Property sellers and real estate professionals face a tough decision about disclosures when selling a...
Small condo association management in Nevada poses unique challenges because of fewer resources, but it can be done successfully by following a few tips. When condo associations have fewer members, they have fewer dues to support the work of the homeowners association and to improve the community for everyone. Managers can take several steps to improve efficiency and to make the HOA successful and responsive to the needs of the individual owners.
One challenge that managers of small condo associations face is raising money. They must be careful with how much they charge residents. They should avoid charging excessive fees because that could deter others from purchasing properties within the community. If a fee increase is projected, residents should be promptly notified so that they can make budgetary adjustments.
Listening to Members
Decisions that are made affect the condo association’s members. Managers should listen to members and allow them to provide input. While managers do not have to take every suggestion, listening can help the members feel valued. Transparency and communication are key to successfully managing a small condo association. The members are likely to be happier when they know what decisions are being made and the reasons for them.
Working Within the Budget
Trying to balance a small condo association’s budgets with the desired services can be challenging. Board members must have realistic discussions and take care to not overspend. They should also prioritize repairs and upkeep instead of putting them off. Condo boards should analyze the likely costs that the repairs might require if they are left to the future and allowed to deteriorate further. Without spending on repairs, the future costs may strain the condo association’s budget even further. Managers should carefully research costs and bids before moving forward.
Keeping Realistic Expectations for Volunteers
While small condo associations may rely on the help that volunteers can offer, they should not place too many expectations on residents who agree to step up and contribute. Managers should remember that the residents already have to balance their careers and lives. They should not pile too much volunteer work on residents who may already be stretched thin.
Good organization is critical for efficiently managing a condo association. Boards and managers should keep meticulous records about everything that happens, including meetings, finances, and decision-making processes.