Nearly 14% of Ohio's homes are in homeowners associations.
If you count yourself among the thousands of HOA homeowners in Ohio, you already know that all HOAs have a board of directors. Being on the HOA board means that you're responsible for the well-being of the community, taking on a variety of tasks to ensure the community can thrive.
For those thinking about joining their HOA board, we'll use this post to explain the main HOA board responsibilities. Keep reading and you'll know whether or not this role is right for you and if your board is doing right by your community.
Caring for HOA Finances
One of the most important responsibilities of the HOA board is to care for the community's finances. The person who takes this role on is called the HOA treasurer and they're responsible for collecting HOA fees, balancing books, and creating budgets for the community.
A community's finances are completely made up by HOA fees. If you don't have an experienced accountant managing the money, the money might not go far enough. The result is higher HOA fees and lower property values as the community struggles to make ends meet.
It's for this reason that many communities decide to outsource accounting to HOA management companies. These services have accountants on staff to properly look after the community's money.
Protecting HOA Bylaws
All HOAs have rules and regulations that make up their governing documents. HOA rules include things about pets in the community, rental properties, and how homes are to look.
It's the job of the HOA board to ensure that all homeowners are complying with the rules. If you have bad actors, the HOA board must issue penalties to keep all homeowners in line. Unfortunately, this can create an awkward power dynamic between homeowners and the HOA board.
This doesn't exist with HOA management. These companies can issue penalties to bad actors and mediate conflicts between homeowners to maintain harmony in the community.
Coordinating HOA Vendors
One of the perks of HOA living is having a well-maintained community. It's important for the safety and enjoyment of the community, but it's also helpful for home values. A well-kept HOA is desirable to investors, which can boost home values as much as 4% higher than non-HOA properties.
To keep the community looking and feeling good, you need local vendors. A big responsibility of the HOA board is to contract and schedule these vendors so that regular maintenance is never missed and unforeseen repairs are just a call away.
Is Your Board Fulfilling Their HOA Board Responsibilities?
These are a few of the biggest HOA board responsibilities. Being on the HOA board is difficult work and an often fruitless volunteer job. If your board isn't cutting it, your community will benefit greatly from HOA management.
When you have a good HOA manager, they can handle anything your community throws at them. Most importantly, they'll support your HOA board in handling all of their tasks.
To get the best HOA manager in Columbus, PMI Scioto Metro is the only choice. We're a full-service HOA management company offering all of the services discussed here. Contact us today to learn more.
