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

Your homeowner association (HOA) board has decided to hire a property management company. That’s a big step, and one not to be taken lightly. You might think because your board made this decision your community’s future is in good hands. But has your board done its research?

It’s always great to have a reliable partner by your side. Whether it’s a family member, someone at work, or even a fellow member of a sports team on which you play, knowing that someone has your back can instill you with confidence and comfort.

Nothing bites into your budget like maintenance issues. Whether it’s the grounds keeping and upkeep that you pay for on a regular basis or those surprise projects (natural disasters, anyone?) that sneak up on you, maintenance can account for an average of 25% or more of your overall expenditures.  

The relationship between a community and its property management company is like most relationships in your life: its success hinges on communication. 

You are serving on a homeowner association (HOA) or community association board and discussing hiring a new lawn care provider. Seems simple enough, right? Oh, except that there is a bitter divide between several members arguing about two competing companies.

Youhave just been appointed to your homeowner and community association board.  Now it’s time to brush up on your vocabulary with terms that are going to be a part of your new life as a board member.

Here’s one of the great ironies of the property management industry: though it’s incredibly big, it’s still a big mystery to most people. Let’s let the numbers do the talking. In the United States, 24% of homes are part of associations, with a total value of $4.65 trillion and $65 billion collected in assessments. In Canada, the industry generates about $6 billion in annual revenue with a healthy annual growth rate of 3.4%.

Experienced property managers have created countless budgets, and they’re familiar with the best practices entailed in creating one that helps your community accomplish its goals. So to help you get started, here are six community budget basics you can follow.

A recent study found that 75% of greenhouse gasses in New York City are generated by buildings, primarily multifamily residential buildings. As part of a city-wide effort to incentivize buildings to develop programs to curb emissions, FirstService Residential held its Third Annual Green Expo & Symposium on May 15 in New York.  The event featured a panel of industry experts, including FirstService Residential President Dan Wurtzel, who described the benefits of participating in city programs, as well as the opportunities to save money, help the environment and enhance property values.  

Homeowner and condo association board members know that their collective actions yield lots of great results. Just take a look at the minutes from your last couple of meetings and you’ll see all the evidence you need.

All homeowner and community associations are different from one another, as they are comprised of a collaborative group of board members. Just as associations differ so do the special committees that fall under the association. You can have as many different types of experiences with committees as there are kinds of committees themselves.

As a board member of a condominium or homeowners association near the coast, hurricanes are of special concern. But did you know that the best property management company can help you prepare for the season – and even minimize its impact on your community? That makes your property manager more than just a fair weather friend.