Partnering With Professionals Can Take HOAs from Good to Great
Serving on your HOA Board can be a rewarding experience if you have access to the right resources. Homeowner and condominium associations are like any other business. It requires a range of knowledge and talent to keep the community operating at its best. But, no single person can possess all the financial, legal and business expertise needed to run an HOA efficiently. Partnering with the right professionals can take your community from good to great.
Professionals – If your Board is self-managed, there’s a good chance that your volunteers don’t have all the expertise you need in managing finances, facilities, vendors and other association business. Most community association management
companies offer a wide range of services that can be customized to fit your needs. In addition, they have processes and resources in place that allows them to handle specific tasks more efficiently. So, outsourcing financial and/or other administrative HOA tasks to a property management company likely will be more economical and give your Board time for other important community business.
Attorney with Association Experience – State and federal law changes affect how associations are managed, and it’s a must to understand the legal implications that impact your community. In addition, homeowner disputes or association business can have litigation potential. An attorney who is well versed in association law can advise you on managing these issues and recommend when legal action is needed.
Insurance Agent with Association Experience – If you have an insurance claim, you need coverage that lives up to your expectations. Your Board should review your insurance coverage with your HOA insurance agent. Evaluate your coverage and the finer points of the contract. Your agent can help you pinpoint gaps in coverage and ways to save money.
You Board also needs professional advice in other areas occasionally, i.e., CPA to audit financial records, architect, renovation specialist, etc. Choosing professionals who are experienced in condominium or homeowner associations will be beneficial. These professionals are familiar with common problems and opportunities that can affect your association.
If you want to enjoy serving on the Board and make a difference in your community, consider extending your circle of professional resources. It can mean fewer headaches for you and greater benefits for the community.
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Knoxville, TN: 865-643-8989