How Can Technology Help You Modernize Your HOA Management?

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Technology has transformed virtually every industry over the past two decades, and the pandemic only further accelerated tech adoption. This rapid acceleration set apart modern, adaptable companies from slower, outdated ones and highlighted the wide gap between the two.

With more and more Tacoma, WA, homeowners relying on technology to get things done, many HOAs are opting to modernize operations to get ahead of the competition and provide a better experience for members. Technology enables HOA boards to perform better community management and streamline processes, boosting resident satisfaction. Here’s how technology can help you modernize your HOA management if you’re seeking to do so.

HOA Management and Technology

In today’s world, HOAs are facing numerous challenges in managing their communities, from financial and administrative duties to operational dilemmas. Consequently, HOAs are needing to think about how to enhance existing processes with the help of technology to keep up with the demands of modern life.

According to a recent survey of HOA management professionals, 49.2 percent of communities have been using their current technology for three or more years. While this may not sound like a long time, three years can mean the difference between contact submission forms with a 48-hour email response and real-time text-based communication. This is a difference that residents clearly notice since 28.6 percent of members report feeling neutral or dissatisfied with their HOA’s current technology solutions.

With the emergence of more sophisticated digital and cloud-based technologies, there are many ways to effectively modernize HOA management. However, HOA boards first need to analyze the biggest challenges they face to implement solutions that tackle them productively and efficiently.

Challenges HOA Boards Face

According to the same survey mentioned above, the three biggest challenges facing HOA boards are communication (21 percent), meeting customers’ needs and expectations (17 percent), and manual/outdated processes (15.8 percent). In fact, 50 percent of all homeowners surveyed reported that they found their HOA boards to be unresponsive. 

These primary challenges are all exacerbated by the same common cause: outdated technology and inefficient workflow. It’s imperative that HOA management addresses these concerns, and implementing new technological solutions is a relatively easy and cost-effective way to do so.

Technological Solutions for Future Community Management Services

Most HOAs are aware of their communication flaws and struggles with outdated technology, especially as the pandemic has further highlighted these problems. That’s likely why 83.6 percent of community associations plan to utilize new technology within the next year.

If you’re one of the HOAs planning to improve their technology, there are several key solutions that are most effective in improving community communications. Community websites that are updated and user-friendly can keep residents updated on all the latest neighborhood happenings, creating transparency and acting as the first line of defense against any resident questions. Member portals are also hugely beneficial, allowing residents to log into personal accounts and handle administrative tasks such as paying dues, updating contact info, reviewing a work order status, or submitting questions to their HOA management. 

SMS communications solutions further elevate community management services by enabling 24/7 communication with residents. Smart text-messaging helpers such as The Management Trust’s Trusty provide a convenient way to get answers to basic homeowners association inquiries. With Trusty, residents can receive community notices, manage payments, submit maintenance requests and more right from their phone at any time or day of the week.

If your HOA feels overwhelmed or outdated and wants to make their HOA living easier, professional community management services can be a lifesaver. In addition to equipping your community association with all of the digital tools it needs to succeed, we’ll also help run the day-to-day operations of your HOA, so your board has more free time to focus on the bigger picture. 

If your community association could benefit from a professional HOA management company, call The Management Trust at 253-472-0825 or fill out our online contact form today. We’ve been one of the nation’s leading HOA management firms for more than 30 years, and we’d love to help your Tacoma, WA, community thrive as well.

How To Improve Community Communication and Streamline HOA Management

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There are endless benefits to living in an Aurora, CO, community association, including resident connectedness and high-quality community management. However, keeping residents up-to-date about changes, rules, announcements and other important matters can prove challenging for many HOAs.

To ensure that your residents always feel connected and well-informed, it’s essential to have effective communication strategies in place. Here are five simple ways HOAs can improve their community communications and streamline their HOA management to keep all residents up-to-date.

Make Sure Contact Lists Are Updated

It’s important for HOA boards to have accurate contact lists so they can reach all of their residents. If your lists are out-of-date, you could be wasting resources sending emails or phone calls to residents who have since moved or who have updated their contact information.

