, so it’s important to follow some guidelines.

Your home is likely the single largest purchase you will make and your greatest investment. When you sell it, you obviously want to get the greatest return on that investment. A quick Google search will serve up dozens of articles on the things you can and should do to make the most of your home’s value before you sell. A lot of them have great advice – but there are some things we’d like you to consider as well when looking at what will enhance your property values.

Does your board and management team communicate to the renters in your community? If no, why not? In communities where renters makeup a significant portion of the residents, they are often overlooked by the people running the community.

Even in the best of times, transitioning from one property management company to another is a work-intensive and stressful process. Things can go bad quickly if the transition is carried out without the necessary resources and strict attention to detail. To avoid potentially serious financial missteps during a management transition, homeowners associations (HOAs) should consider bringing aboard a management company that provides a team of experts to guide the process.

Hurricanes. Floods. Tornadoes. Hail. Wildfires. Lightning strikes. Earthquakes. Blizzards. Mother Nature has quite the arsenal to throw at us! Unfortunately, every part of North America is subject to one or more of these events. Some, like hurricanes, come with enough advance warning to prepare for them, but most do not. That’s why it is critical to the financial health of your community association to have the proper insurance coverage in place.