Homeowners’ associations (HOAs) play an important role in maintaining the quality of life and property values within communities. Because they are so crucial, they must be run properly. While volunteer boards manage many HOAs, some HOAs choose to bring in property management companies.
When a property management company gets involved, that does not mean that the HOA board loses control of the community. However, the property manager takes over many of the day-to-day administrative and financial management tasks. This arrangement works for many communities as long as the property manager follows certain best practices, including the ones described in this article.
Best Practices for Property Management
When you are looking for your next property management company, make sure they are following the best practices listed below.
1.) They establish clear communication channels:
Communication is one of the bedrocks of a solid HOA. There should be good communication between the board and the property manager and also between the board and homeowners.
One way to ensure good communication practices is to establish multiple channels for communication. These could include regular board or community meetings, newsletters, emails, or social media posts. The property management company should also prioritize establishing a community website to aid in disseminating important information.
2.) They foster community engagement:
Property managers should aid in the fostering of community engagement. They can help the board plan social events, volunteer opportunities, and neighborhood initiatives. Homeowners should also be encouraged to participate in HOA meetings, committees, and community projects. HOAs with a strong sense of community engagement are more stable and enjoyable places to live.
3.) They embrace technology:
Today, it is very hard to effectively run an HOA community without embracing technology. Your homeowners will expect the HOA to have an online presence for dues payments, maintenance requests, event registration, and communication.
In addition to a web presence, there are many ways that technology can aid in the running of an HOA. For example, your board can utilize YouTube to stream meetings, allowing people who could not attend the opportunity to still view what was discussed. Additionally, video chat and streaming sites can allow more people to participate in community events, even if they cannot be there in person.
4.) They provide and participate in continuing education and training opportunities:
No one is perfect, and best practices in community management are always changing. To stay on top of them, the property managers should participate in and offer to the board continuing education and training opportunities.
Continuing training and education could take many forms. For example, the property manager could attend training sessions, workshops, and industry conferences to enhance knowledge and skills. They may also put together an initial training package for new board members.
Property management is a continuously evolving field with high stakes. The better a community is run, the happier its homeowners and the more stable its finances. Therefore, you need to find a property management company that knows and uses best practices.
For the greater St. Louis area, that company will be Community Property Management (CPM). Contact us today and learn how we can help your HOA thrive.