Your HOA board is expected to always keep their act together for the success of your community. To make sure your community runs smoothly, your board must prioritize hiring one of the best phoenix hoa management companies. A great HOA management company can help the board avoid mistakes that can lead to several issues. These mistakes include the following:
Not Reading Governing Documentation
Board members must pay attention to your community bylaws and CC&Rs, so your community does not get in financial and legal trouble. They must be aware of the ins and outs of the Association Document to be able to enforce rules and ensure they do not miss essential procedural requirements. By working with a professional HOA manager, the board can stay on top of necessary documents and reminders that must be followed to ensure proper operation. Additionally, HOA rules must be enforced fully and in compliance with what the documents require. An HOA management company can help the boards handle community concerns such as violations and run scheduled meetings as planned.
Failing to Collect Overdue Fees
HOA management companies can help an HOA board collect overdue fees. The board is composed of volunteer community members who should be responsible for collecting HOA fees from other members. Keep in mind that allowing a member to get away with paying late fees to avoid confrontation is unfair to others. A skilled HOA manager can play hardball on the behalf of the board while allowing them to keep the community happy.
Not Reviewing HOA Financials
Every HOA board is expected to invest the hard-earned money of its members into the community without mistakes and account for what has been spent. Although this can be a time-consuming task, an HOA manager can get the job done efficiently, ensuring the board stays on track without making financial errors. HOA management companies can help these members understand financial reports and industry practices when keeping financial records. This way, board members can create monthly financial reports comfortably.
Failing to Maintain HOA Insurance Coverage
An HOA must stay on top of its insurance coverage; otherwise, it can deal with hefty expenses. Although they have coverage, they must ensure what the coverage covers and what it does not. Board members can review their current insurance policy with the management team. They must pay attention to what the policy covers and when it lapses. Insurance-related mistakes can quickly compromise the financial standing of an HOA and this can happen if they do not seek help from professionals.