It’s always a good idea to review and verify your residents’ contact information yearly. This includes having up-to-date legal names, email addresses, phone numbers, and emergency contacts. It’s also useful to have a physical mailing list so residents can receive printed materials when necessary.

Don’t Spam Residents

Once you have up-to-date contact information, make sure you don’t abuse it. It’s easy to get carried away keeping residents updated on all the goings-on in your community, but receiving too many communications could irritate residents and even lead them to request being left out of future communications.

Everyone has a different preference for the amount and frequency of communications they receive, so there’s no general rule to follow. However, try to avoid sending more than one email a week unless there’s an emergency. A monthly or bi-weekly newsletter is generally appreciated by residents. Send additional emails for time-sensitive issues that could impact residents, but find a balance to avoid going over the top.

Make It Easy to Read

When sending emails, newsletters and other materials, ensure they are easy to read and understand. Use plain language, and avoid jargon and acronyms whenever possible. This will make it easier for residents to understand what’s going on and take action if necessary.

It’s also helpful to have large-print materials for elderly residents or those with sight difficulties. Bullet points and charts also help make information easier to digest and more accessible for all.

Utilize Resident Web Portals

Many community associations now use web portals to allow residents to access important information such as meeting minutes, financial reports and other documents. They serve as a great central point of information and can provide residents with non-urgent updates in lieu of emails or other direct communication.

Web portals are also a great way to implement messaging between residents and their HOA leaders and HOA management firm. Web portals allow residents to submit permit requests, maintenance notices, and any other inquiries at their convenience and without flooding the HOA’s phone lines.

Be Responsive

No matter what tools you utilize to communicate with your residents, it’s important to not only communicate clearly but also be responsive and open to feedback. This means responding to resident inquiries in a timely manner and remaining open to suggestions and ideas.

Establishing and maintaining open lines of communication between the HOA and its residents is vital to improving the overall quality of life. It helps create an atmosphere of trust and engagement among residents, which is essential for any successful HOA. The faster you can respond to resident inquiries and resolve any issues, the happier everyone will be.

If you’re seeking a communications solution for your community management, The Management Trust is proud to have further elevated its community management services with the introduction of Trusty, a smart text-messaging helper that provides a convenient way to get answers to basic homeowners association inquiries. With Trusty, homeowners can receive community notices, manage payments, submit maintenance requests and more right from their phone, 24/7.

If you want smarter community management services, look no further than The Management Trust. We’ve remained one of the premier HOA management companies in the country for more than 30 years, with more than 1,500 communities served nationwide. To learn more about our full range of community management services for Aurora, CO HOAs, call The Management Trust at 303-750-0994 or fill out our online contact form today.

3 Ways To Make Dues Increases Make Sense to Your HOA Community Members

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When it comes time to increase dues for your Tacoma, WA, community members, it’s important to present the increase in a way that makes sense to them. If residents know why the money is needed, they’re more likely to be accepting of the increased cost.

With this in mind, an effective way to communicate the increase without fear, confusion or anger is to explain the rationale behind it. If you’re increasing dues for your HOA soon, here are three common reasons you likely need to raise dues that will make sense to your HOA community members.

1. It’s On Par with Inflation

The cost of living has been steadily increasing over the years, especially since the pandemic, and HOA dues will need to reflect that. If the Consumer Price Index increases more steadily than HOA dues, your community’s reserves will be depleted sooner than anticipated, leaving you in need of money for projects or having to forego property improvements altogether.

Explain to your members that an increase in dues is necessary to keep up with the rising cost of living. Without these adjusted prices, your HOA board won’t be able to pay all the necessary vendor charges, maintenance fees, and unexpected costs that arise throughout the year. When costs outweigh your HOA’s incoming dues, large-scale problems arise that can jeopardize property values and resident satisfaction.

