Self-managing an HOA can offer financial savings and control, but it comes with challenges that can lead to costly mistakes if not handled carefully. Here are the top 10 common mistakes self-managed HOAs make—and tips on how to avoid them. 1. Failing to Maintain Accurate Records Without organized records, it’s challenging to make informed decisions…
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Homeowners’ Associations (HOAs) across the United States are experiencing significant increases in insurance premiums, with some seeing costs double or triple upon renewal. Several factors contribute to this surge: Traditionally, opting for higher deductibles—where the policyholder agrees to pay more out-of-pocket before insurance coverage kicks in—has been a strategy to lower premium costs. This approach…
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In 2021, the U.S. government enacted the Corporate Transparency Act (CTA) to increase transparency around company ownership. Aimed at reducing financial crimes like money laundering and tax evasion, the CTA requires many organizations, including certain nonprofits and HOAs, to report key information about their board members or “beneficial owners.” Here’s a quick guide for HOA…
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For HOA boards juggling community needs with personal schedules, full-service HOA management offers a comprehensive solution to keep everything running smoothly. With full-service management, you gain a dedicated team that handles all aspects of community operations, from finances to homeowner communications, so your Board can focus on the bigger picture. 1. All-Inclusive Support for Every…
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Remote HOA management is a flexible solution for communities that need professional support without the full-service commitment. With remote management, your HOA is assigned an experienced community manager who handles essential tasks like financials, compliance, and vendor coordination—but from a distance. Here’s what you need to know about remote HOA management and how it could…
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Self-managing an HOA can be rewarding and cost-effective, but it also requires dedication, organization, and the right tools. Whether you’re new to the process or looking to refine your community’s management approach, here’s a quick guide to help your HOA thrive. 1. Define Clear Roles and Responsibilities Start by establishing well-defined roles within your Board.…
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