The end of the year is near, which makes it the perfect time to begin reflecting on the year and planning for the future. When creating a game plan for the upcoming year, make note of any problems you see and consider these common mistakes your HOA should avoid in 2022.
1. Letting a Year Go By Without Communication and Connection
The last two years have caused some communities and HOAs to slip on communicating consistently with their residents. With the current technology at your fingertips, there’s no reason you can’t stay in contact with your neighbors and meet online with homeowners. Try out new platforms and find new ways to host events, activities, and gatherings.
2. Don’t Ignore Your Emergency Fund
Reserves are so important in the success of your HOA. Have a healthy operating budget and reserve, and be prepared for a discussion if you’ll need to increase fees to account for any expenses. With more people working from home, it can put a strain on the facilities and amenities your HOA offers, especially with the increased cleaning needs, so make sure you’re taking a hard look at your HOA’s financial needs.
3. Falling Behind on Administrative Tasks
Have systems in place that remind your board of important dates and tasks that need to be completed during the year. There can be a lot to keep track of, and you don’t want to fall behind on anything. Know when assessments, taxes, budgets, fees, meetings, etc., need to be completed, and give yourself a healthy timeframe to get them completed.
4. Being Lenient on the Rules and Regulations
The worst thing your HOA board can do is play favorites, bend the rules for yourself, or pick and choose what rules to abide by. It creates distrust and frustration within the community. Follow the governing documents to the T in order to reduce the number of potential liabilities and out of respect for all residents.
There are several ways you can plan now to ensure that your HOA runs smoothly in 2022. If you’re interested in more common mistakes your HOA should avoid in 2022, or you need help preparing for the new year, contact Prism Realty Management. Give us a call at 512-676-5842 — we’d be happy to talk to you about who we are, the services we offer, and our process.