2. It Prevents a Sudden Jump

While fee increases are never good news, incremental changes over time are often more palatable than a sudden spike. A gradual increase in dues allows members to adjust to the change over time and incorporate it into their budget rather than having to deal with a sudden increase that could cause financial hardship.

Most residents would accept an increase of a few dollars every year, but almost all would be upset by a sudden jump of $100 or more, which could impact their budget and put a strain on their household finances. Fee increases are never welcomed, but preventing a hard hit for community members can help maintain resident satisfaction long-term.

3. It Protects the HOA’s Long-Term Future

Not only does the HOA need to keep pace with the cost of living today, but they also need to anticipate the cost of living tomorrow and maintain healthy reserves that can be used for unexpected costs. Whether renovations are more extensive than expected or a natural disaster causes property damage, almost every HOA will encounter unforeseen issues during the course of the year and need to dip into their reserves.

Being proactive and accounting for future inflation will help you keep your reserves plentiful while keeping things budget-friendly for homeowners. If you don’t increase dues slowly over time to anticipate this increase, you’ll eventually need to spike fees or issue a special assessment which will leave residents unhappy and potentially in a position of financial hardship.

At The Management Trust, we can assist Tacoma, WA, HOA boards with handling difficult tasks such as issuing assessment increases. While executive decisions always come from the board, we can execute those plans and implement any changes that need to be made on behalf of the community association. More than 1,500 communities throughout the country trust The Management Trust to get the job done right, including dozens throughout the Tacoma, WA, area. To find out more about our full range of available HOA management services, call The Management Trust at 253-472-0825 or fill out our online contact form today.

4 Helpful Tips To Ensure a Successful and Productive HOA Board Meeting

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Having a successful and productive HOA board meeting is essential to ensure the smooth operation of your Aurora, CO, community. While not all meetings will go perfectly, there are some steps that can be taken to ensure a successful meeting. Here are four helpful tips to ensure your HOA board meetings are optimal and productive.

1. Come Prepared

Before a board meeting, it’s important to make sure that everyone is properly briefed on the topics that will be discussed. This should include any relevant documents or reports that have been prepared prior to the meeting. Making sure that everyone is familiar with the topics and any materials that will be discussed will help to keep the meeting focused on the task at hand. It’s also important to make sure that everyone is aware of the time allotted for the meeting and the agenda that will be followed.

If you have an HOA management firm, they’ll put together the agenda and make sure all the correct topics are covered. They can also deliver all necessary information to board members to ensure that everyone has a chance to review the material prior to the board meeting. In addition to background information and documentation, this can also include your HOA management firm’s recommendation based on their expertise.

2. Stick to Business

During the board meeting, it’s important to stay focused on the business at hand. This means that any personal opinions or issues should be left outside the door. This will help to keep the conversation on track and ensure that the meeting is productive and focused.

Try to avoid resolving unscheduled issues on the spot. This common distraction can easily lead to endless digressions that use up your board meeting’s minutes and leave urgent matters unresolved. If issues arise during the course of your meeting, ask your HOA management firm to schedule another board meeting, during which time the new issues can be resolved in a thoughtful and well-prepared manner.

3. Assign a Point Person

To help keep meetings focused and on track, assign a single person to run the meeting. This person should have a strong voice and clear focus, and they should have no issue issuing time limit reminders and redirecting the conversation back to the scheduled topic.

Typically, your board meeting point person would be your HOA president or a contact at your HOA management firm. However, anyone who can effectively lead and ensure meetings stay within the schedule is a great choice.

4. Create Clear Documentation

After the board meeting, it’s important to create clear documentation of the topics that were discussed. This can include minutes of the meeting as well as any next steps or actions that need to be taken.

Having clear documentation of the meeting will help to ensure that any actions taken are properly followed up on in the future and any decisions are implemented in a timely manner. They can also act as a starting point for the next HOA board meeting. If you’re unsure where to start, your HOA management company can record the minutes and create a list of action items.

