With a new year beginning, many homeowners associations in Tacoma, WA and across the country are looking for ways to make the upcoming year a success. While the resolution to stay healthy and get more organized are on the minds of many, HOAs have the unique opportunity to make resolutions that will benefit the entire community.
If you want to strengthen your community and improve the quality of life of its residents, consider implementing these five resolutions in 2023.
1. Audit Last Year’s Expenses
It’s important for your HOA to regularly audit its financial records to stay on top of your budget and ensure that the funds allocated are being used responsibly. This is especially important in the new year since it will give the board a clear picture of where their money has been going and what needs to change to be more financially responsible.
After reviewing all previous costs, plan a new budget to save money in the new year. Residents are rarely happy with an increase in HOA dues, so cutting costs where you can to keep dues the same will be much appreciated by residents — especially as costs in many other aspects of their life have recently increased.
2. Review Vendor Contracts
The new year is a great time to look closely at your vendor contracts and assess which vendors are doing a good job and which ones leave something to be desired. Some vendors may have multi-year contracts that can’t be renegotiated, while others may seek to raise their fees in 2023.
This vendor review will help the board ensure that all contracts are up-to-date and that all vendors are performing to the standards outlined in the agreement. During the review, the board should also take the opportunity to search for better deals and potentially renegotiate rates to save money. This can help keep HOA dues the same as in 2022, increasing homeowner satisfaction.
3. Create a 2023 Event Calendar
With a new year comes new events! If you haven’t already, create a refreshed community event calendar for 2023 and distribute it to all homeowners. This calendar can include everything from social events to fitness classes and board meetings so that every resident can get involved in community events.
Not only does a clear and organized event calendar give the community the opportunity to participate in more activities, but it also allows the board to verify more easily that they’re taking full advantage of their budget and available resources.
4. Review Your Community’s Emergency Plan
It’s important for any HOA to have a plan in place in case of an emergency. This plan should include procedures such as evacuation routes, communication protocols, and emergency contact information. Ensure that each homeowner knows how to evacuate quickly and where to seek refuge.
This is especially important for homeowners associations in areas that experience natural disasters such as wildfires, earthquakes, tornados or hurricanes. At the start of the year, review your community policy for power outages, severe weather, and other natural disasters, and share an updated emergency plan with every resident in your neighborhood.
5. Update Your Community Management Plan
It’s always a good idea to meet with your HOA management firm and review your community management goals for the coming year. Collaborate with your community management company to create a comprehensive plan that includes the board’s vision for the community, its goals, and any strategies the board plans to use to achieve these goals.
The plan should also cover the topics of property maintenance, rule enforcement, finances, communications, policy development and asset protection. This plan may look similar to last year’s, but it’s still important to have up-to-date information you can share with your homeowners and implement for an effective community association.
By implementing these five resolutions, board members can ensure that their community association is prepared for a successful and organized 2023. Having the tools you need to manage your community and keep your members informed and engaged is invaluable, so consider hiring an HOA management firm to execute your goals for the new year.
With over 30 years in the industry and over 1,500 successfully managed communities, The Management Trust has the expertise to guide you in all aspects of community association management. To learn more about our comprehensive HOA management services in Tacoma, WA or our Trusted Partners Program, call The Management Trust at (253) 472-0825 or fill out our online contact form today.