If you want your Homeowner’s Association to attract members and avoid disputes, it’s important to offer the right selection of services. Knowing the best items to include among your HOA’s responsibilities can streamline your operation, while making it clear where the home owners’ responsibilities begin.
These are the most important areas any HOA should cover.
8 Most Critical Aspects an HOA Should Handle
- Disagreement Resolution
In any disputes between residents, it’s important that the HOA be able to serve as mediator – particularly if it’s an issue that could affect other residents as well.
- Master Property Insurance
While home owners may carry their own private property insurance, the HOA should still be responsible for insuring the property as a whole – particularly common areas.
- Parking Regulations
Never let owners work out parking for themselves – it’ll quickly turn into a nightmare. This is one area where the HOA should be setting and enforcing the rules for who can park, when, where, and what.
- Financial Management
An HOA needs books which are kept as properly as those of a business. Fortunately, accounting for homeowner’s associations can be handled by software to make the process easier.
- Legal Coverage and Costs
An HOA should always have legal representation on retainer for everything from handling collections disputes to settling disputes with neighboring HOAs. This is another area where HOA accounting software can help streamline the process.
- Common Area Repairs/Replacements/Renovations
The HOA is ultimately responsible for the upkeep up all common areas, which is another aspect of accounting for homeowner’s associations that needs to be considered. This also includes picking projects and choosing the right vendors/contractors.
- HOA Security
A good HOA needs a good security system protecting it. Generally, a combination of video surveillance and live guards is the best plan.
- Infrastructure Services
Finally, don’t forget vital infrastructure such as water and power. Also consider providing services like Wi-Fi or transportation, if it seems feasible – it’s a big bonus for owners.
Asyst6 Helps Manage Your HOA
Contact us now to learn about the best HOA management and accounting software package available!Posted by Angie Jimenez Posted on 04 Aug