A Complete Guide to Property Management Agreements

There are steps that board members can take to prevent fraud. Read on for ways your board can prevent being victimized, both internally and working with your professional property management company.
 

Part of your job as a board member is ensuring the safety of residents in your community association. To that end, it’s important to educate homeowners about possible fire risks and the steps they can take to prevent fire hazards in their homes.  Chances are that fire safety isn’t top of mind for residents. However, home fires are more common than most people realize.

Nothing lasts forever…and when it comes time to replace your high-rise roof, community pool or to add new amenities, your association will need to determine how to pay for it. All of these things – significant repairs and replacements, as well as new construction – are considered capital improvements.

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.

As part of your responsibility to preserve, protect and enhance your community association, you may choose to bring in a professional property management company. Professional management can provide a depth of resources that you may not have access to otherwise, can help you optimize your budget while improving your residents’ lifestyles and more. What features should you be looking for when looking at a management partner for your community association? 

Budgeting can be tough. It requires that boards look at their priorities and the needs and wants of the community, plus the money coming in and going out -- and making it all balance. As an association board member, producing a responsible, effective budget is one of your primary responsibilities.

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.

Isn’t technology wonderful? It’s made so many aspects of life easier, and that includes managing the operations of your community association. Technology does have its vulnerabilities, though, and it’s imperative that they be addressed. Your board can implement these four steps to begin putting your association on a more secure path. 

We are all concerned about safety, that's why we wrote a comprehensive article featuring condo security ideas and tips to help your association and residents. High Rise management companies and Board members, who have a responsibility to protect the common property, must pay particular attention to security at their properties. A secure condominium means a happier and safer community, and that is what is most important to owners and residents.