Condominiums are often attractive purchases for those who wish to own a property, but prefer upkeep that is easier than a house. However, that ease comes with the acceptance of condo fees. Before considering a condo, it is vital to consider what fees are actually going toward…and what they aren’t. The first question to…
Details
Each homeowners association is only as strong as its board of directors. As a member of the board of directors, each individual has the monumental job of being intimately familiar with the community. Here is a summary of the condo board of directors responsibilities and how each member should be doing their part to ensure a…
Details
So you have been elected to the condo board! What now? You may be wondering what your responsibilities are now that you are a part of the board. Here are a few of the most common condo board responsibilities, and how to perform them well. Mediation Between Residents and the Property Manager One of…
Details
A large part of your job as a team member on the HOA board is to be a good steward of the money that is payed to the board for the upkeep of the community. The task can be a daunting one, but following these five rules of accounting will help you and the rest…
Details
When it comes to your HOA’s monthly, quarterly, and yearly financial statements, the outcome is largely dependent upon which type of accounting method is used by your HOA. There are three different types of accounting methods that can be utilized which are often determined by the size of the organization or by state and local…
Details
When it comes to fraud in this day and age, it is more a matter of “when” rather than “if” you will become a victim. Everyone is at risk including individuals and businesses, and your HOA is no exception. Whether the fraud occurs internally or from outside the business, it is important to have a…
Details
Legal Rights for Condo Owners HOAs have considerable control when it comes to the governance of the community. This control extends to things such as addition or maintenance projects, changes to the exteriors of properties, execution of property rules and regulations, and even parking of individual residents. There are, however, certain areas in which condo…
Details
Finances are one of the most important and difficult aspects of property management. If you are hoping to improve the financial health of your business, here are a few property management accounting basics that will help you to create the thriving business that you desire. Researching State Laws When managing property finances, it is…
Details
The residents that you have as part of your community can make all the difference when it comes to having an HOA that is welcoming and a neighborhood that is beautiful and desirable to live in. Although you can never perfectly predict how good a resident is going to be, there are certain screening processes…
Details
As part of the leadership of an HOA community, it can sometimes be difficult to decide which investments are worth your time and the residents’ money. One of the considerations that you may have had to recently take into account is whether software is worth the money as well as the time needed to learn…
Details