Around a third of Washington's residents live in an HOA, which is one of the highest rates in the nation.
Whether you currently live in an HOA or you're looking at buying an HOA property, you may be wondering how it all works. All HOAs are governed by a set of volunteer homeowners that make up an HOA board of directors. These people take care of everything from running meetings to collecting fees and performing HOA evictions.
Today, we'll give you a short guide on the responsibilities of your HOA board. If you've got a dedicated board who are professional about their duties, your HOA will thrive. Conversely, a poor HOA board makes HOA living difficult, so keep reading and you'll be able to determine how yours is performing.
HOA Accounting
Every HOA member must pay their HOA dues. These dues are collected and pooled by the HOA board's treasure to pay for everything the community might need. Most of the money should go towards paying for regular maintenance of common areas, repairs, and installing new amenities.
Most HOA treasurers are amateur accountants, which can be tricky when dealing with such large sums of money. If the community's finances aren't healthy, it'll have a trickle-down effect. In the end, your community's property values could suffer and HOA dues could go up.
Many HOAs decide to outsource accounting duties to an association manager. These services have professional accountants on staff who can deal with bookkeeping and budgeting to get the community's finances back on track.
Governance: Rules, Regulations, and HOA Evictions
Governance is where HOAs can get contentious. All HOAs have rules and regulations that all homeowners must live by. They often contain rules about things like pets, landscaping, and HOA evictions for communities that allow rentals.
Whenever you're trying to govern dozens of homeowners with a set of rules, conflicts tend to arise. Your HOA board is responsible for making sure all members are complying with the regulations to create greater harmony in the community.
Community Maintenance
A perk of living in an HOA is community maintenance. Well-maintained communities are generally happier and have more outside interest, which results in high property values.
To ensure your community gets the care it needs, the HOA board is responsible for vendor coordination. This involves scheduling local vendors, whether it's garbage removal, landscaping, or snow removal. Failing to build relationships with local vendors can put an HOA community into disrepair.
Running HOA Meetings
HOA meetings bring all community members together to discuss important matters. Discussions may be centered around amendments to governing documents or new amenities in the neighborhood.
The HOA board runs these meetings, ensuring that they go smoothly. Once meetings are complete, the board must implement the community's wishes.
Is Your HOA Board Cutting It?
If your HOA board isn't performing the duties mentioned above, it might be time for association management. An association manager can support your HOA board in dealing with everything from vendor coordination to HOA evictions.
To get the best HOA manager in Tacoma, look on further than PMI Cascade. We're part of one of the largest HOA management companies in the country, so you can count on us to care for your community.
Contact us today to learn more about our services.