HOA board meetings can sometimes be a full-time job in and of themselves; handling the many other aspects of successful community management can be overwhelming and even impossible if your board is small, inexperienced, or otherwise just busy. Professional HOA community management is beloved by community association board members across the country because it lightens the load on Aurora, CO, board members and allows you to focus more of your time and energy on your community’s overall well-being. 

If your community association could benefit from a professional HOA management company, call The Management Trust at 303-750-0994 or fill out our online contact form today. We’ve been one of the nation’s leading HOA management firms for 30 years, and we’d love to help your Aurora, CO, community thrive as well.

How Do Fiduciary Duties Play a Role in HOA Financial Management?

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Being the board member of a Tacoma, WA HOA is no lighthearted task. HOAs are responsible for managing the financial resources of all the members of a community, and as such, they must exercise a high degree of responsibility and accountability to ensure that resources are managed properly and efficiently.

As a result, fiduciary duties are essential to ensure that all parties involved in financial management are held accountable and responsible. After all, fiduciary duties play a critical role in HOA financial management and can make or break a Tacoma, WA community association’s success.

What Is a Fiduciary?

A fiduciary is a person or organization legally obligated to act in the best interests of another party. This means that fiduciaries must put the interests of the party they represent before their own interests. Fiduciary duties are the duties that a fiduciary owes to their beneficiaries, such as the duties of loyalty and care.

What Are the Duties of Fiduciary Responsibility?

Fiduciaries are required to exercise their powers in accordance with the duties set forth by local law. As mentioned above, there are two primary legally obligated duties when acting as a fiduciary: duty of loyalty and duty of care. 

  • Duty of Loyalty: Duty of loyalty requires the fiduciary to protect the interest of the association and not take any action that may be contrary to its interests. This includes refraining board members from taking advantage of their position and deriving personal benefits as a result of their elevated status. They cannot use their position of power to further their private interests, and they must always disclose any potential conflicts of interest. Violation of the duty of loyalty could result in liability for all resulting damages.
  • Duty of Care: Duty of care can also be referred to as the duty to perform due diligence. Simply put, this means that board members have the responsibility to perform all tasks required of them, be active participants and make informed decisions that are in the best interest of the community. Failure to carry out your responsibilities as a board member or failure to take your position seriously are considered forms of breach of the duty of care. If you accept the responsibility of becoming a board member, you’ll need to perform all associated tasks with thought, care and fairness.

How Are HOAs Protected from Fiduciary Decision-Making Liability?

Although there are risks to performing your job as a board member without proper care, there are protections in place to limit the liability of HOA board members when acting as fiduciaries. After all, most board members are volunteer residents, not community management professionals, so honest mistakes may happen, and it’s important for board members to feel protected in their roles. Here are a few ways in which your HOA can limit its liability:

  • D&O Insurance: Directors’ and officers’ coverage will protect board members against errors while serving their community.
  • Governing Documents: Most communities will have a hold harmless agreement or indemnity provision in their bylaws, which limits a board member’s personal liability while in office.
  • Statutory Protection: The Davis-Stirling Act protects volunteer board members from personal liability while serving on the board of directors, provided that they might specific criteria. Your state’s Corporations Code can also provide protection if you had no reason to believe that your action was unlawful at the time it was committed. 

With all liability protection measures, it’s important to note that these typically only apply if you’ve acted in good faith and in the best interest of the association. Willful neglect or abuse of your duties will not often be covered by these measures.

If you want to ensure that your board and all of its members are acting within the law and within your duties as a fiduciary, consulting an HOA management firm can help give you peace of mind and enable your community’s long-term success. 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, including HOA financial management. To learn more about our comprehensive HOA management services in Tacoma, WA, call The Management Trust at 253-472-0825 or fill out our online contact form today. We look forward to working with you!

How Do HOA Management Companies Make Life Easier for Community Associations?

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The task of managing an Aurora, CO HOA can be overwhelming, especially since many HOA board members are community volunteers tasked with significant responsibilities. That’s why many HOAs turn to professional community association management firms to help take care of day-to-day tasks.

