In Colorado, properties located in community associations are valued at around 4% more than equivalent homes in the same area. That's because they're in high demand due to the numerous benefits offered to community residents.
Not only do these homeowners enjoy good property values, but they also have access to onsite facilities and a secure lifestyle. These benefits don't come about by themselves, though; they're dependent on a team of board members to ensure the smooth operations of the community.
Read on to learn about association management best practices for your Colorado Springs association and why they're essential for a thriving community.
What Is Association Management?
Community association management includes all the processes involved in maintaining and managing a community of homeowners. It includes numerous daily, annual, and ad hoc tasks.
A community association elects a board of their peers to manage the association on their behalf. This group of volunteers is tasked with taking care of the community's needs and ensuring its continued success.
Association management includes tasks like:
- Ongoing maintenance of common areas
- Administrative tasks
- Advisory services
- Strategic community planning
- Preparing financial documents
- Holding community association meetings
- Approaching changes in local laws proactively
The HOA board must also ensure that residents comply with all homeowners association guidelines, e.g., aesthetic codes.
Best Practices for Community Management
Effective community association management means approaching all the above tasks with dedication and a willingness to learn. The best way to do this is by embracing the following fundamentals:
Purpose and Clear Vision
A well-defined mission and clear objectives are essential for success in an association. These must align with the communities needs and aspirations.
Strong Leadership and Governance
Elect a capable and committed governing body. These volunteers must work as a unit to set clear policies and make informed decisions.
Transparent Communication and Member Engagement
Effective communication is essential for keeping members informed about community and board activities. Inclusive activities and resident participation create engagement and a sense of belonging and ownership in the community.
Financial Stewardship and Accountability
Every association relies on prudent financial management. Transparent budgeting and financial reporting, along with careful allocation of resources, ensure ongoing success for any community.
Representation and Advocacy
Community managers must advocate for the community's interests and represent them fairly in external affairs. They must collaborate with local authorities and other relevant parties to safeguard the community's needs.
Professionalism and Ethical Standards
Association managers must approach all their dealings according to the highest ethical standards. This strengthens the community's credibility and reputation.
Embrace Professional Association Management in Colorado Springs
Effective board management can become stressful and time-consuming for busy volunteer community leaders. Hiring a professional team is a more efficient way to ensure the success of your HOA or community association.
PMI Pikes Peak is a full-service property management company based in Colorado Springs, CO. We have years of experience taking care of homeowners and community associations to maximize profits while remaining within set budgets.
Our team is committed to providing professional, attentive service to all our clients. We use the latest technology to keep interested parties informed at every turn and ensure prompt attention to their needs.
Browse our blog for more community management tips and discover our formula for stress-free association management today.
