These days, a large number of people live in homeowners associations, with more than half of Americans calling an HOA their home. And it’s understandable because homeowners associations generally provide amenities, address any resident issues, and uphold a standard for maintenance and the neighborhood’s aesthetic appeal, while also boosting property resale value for the area.
However, a poorly run homeowners association can lead to disgruntled homeowners. So, we’ve listed five ways that HOAs can boost the homeowners’ experience.
Prioritize Neighborhood Aesthetics
The aesthetic appeal of any neighborhood impacts property value substantially. Property value is presumably low in shabby-looking areas.
As a result, it’s key for homeowners associations to set a suitable portion of the budget aside to improve the overall appearance of the area. Whether the board opts for bronze memorial plaques, new street signs, or focuses on filling potholes or other street flaws, these aesthetic upgrades will boost property value.
With that said, it’s also wise to evaluate homeowners insurance policies that cover liabilities, protect association members, and assist with instances of theft and property damage.
It’s also essential that boards strive to uphold a welcoming and inclusive environment that encourages all new homeowners to join the community.
It’s a great idea to create a welcome packet for each new homeowner that includes details that go far beyond the standard required legal info. Other details to include in these packets are info about social events and all of the organizations and entities within or nearby the area.
Communication Must Be A Priority
Homeowners associations collect their funds from assessments, fines, and fees from all association members. These funds allow the HOA to function, so funds must be allocated with care.
Nevertheless, board members must prioritize communication with homeowners. It will be disastrous if homeowners should query fund allocations due to mismanagement. As a result, be sure to encourage communication before and after each financial decision made by the board.
Work With Homeowners
All board members must be willing to work with homeowners. Because homeowners associations serve the residents, homeowners must know that they have an impact on all decisions made by the board.
Therefore, the board must be flexible, responsive, and open with all residents. Residents should never feel the need to confront board members because they should already be made aware of all details and decisions.
Of course, all board members should also maintain professionalism. Board members must make strategic decisions that consider short-term and long-term goals. You’ll need to be decisive, caring, and competent in your role. So, avoid serving self-interests and instead strive to create an environment of transparency with other board members and residents.
With this, only select vendors that also showcase professionalism, mitigate difficult situations with a non-confrontational attitude, and enforce rules consistently and with fairness.
As a board member, it’s your job to serve the community and help make decisions that benefit all homeowners and residents. By making the right decisions, the community will benefit in various valuable ways.