Believe it or not, about 75.5 million Americans live in a neighborhood with a homeowners’ association (HOA). And it’s no surprise why—managed communities often come with countless perks, including increased property values, a sense of camaraderie, enviable amenities, and more.

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 As HOAs continue to boom in popularity, governing bodies must prepare to meet changing demands and position their community for growth. Residents look to boards to protect and preserve property values, and these leaders have an obligation and fiduciary duty to do so. Read on to learn how HOA board members can build a better association and set their community up for a prosperous future.

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1.   Stabilize Financials

HOA residents pay dues and fees to sustain neighborhood amenities and operations, and board members are responsible for managing financial stability by making smart decisions. Actively demonstrating good stewardship of funds, practicing transparency, and keeping finances in check fosters trust and advances the community. To ensure strong financial health and instill confidence, boards should:

• Keep financial documentation, reports, and audits current and accessible.
• Educate residents on assessments and how to pay them.
• Maintain, present, and explain budgets clearly.
• Be open about expenditures.
• Review supplier and vendor contracts for cost-saving opportunities.
• Stay on top of dues collection and hold residents accountable for payment.
• Partner with an experienced Certified Public Accountant(CPA) and other relevant partners.
• Conduct reserve studies and maintain adequate reserve funds.
• Utilize accounting software and tools.

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2.   Leverage Technology

Technology has influenced almost every area of our lives, and the HOA industry is no exception. Because residents expect and deserve the convenience of technology, many associations now employ digital tools and technology platforms to streamline processes, automate tasks, and elevate resident satisfaction. For example, dedicated management platforms, like TownSq, make leading and living in a community association simple with features for:

• Online Payments
• Communication
• Digital voting
• Document storage
• Amenity reservations
• Event calendars

Embracing new technology brings many competitive advantages that can reshape how communities function and thrive, ultimately supporting growth and development.

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3.   Boost Community Engagement

People choose to live in an HOA because of the inherent sense of community. However, achieving this camaraderie takes time, effort, and, most importantly, consistency. It’s up to the board to start healthy relationships, cultivate a welcoming atmosphere, and facilitate opportunities for interaction. Community involvement leads to positive change, increased property values, higher morale, and greater retention rates. To bring people together, associations can consider:

• Creating committees
• Planning fun events
• Hosting meet and greets
• Holding contests and giving awards

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4.   Revamp Communication

Communication is key to effectively running an HOA. If communication is non-existent or limited, it can result in distrust, frustration, and confusion. To make communication an asset instead of a roadblock on the path to success, your community should:  

• Establish a process. Confirm residents understand communication procedures and have a point of contact for issues and emergencies.
• Use multiple channels. Don’t rely on one avenue to get in touch; use community websites, apps, forums, newsletters, emails, text messages, and more to reach residents.
• Communicate consistently. Set a regular cadence and stick to it.

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5.   Refresh Rules & Regulations

To protect and provide structure for the community, every HOA has rules and regulations that all members must abide by. However, community goals, needs, and priorities evolve, and your HOA’s rules may need to be revised or adjusted. Board members should read bylaws, verify they’re straightforward, solicit input, make necessary updates, and communicate changes. Also, double-check that governing documents are easily accessible to residents. When residents understand guidelines and expectations, they’re more likely to comply, ultimately progressing harmony and productivity.

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6.   Prioritize Safety & Security  

Promoting robust safety and security is crucial for retaining current residents and attracting new ones. Board members contribute to a more prepared, stable, and thriving neighborhood by showing residents they prioritize their well-being. Boards can be proactive about cultivating a secure environment by:

• Creating emergency action plans and checklists.
• Connecting with safety vendors and local law enforcement.
• Organizing a neighborhood watch committee.
• Ensuring security cameras are correctly installed.
• Providing an auto-notification system for members to receive updates on recent crimes.
• Sharing safety and emergency tips and practices.

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Build a Better HOA With TownSq

As a top living environment for many worldwide, HOA leadership and residents must do their part to make the neighborhood a place people are proud to call home. Stabilizing financials, leveraging technology, boosting engagement, revamping communication, refreshing rules, and prioritizing safety are all steps to building a better and stronger HOA.

TownSq, the leading software for HOA residents, board members, managers, and management companies, makes completing many of these steps simple. Boasting a comprehensive communication suite and groundbreaking solutions for collaboration, document storage, and financial management, TownSq empowers HOAs to succeed with ease. Request a free personalized demo to learn more today!  

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