How Can My HOA Create Revenue from Our Community Amenities?
Posted on Friday September 15, 2017
As a board member, your first responsibility to your association is to keep it fiscally fit. Wouldn’t it be nice to find some extra sources of revenue, to be able to make a little more of your operating budget? Take a look around – you might be able to generate some cash flow from your existing amenities. You may not find a huge windfall, but you also might be able to cover the costs of running a new activity or expanding a project, improving your residents’ lives and enhancing your property values at the same time.
Why Transparency Matters in Communicating Your Community Association Budget
Posted on Thursday September 14, 2017
You’ve done all the homework. Crunched the numbers. Your reserve study is complete, your vendor agreements have been checked and your budget is done! Now what? There’s an entire process to creating the budget, followed by implementing it, and clear communication to homeowners, through every step of the process, is the best way to avoid problems.
How to Plan an Effective Budget for a Community Association
Posted on Tuesday August 29, 2017
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.
Buying a Home in a Community Association: Part Two – Evaluating an HOA’s Health
Posted on Monday August 07, 2017
So your diligent search for that home of your dreams has finally led you to one that fits all your criteria. However, it is in an association, and you have known people who belonged to condo or homeowners associations (HOAs) that were poorly run or financially mismanaged. You love the home, but you don’t know much about the association. Should you buy it anyway and hope for the best? Or is there a way to determine if your future community is well run and economically sound?
What You Need to Know About Resale Certificates and Packages
Posted on Friday July 14, 2017
We all know that there’s a lot of paperwork in the home buying process. If the home you want to buy is in a managed community of any kind, a resale package, including your resale certificate and governing documents, is part of that paperwork. Resale certificates and packages offer transparency about the community and whether or not the sellers are current in their financial obligations to the association. The package includes paperwork that protects the buyer and the seller, as well as minimizes financial risk for the association. It’s important to know what goes into a resale package, why you need it and how to get it before you buy or sell your home in a managed community.
Buying a Home in a Community Association: Part One – Dispelling Common Myths
Posted on Friday July 14, 2017
As a buyer, you may wonder whether moving into a community with an HOA is right for you. Perhaps you have heard horror stories from unhappy homeowners or have read about unreasonable boards that bully residents. How common are these events? And are the stories even true? In part one of our two-part series, we untangle the misconceptions and separate the facts from the myths about living in a community with an association.
How to Boost Your Home’s Value Before You Sell
Posted on Friday June 23, 2017
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.
Why Your Community Must Plan for Emergency Communication and Training
Posted on Thursday June 22, 2017
Whether you live in a high-rise condominium in Chicago, a homeowners association (HOA) in Houston or an active adult community in Las Vegas, emergencies can happen. Do you think your residents would know where to go or whom to contact in an emergency situation? Does your onsite staff know what to do to protect residents and the community’s property in the event of a major storm like a hurricane, tornado or severe blizzard? How well would they handle a flood, a fire or a violent outbreak?
Communication to Renters: Why It Matters To Your Association
Posted on Friday June 09, 2017
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.
Insurance Basics: Protecting Your Community Pool
Posted on Wednesday June 07, 2017
Swimming pools are one of the most common, and most desirable, amenities in managed communities. Whether your pool is an Olympic-sized fitness lover’s dream, a resort-style oasis or a rooftop paradise, your pool is an important feature for your residents that enhances their lifestyles every day. Pools are also, unfortunately, an accident-prone area. In the event of an incident at your swimming pool, a lack of insurance, or a gap in your insurance coverage, can be devastating to your association’s budget. As a board member, making sure that the proper insurance coverage is in place is part of your fiduciary responsibility to your association.