HOAs are run by the HOA board. The board handles different things such as budget planning, communication, dispute management, rules enforcement, maintenance project supervision, and more. Elected or appointed members of the board should maintain the property’s curb appeal and values. The abilities of an HOA’s board are key to the success of the community. This is the reason HOA board members must get themselves trained. Some members may not be qualified to manage a community but just volunteered to help. This is where phoenix hoa management companies can help. The services of these companies may include offering HOA board training. The following are the reasons HOA board members must go through relevant training:
Handle HOA Funds Effectively
HOA board members take care of the HOA’s finances. They are tasked to plan the annual budget, keep records of all transactions, and prepare financial reports. Also, they will collect dues and settle delinquent accounts. An HOA manager can handle HOA finances well but the board can also equip themselves with the knowledge necessary to perform finance-related tasks.
Improve their Communication Skills
Board members are expected to constantly keep in touch with community members. They should inform members of essential announcements and updates, including changes to community rules, meeting notices, and others. Also, they should know how to make it easier for residents to reach out to them when necessary. A great manager can help the board set up the property communication channels.
Learn to Deal with Disputes Properly
Conflicts within the community are common. Residents can fight over different things and board members can disagree on some decisions. And when disputes erupt, violence and lawsuits can happen. HOA boards that undergo training will learn ways of association management including dispute resolution.
Avoid Liability
Every member of the HOA board should uphold some fiduciary duties. Thus, they need to act in good faith and within the community’s best interest. A bad decision that can cost the HOA can lead to residents claiming a breach of fiduciary duty.
Moreover, to run an HOA, board members must not only possess knowledge of the law but also a lot of the statutes that can impact the HOA. Aside from this, some federal and state laws are in place that applies to HOAs. HOA board members may also need to follow local ordinances. HOA governance can come with liabilities and you can avoid them by getting HOA training.