HOA management companies have the manpower and industry knowledge to expertly handle your community’s needs, from daily maintenance tasks to behind-the-scenes guidance. If your HOA board is feeling overwhelmed with all of the tasks necessary to run a successful community, HOA management firms can offer key community management services that make your life easier.

Advisory Services

One of the most important services provided by HOA management companies is advisory services. Although final decisions are always made by community board members alone, HOA management companies can provide the board of directors with valuable advice and guidance on topics such as budgeting, legal issues and maintenance. 

HOA management firms can also help the board of directors stay up-to-date on changes in laws and regulations that may affect the community. With so many daily tasks requiring your board’s attention, it can be challenging to keep up with ever-changing local laws and regulations, especially if you don’t have a legal professional on your board. Having an experienced advisor on hand can help make sure your association is making the best decisions for the community.

Administrative Support

HOA management companies can also provide administrative support to the board of directors. By outsourcing tedious administrative tasks, the HOA board members can focus their time and energy on other important issues, such as key decision-making during board meetings. 

Daily administrative items that your HOA management company might perform include:

  • Paying bills
  • Collecting assessments
  • Planning and executing community events
  • Managing HOA correspondence
  • Managing vendor contractors
  • Facilitating board meetings

HOA management companies can also handle the day-to-day operations of the association, freeing up the board of directors to focus on more impactful tasks.

Routine Maintenance

Day-to-day operations can take up a considerable amount of time for board members, and as volunteers, you may not always have time to do the many tasks that need to be completed each day. Luckily, your HOA management company can perform ongoing maintenance and regular inspections to ensure that all areas of your community are in good working order.

Daily community management services can include vendor coordination, resident communications, repair oversight, expense tracking and more. Your HOA board will authorize your community management firm to perform specific tasks, so what exactly your management oversees is up to the discretion of your board.

Overall, HOA management companies can take the burden off of your board and ensure that your community is always running smoothly. If your HOA is looking for help managing the association’s day-to-day tasks, an HOA management company may be the right choice for you. 

If your Aurora, CO HOA is in need of HOA community management services, trust the industry-leading experts at The Management Trust. We provide full-service community management as well as independent financial management services to best suit your Aurora community’s needs. To find out more about our wide range of community association management services, give us a call at 303-750-0994 or fill out our online contact form today.

How Can HOA Financial Management Help Make the Most of Your HOA’s Reserve Study?

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A reserve study is an important tool for any Tacoma, WA homeowners association. It provides a comprehensive look at the association’s financial situation and allows the board to plan for future maintenance and replacement of community assets. 

However, a reserve study is only as good as the information it contains and the board’s ability to use it effectively. With proper HOA financial management, you can get the most out of your reserve study and ensure your community remains well-maintained, well-funded and attractive for years to come. 

What Is a Reserve Study?

A reserve study is a detailed analysis of your community association’s assets and financial health. A reserve study aims to outline how your HOA plans to spend its funds in the next 30 years so it can maintain enough money to do so. 

While each state has its laws regarding how often a physical inspection must take place, you need to assess your reserve study each year so you can include up-to-date information in your HOA’s annual budget report.

Complete a Physical Inspection

Most states require that you conduct a physical inspection every three or so years as part of your reserve study analysis. During this inspection, your reserve analyst and HOA management firm representative will examine common areas, assessing what may need to be maintained or replaced in the future.

Common areas for evaluation include roofing, plumbing, electrical wiring, streets and sidewalks, landscaping, irrigation, and any amenities. The condition of these and the expected cost of repairs in the future will dictate how much money you’re recommended to have in your reserve.

Undergo a Financial Analysis

Next, you’ll undergo a financial analysis of your HOA’s reserve fund. This will provide you with an understanding of the current and projected balances in the reserve fund and the impact of any new expenses or investments on the association. 

This information is critical in helping you plan for future expenses and ensure sufficient funds are available. To make your information as accurate and thorough as possible, ask your community association management company to assemble all the necessary financial documents, including vendor invoices, bank statements and cost estimates.

