5 Risks of Self-Managed Community Associations

Self-managed community associations typically avoid professional management companies because of the cost. However, these associations have to ask themselves, “is the liability worth the risk?” As financial and legal responsibilities increase, so too do the risks associated with self-managed community associations. The Risky Business of Being a Self-Managed Community Association The majority of self-managed community associations are run by volunteer board members who typically work full-time jobs, don’t have the time to properly run a community effectively, and lack the industry experience needed to mitigate common risks. With this in mind, the five most common risks associated with self-managed community associations include: Meeting Minutes Compliance: Meeting minutes must be recorded,… Read More

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Mortgage holders don't like it when property owners do not pay their maintenance fees

Use Riders to Collect Delinquent HOA Fees

If you have purchased a condominium or property in an HOA you have signed a rider. For condos its called a Condo Rider. For HOAs its Called a PUD Rider. This rider is an attachment to the document recorded in the land records to secure the note given by the lender (aka mortgage). These riders are a path to collect delinquent HOA and Condo Fees. Banks Have a Stake in Assessments Being Paid One of the most important items contained in the Rider deals with maintenance fees. It is very important to the lenders that these fees are current. The mortgage company has an interest in the property. The mortgage company wants… Read More

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How Do You Know if Your HOA or Condo is Under Water?

The term “under water” in real estate usually refers to a property that has no equity. That is to say that the money owed on it is more than what it can sell for. Seldom do we hear about an entire HOA or Condominium Association being “under water.” So the question today is: How do you know if your HOA or Condo is under water? The brutal truth is that your entire community association can be under water. Unfortunately in many communities, nobody in authority acknowledges it until it’s too late. Too late is when homeowners are hit with a large special assessment for a capital improvement project. A special assessment… Read More

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5 Ways Community Association Managers Can Thrive in a New Year

Now is the perfect time to align your team to prepare for what’s ahead. You may have aggressive goals in the new year to acquire new associations, expand your team, increase profitability, or all of the above. No matter the goal, you’ve also got the added challenge of staying competitive and, hopefully, a step or two ahead of the pack. Here are five ways to ensure you stay on track and turn your vision into reality. 1.) Keep Yourself and Your Team Informed The community association industry is rapidly evolving – are you keeping tabs on the trends and getting this information to those on your team or in the… Read More

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remote manageement versus full service

The Problem with Current HOA Management

HOA Management, like every other industry, has its ups and downs. Successfully managing an association brings people together, connecting homeowners with each other to develop that sense of community. On the other hand, failing to meet that standard can divide a community. Homeowners become angry with their board members and board members become angry with their management company. How do you fix this issue?  There are a few options; give your current management company one more chance, self-manage your HOA, or switch to another company. Unfortunately, one more chance means you are given a little more attention, but only for a short duration. Then it’s back to the old way… Read More

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