Welcome to our blog series, The Five Keys to Effective Association Management.
We took the five biggest issues or questions we heard from our HOA boards that weren’t addressed by their previous property management companies. If you’re on an association board, you can use these tips to plan for the future.
In our last video, we talked about the first key to association management: communication. Today, we’re looking at the importance of having an educated and active board.
Managing an HOA in Nashville: Active Boards
For a board to be effective, it has to be both informed and active. Why a board has to be active or reactive is self-evident. However, an uniformed or an uneducated board that is active can be devastating to an HOA. Two of the most dangerous phrases heard in an HOA board meeting are: yeah, but I don’t think….. Or, but we’ve always done it this way.
Homeowners Association Management in Nashville, TN
A board member needs to be educated on the realities of where they currently stand and what it will take to meet the demands of the future. Board members must also be open to the knowledge that comes from experience. This means they need to examine the financial reports and budget on a regular basis. Board members need to ask questions when they don’t understand something, and they need an experienced HOA company they can trust to give them accurate information to help make decisions. When board members have reliable information, they can create a plan to ensure the success of the property for the future.
In our next part of this series, we’ll talk about documentation.