Anticipate Commonly Overlooked Issues

Whenever estimating future financial needs, it’s always best to include a buffer for unexpected costs. Your reserve study should be thorough, but it may still fail to cover unplanned-for expenses such as natural disaster damage or emergency repairs. Commonly overlooked areas include:

  • Unanticipated repairs
  • Roofing repairs or replacement
  • Emergency damage
  • Increased prices for raw materials

Understand Your HOA’s Funding Plan

Understanding your HOA’s funding plan is also key to making the most of your reserve study. Knowing where your funds are coming from and how they are allocated will help you make informed decisions about how to use them wisely. 

How will annual dues change over time? Will you hold fundraisers or rent out amenities? Ask your HOA management firm to share your current income breakdown and make a realistic long-term plan for covering the expected costs outlined in your reserve study. Planning strategically and comprehensively will help you avoid last-minute significant fee hikes or emergency special assessments that lower resident satisfaction.

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, including HOA financial management. To learn more about our comprehensive HOA management services in Tacoma, WA, call The Management Trust at (253) 472-0825 or fill out our online contact form today. We look forward to working with you!

Addressing Your Aging HOA’s Essential Needs in 4 Easy Steps

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Running an Aurora, CO HOA, much like owning a home, involves various maintenance levels as the property ages. While care may be minimal in the first few years — fixing minor damage as it arises — the scope of the issues and the costs associated with them tend to rise drastically as the years go on. Repairs become replacements, and your community association management strategy will almost certainly need to evolve to meet these evolving needs.

If your community can measure its life in decades, you may find that your 30-year-old reserve studies don’t accurately estimate the current costs of replacement and operation. As such, it’s important for HOA management to reassess these costs periodically and anticipate future financial needs. Here are four simple steps to doing so:

1. Establish a Clear Vision

The primary purpose of an HOA is to maintain the value of its properties and the quality of life for its members. As a community association ages, it is important to have a clear vision for the future. Take time to consider what you would like the community to look like five, 10 or 20 years from now. This can include things like increasing property values, maintaining the integrity of the community and providing amenities that are attractive to homeowners. 

Once you have an idea of the long-term vision for your HOA, you can begin to create a strategic plan to make it a reality. This plan should include actions that the board will take to achieve these goals as well as financial milestones that will need to be hit to successfully fund these initiatives. If you’re struggling with where to start, ask your HOA management firm for examples of strategic plans from other communities in your area.

2. Prioritize Long-Term Financial Success

To ensure that your HOA is able to meet its long-term goals, it’s vital to prioritize long-term financial success over pleasing residents in the short term. While residents are never happy about increased dues, it’s a necessary evil as inflation increases and maintenance costs rise.

Take a realistic look at your current and future financial needs, and allow dues to track incrementally alongside the cost of maintaining property values. Many community associations are tempted to cap association dues at an arbitrary ceiling. However, this often hurts the HOA long-term and leaves it with lower reserves than are needed to successfully operate. Prioritizing accurate reserve estimates will ensure that the association can cover its costs in the future.

3. Evaluate Your Reserve Studies

A reserve study is an essential tool for HOAs. It helps the association plan for long-term maintenance, repairs and improvements, and it provides a realistic assessment of how much money is needed in reserves to cover those costs. Some states have requirements about how often reserve studies must be conducted, but it’s always a good idea to take a closer look at your reserves every few years. 

Compare your current reserves to your anticipated maintenance and repair plans, both in the immediate future and over the next 15-30 years. Draft a strategic plan that ensures your HOA collects enough money to fund its vision over that period. If you’re feeling overwhelmed, your HOA management firm can help you draft a plan and compare it to your current reserve study.

4. Have Clear & Consistent Communication

All of these financial plans, studies and regulations are hugely important for the success of your community association, but they aren’t often top-of-mind for your residents. When it comes time to raise dues in accordance with anticipated costs, HOA boards can often be met with a lot of resistance because homeowners are only privy to short-term plans, not long-term necessities. 

