Many people enjoy living in communities regulated by a Homeowners Association. Around 67% of homeowners say their experience with HOAs has been "very good" or "good." Residents can enjoy numerous amenities, clean neighborhoods, and more when living in a HOA neighborhood.
An HOA can't function without the HOA board. It might be challenging for those outside the organization to see the value of having board members. However, they are integral to protecting your property values and creating a sense of community.
This guide will discuss the main responsibilities of an HOA board. We'll also discuss why you need one when living in an HOA.
One of the main HOA benefits is a well-cared-for and maintained neighborhood. Staying on top of the common areas in the community is a primary responsibility of the HOA board. Some of the areas that fall under this umbrella can include:
- Entrance signs
- Private streets
- Upkeep of amenities such as gyms, playgrounds, pools, and clubhouses
The board members aren't responsible for going out and taking care of the maintenance tasks themselves. Their job is to find reputable providers in your area that can perform the maintenance duties at an affordable price. Board members will also need to ensure maintenance tasks are performed on time while planning for major jobs.
Handle the HOA's Finances
Another responsibility of an HOA board member is managing the organization's finances. This can include:
- Paying the expenses of the association
- Collecting assessments
- Approving and/or drafting annual budgets
- Record keeping
- Maintaining reserve accounts
- Establishing policies
Staying on top of the HOA's finances is important. The association needs to have enough money to pay its expenses. They also have to have adequate funding to maintain the current common areas while planning for expansions.
Fostering a Sense of Community
Being an HOA board member is more than doing administrative tasks. Creating a peaceful neighborhood and a sense of community between neighbors is just as important.
The HOA board is in charge of approving and planning for community engagement activities. These types of events are funded by the HOA. Some of these might include:
- Outdoor movie showings
- Holiday parties/parades
- Potlucks and BBQs
- Sports competitions
Routinely throwing these events is a great way to keep your community feeling good about your HOA. It'll also get people out, creating lasting relationships with their neighbors.
Increasing Property Values
As we mentioned earlier, the responsibility of the HOA board is to protect your property value. They achieve this by:
- Enforcing the HOA's rules and regulations
- Maintaining the neighborhood
- Bringing the neighborhood's vision to life
Homeowners don't have to worry about their property value tanking because the rest of the neighborhood is declining.
Get Help Managing Your HOA Board
Directing an HOA board while ensuring your community runs smoothly is not an easy feat. Not only do you have to deal with the daily to-dos of being an HOA board member, but you also have to navigate complaints and comments from community members. An experienced property management company can help ease your stress.
PMI Flatirons Group is the leading property management company in Boulder, CO. We work with many clients who are in charge of HOA properties. Contact us to schedule a free consultation.