Search

Your Board of Directors oversees the many day-to-day tasks required to operate and maintain your community…but they can’t do it alone. Your property management team will be expected to hire a wide array of vendors, including painters, plumbers, electricians, landscapers, repairmen for equipment maintenance or emergencies, exterminators, and more.

More than 85% of officials in state legislatures are up for re-election this year. So what does that mean to you as a board member or resident in a condo or homeowners’ association (HOA)? And how does this affect HOA law? There are a variety of initiatives on the table across the nation that will significantly impact community associations. In this article, we’ll take a look at what those issues are – and most importantly, how you can impact HOA law.

It’s the typical budgeting dilemma for community association boards: How do you keep assessment fees manageable and still maintain the community’s operations?

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.

Living in a residential community means around-the-clock routine maintenance to preserve the community and its assets. But there comes a time when one of your assets will reach the end of its useful life and require a replacement or significant repairs.

If your community is professionally managed, consult your property management company for more information – a quality firm can leverage its budgeting and financial experience to provide guidance. But to get you started, we’ve compiled some information about the Consumer Price Index – what it is and what you need to consider before you get started.

Residential home builders and real estate developers must wear many hats while creating the buildings and communities so many of us call home. Indeed, each project’s ultimate viability and marketability depend on how well every phase of development is planned and executed – ideally, with the highest levels of expertise, experience, cost-efficiency and professionalism.

When a lot of people think about high-rise living, they don’t necessarily jump to the idea of families in high-rises. In many cities, high-rises are still considered the domain of the young and single, or couples without kids or active retirees. The New York Times even ran a piece, in 1987, decreeing that “A High-Rise Is Not a Home for Children.” But today, thanks to a Millennial generation that doesn’t want to commute from the ‘burbs, more and more high-rises are actively courting families as residents.

Board members have a fiduciary duty to protect the financial interests of both their homeowners association and fellow residents – and that includes ensuring that their HOA’s operating and reserve funds are properly managed, invested and protected.

Here’s the good news: hiring the right property management company is going to make your life as an HOA Board Member much easier. On the flip side: there is no shortage of property management firms to choose from, so selecting the best fit for your community association is going to take a little bit of work.

Annual meetings don't have to be boring! Learn how your community association board can entice your homeowners into attending with easy tips.

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.

As consumers, we’re familiar with saving money by purchasing products like food and household goods in bulk. But, can this same savings model be applied to the purchases and operational costs of a homeowner association (HOA), condominium or community association?

We know that in the same way we protect ourselves, our assets also carry this significance. That is why HOA master insurance policies are essential for your community, as this type of coverage can help you protect more than just your physical assets.

Regardless of the size of your community, or where it’s located, there is always one thing that every community association board and committee needs: resident volunteers. Unfortunately, however, volunteers are often a scarce resource.

Swimming pools are one of the most common, and most desirable, amenities in communities. Making sure to have proper community pool insurance coverage.

Maintaining your buildings’ assets is not a one-size-fits-all proposition. The common areas require a broad range of routine maintenance and repairs to keep them looking good and operating smoothly.

Missouri’s Curry Association Management, the newest member of the FirstService Residential family, was recently honored for its substantial efforts and ongoing commitment to the Police Athletic League (PAL) of Kansas City, which provides a safe and stable haven for the area’s underprivileged youth.

John Friedrichsen, Senior Vice President & CFO of FirstService Residential parent company FirstService Corporation, is quoted in USA Today about how HOAs benefit from the value-added services provided by leading professional management companies.

It’s a term that gets tossed around quite a lot. But “conflict of interest” is a real and genuine threat to your association and its proper stewardship. Understanding what the term means – as well as how to recognize and avoid conflicts of interest– can go a long way toward ensuring the strength and stability of your community and eliminating many concerns.

If you volunteer your services to your homeowners association, you know there are many rewards – but also, quite a few challenges. There are residents with individual demands and concerns and Board members who may have difficulty agreeing. There is also the critical need to carefully develop – and adhere to – a strict budget. And that’s just the beginning.

While exclusive communities like the Hamptons or Malibu will always be attractive locations for affluent vacation home buyers, several new trends are emerging in the growing second home market.

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.