It’s important to clearly and concisely communicate the financial objectives of your HOA to all community members. This ensures that everyone understands the long-term plan and is more likely to support future dues increases. Make sure to provide regular updates and discuss any changes or modifications to the financial plan. This will help build trust and create a sense of solidarity within the community. 

If you want to implement more modern resources for your community members but you’re not sure where to start, 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 Aurora, CO community’s success for decades to come, give us a call at (303) 750-0994 or fill out our online contact form today.

5 New Year’s Resolutions Your HOA Can Use in 2023

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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.

5 Essential Community Association Management Terms You Should Know

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If you’re involved in an Aurora, CO community association, it’s important to understand the key terms and roles involved in day-to-day HOA operations. By understanding these terms, community leaders and HOA managers are better equipped to care for their communities and ensure that all residents are properly taken care of.

Whether you’re buying a home in a community association or have been elected to your HOA’s board, here are five essential community association management key terms you should know.

1. HOA Member

An HOA member is simply a homeowner within your community association. Membership in an HOA is a mandatory membership for individuals that purchase a home or lot within a community association.

An HOA is a nonprofit organization that represents the interests of the property owners within that community, so by paying your HOA dues, you’re essentially paying for a membership to that neighborhood organization.

2. Board of Directors

The board of directors is the governing body of the HOA. They’re responsible for overseeing the day-to-day operations of the association and making decisions on various matters on behalf of the neighborhood’s members. The board is made up of elected homeowners within the HOA, all of whom volunteer their time to act as fiduciaries of the corporation.

As fiduciaries of the community association, board members have fiduciary duties that they must carry out. HOA board members must act in the best interest of their fellow homeowners, regardless of personal relationships, financial circumstances or any other factors. All actions must be recorded, no single board member can act unilaterally, and all board decisions are available to the entire community association membership.

3. Board Meetings

Board meetings are regularly scheduled meetings of the board of directors. At these meetings, the board will discuss and vote on various matters related to the HOA, such as budgeting, assessments, rules and regulations, and other matters. 

There are two primary types of board meetings — regular sessions, which are open to all HOA members, and executive sessions, which are private meetings of the board. Regular sessions are where all of the HOA’s operational decisions are made. Homeowners can sit in on the meeting and participate in any part of the agenda open to HOA members, such as homeowners forums. Executive sessions, on the other hand, are not open to the HOA membership, and meetings are not recorded in detail. These meetings are typically for sensitive subjects such as legal issues or personnel problems.

4. Assessments

Assessments are mandatory dues or fees that all community members must pay. These fees are collected on a regular basis, such as monthly or annually, and are used to pay for the maintenance of the community association and its amenities. 

There are several types of assessments: regular assessments, maintenance assessments, extraordinary assessments or special assessments. Your maintenance assessment is also known as the HOA fee. This fee pays for community management and the upkeep of all common areas, so you can continue to live in a desirable neighborhood with solid property values.

5. HOA Management Company

An HOA management company is a company that is hired by the HOA to manage its day-to-day operations. HOA management companies are typically responsible for collecting assessments, enforcing rules and regulations, and providing other administrative services to the HOA. 

It’s important to note that the management company does not make any decisions on behalf of the association. It merely acts at the direction of the board to execute duties and enforce rules where needed. Hiring an HOA management firm is one of the best decisions you can make for your community, as it can help ensure that the community association is properly managed and its members are always taken care of.

The Management Trust is an HOA management firm that has helped communities throughout Aurora, CO become stronger and operate more smoothly. Just like an HOA board is composed of its fellow residents, The Management Trust is entirely owned by its employees. This makes us uniquely positioned to understand the diverse needs of HOA board members and offer exceptional, personable community management with every interaction. From vendor billings to record-keeping services, The Management Trust can do it all and leave your HOA with more time to focus on the big picture. For more information about our community management services in Aurora, CO or to request a proposal, give us a call at (303) 750-0994 or fill out our online contact form today.