You relish the smell of freshly cut lawns and the sights of tasteful yard decor as you walk through your Phoenix neighborhood. You can already feel your property values rising thanks to your fellow community homeowners' association (HOA) board members.
Research shows that more than two million Arizona residents live in communities with HOAs. That's more than 31% of the state's population. HOAs are popular because they can help protect people's property values and ensure that neighborhoods' common areas are well-maintained.
Good HOA management is beneficial for both the association and the neighborhood. Let's explore three Phoenix, Arizona, HOA best practices.
Sharing information regularly is an essential part of homeowners' association management. Residents need to know what's taking place in their community.
Not disclosing information to homeowners in your Phoenix HOA community may make them feel like the board is engaging in nefarious activity. Keep your homeowners up to date using various methods. These include:
- Physical meetings
- Paper newsletters
Ask homeowners how they prefer to receive the latest community news and choose the communication method that satisfies the majority. Ensure your communications comply with your HOA regulations.
2. Be Fiscally Responsible
Another critical best practice for your Phoenix HOA is to manage your financials wisely. Your board must efficiently deal with delinquent HOA fee accounts and collect duties. Other financial responsibilities include:
- Compiling financial reports
- Tracking transactions and expenditures
- Overseeing spending
Hiring a community association management company may help you manage and monitor your board's monetary situation. This includes developing a budget and ensuring that the board remains within it.
What if you need to spend your HOA fees on landscaping or building repairs? Be transparent with your homeowners about how you'll allocate the funds. Your association manager can advise you on how to spend the money wisely.
Obtain several bids for projects and vendors to ensure you get the best deals. Disclose any conflicts between vendors and board members to avoid tarnishing your reputation.
Proper financial management can help your HOA thrive, meeting the community's needs long-term. Poor fiscal management may lead to financial shortages and even bankruptcy.
3. Enforce the Rules Equally
Communicate your HOA's rules, and hold every resident to the same standards. Unfair rule enforcement may lead to friction among community members.
Enforcing HOA laws inconsistently might also lead to a lawsuit by a homeowner if they claim you violated the U.S. Fair Housing Act. The act prohibits discrimination based on disability, sex, and race. Other factors include:
- Familial status
- National origin
Your governing documents should be available to all current homeowners and prospective buyers. Post them on your association's website. This will help ensure everybody knows how they're expected to care for their lawns and homes per your HOA regulations.
Get Help With HOA Management
Quality HOA management involves communicating news to neighborhood homeowners and being fiscally responsible. It also includes enforcing the HOA laws equally.
PMI Phoenix Golden West is your leading community association management services provider. We can help you manage your finances, including reporting and accounting. Book a consultation today!