Assessing Your HOA’s Needs and Goals — and How Community Management Services Can Help
HOAs inevitably evolve over time. Homeowners move in and move out; amenities become used, outdated, or upgraded. Often, communities won’t look the same 10 years after their inception, and their operational needs will inevitably change alongside them.
That’s why it’s critical that HOA boards regularly assess the needs and goals of their community, taking a critical look at the current state of the neighborhood and identifying what needs to be done for the future. If your HOA is overdue for an assessment like this, here are a few tips for outlining an effective HOA management plan for the future.
What Is the Current State of Our Community?
The first step in assessing your HOA’s needs and goals is understanding the current state of your community. This involves evaluating the physical, financial, and social aspects of your community. Figure out what is and isn’t working.
Firstly, consider the overall condition of your HOA. Are there any maintenance or repair needs that need to be addressed? Are the common areas clean and well-maintained? Are current homeowners happy with the amenity offerings? Are there any safety concerns when using them?
Financially, consider your current vendor contracts and scope of work. You should also review your community’s spending and assess what areas are most effective and what areas of spending could be streamlined. Look for any potential cost savings, and keep an eye out for areas of spending that could increase significantly in the future.
Finally, assess the atmosphere and overall satisfaction of the residents. Are there any ongoing conflicts or concerns? Are residents actively involved in community events and initiatives? Are communication channels effective in keeping residents informed and engaged? Assessing the current state of your community holistically will help identify any areas that need improvement and serve as a baseline for setting future goals.
Where Do We Want Our HOA To Be?
Once you have a thorough understanding of the current state of your community, the next step is to determine where you want your HOA to be. This involves setting short-term and long-term goals that align with the vision for your community.
Short-term goals may include addressing any maintenance needs or improving communication channels. Long-term goals may involve big-ticket projects such as a community renovation or implementing green initiatives. Work with your HOA management company to ensure that your goals are achievable, measurable, and realistic. It’s also important to ensure that your reserve study covers these projects and that you have enough funding for any unanticipated maintenance in addition to your desired improvements.
How Do We Achieve It?
Once you have identified what needs to be done, your board should create an actionable plan to achieve those goals. This is where HOA management companies most effectively come into play. HOA management firms offer a comprehensive range of services, including HOA financial management, that will help you strategically work toward your goals to improve your HOA.
Your HOA board’s plan for updating your community must include two key factors: a financial plan and a plan for communicating details to your members. No matter what, remember to communicate all planning details and proposed deadlines to homeowners to keep them engaged and aware of where their money is going. Homeowners want to know that their board is operating with their best interest in mind, so being transparent about your future upgrades and changes will foster trust and improve resident satisfaction.
By utilizing professional community management services, HOAs can achieve their goals and create a thriving, harmonious community. If you want to implement changes in your HOA but you’re not sure where to start or can’t handle it on your own, contact The Management Trust today. We have a comprehensive range of community management services, including HOA financial management, and a team of experts who can assist you in every aspect of community association management. To learn more about how The Management Trust can enable your community’s success for decades to come, contact us today.
