HOA News, Advice, and Tips
To make prudent fiscal decisions regarding spending association funds, it is necessary to realize the importance of getting viable bids for large expenses or when contracting for a monthly service. The first step in this process is to determine if you are ready for a formal bid or just looking for information.
Continue ReadingAs the economy continues to flop about like a fish out of water, community associations are forced to find more ways to cut costs. Reports of the recession coming to an end have been heard, but we may not see the light in that tunnel for some time. Rather than focusing on what can’t be changed, community association boards of directors can roll up their respective sleeves and take a fresh look at how their association operates. The goal is to reduce expenses to run the business but retain the value and equity of that business.
Continue ReadingOne of the toughest challenges a board of directors can face is the decision and process of bidding out the association’s management contract. Boards often feel they have a fiduciary obligation to bid out the management contract when, in actuality, the board may simply not realize it is already exercising appropriate fiduciary obligation by working to preserve and extend the relationship with the current management company.
Continue ReadingHaving a good stable of contractors at your disposal is one of the more underrated tools for property management success. Following are some points to consider and a few tips for finding contractors that will make you (and your property) look good. As a property manager, you’re not expected to know how to solve every […]
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