Over 30% of Arizona's homes are in homeowners associations.
HOAs should give members a certain quality of life and perks in their community. Unfortunately, the world of community associations is riddled with disgruntled homeowners and ill-equipped leadership. This lack of leadership manifests in many ways, from financial mismanagement to issues with governance.
All communities discuss their issues at HOA meetings. In today's post, we're going to discuss how to leverage long-term project management planning in these meetings. Keep reading and you'll know what you need to do to create prosperity for the future.
The Purpose of HOA Meetings
There are two types of HOA meetings. First, you've got community meetings, which are generally held annually. These give the entire community a chance to voice their opinions about the big-picture plans for the community.
The other type is board meetings, which bring the leadership together to discuss how to implement plans from community-wide meetings. Both are necessary for long-term project planning.
Long-term project planning is important for maximizing HOA fees and creating financial stability for the future. Meetings can be the perfect place to leverage project planning ideas and concepts.
More Tactful Accounting
One of the ways that you can leverage project management is by generating more money for the HOA. Homeowners pay monthly HOA dues, which are combined to pay for everything the HOA needs. Poor accounting practices can make it difficult for the community to cover these needs.
Your HOA won't have to raise fees to cover expenses when money is well-managed. If fees need to go up to pay for future HOA amenities or better maintenance, that's a different story. This is an important discussion point in HOA meetings - sometimes, you have to spend money to make money.
Creating More HOA Amenities
When an HOA puts resources toward new amenities, it can help generate a lot of investor interest in the community. Some common HOA amenities include community swimming pools, tennis courts, and fitness centers.
Which amenities you choose to implement should be up for discussion at your HOA meetings. HOA leadership will have to crunch numbers and talk to local vendors before a final decision can be made on new amenities. If the community signs off on one, it can be great for HOA home values.
Community Maintenance and Home Value
If your community isn't well-maintained, it can put a damper on long-term project planning. Regular maintenance is essential to the comfort and safety of community members. Doing it well is another way to create more interest from real estate investors.
Well-maintained communities are more desirable. Some HOA communities have property values up to 4% higher than similar homes outside of the HOA.
Get Help From an Association Manager
Long-term project management planning is an important point to cover in HOA meetings. If you don't have people who can lead effective meetings, your community will never improve.
Hiring an association manager can solve a lot of these problems. At PMI Phoenix Golden West, we offer comprehensive property management services that include everything mentioned here. As part of one of the country's largest property management firms, we've helped countless Phoenix area communities future-proof their associations.
Contact us today to find out how we can help you.
