Your Homeowners’ Association (HOA) board is the group that should have its act together. Your community can only run smoothly if your community works with one of the best phoenix hoa management companies. A good management company will help your board and community avoid common mistakes because they know exactly what to do to ensure successful community management. Here are some of the mistakes that board members can make and how your management company can help you avoid them:
Not Reading Governing Documentation
The bylaws and CC&Rs of your community are essential because they help you avoid getting your community in legal and financial trouble. If you know the ins and outs of the HOA documents, your board could try to and enforce important rules. Working with a good HOA management company will help you stay on top of important documents and reminders your board has to follow.
Not Collecting Overdue Fees on Time
A reputable HOA management company can help your board successfully collect overdue fees. Keep in mind that letting even one homeowner get away with playing late to avoid confrontation with your neighbor isn’t fair to other members of the community. Allow your manager to do the job for you.
Not Reviewing the Financials
If the board fails to review the community financials, you will not understand them which can be devastating for the members of your community who depend on the board. Remember that you will want to invest the hard-earned money of your members into the community correctly and account for each dollar spent. This task can be taxing. However, working with a professional management company that specializes in community finance is an excellent way to stay on track and avoid making financial errors. The company knows that the majority of board members aren’t financial experts. That is why will explain financial reports and general industry practices in financial record keeping.