How to Manage Property Associations
Managing property associations, such as those in condominiums or homeowner's associations, is a time-consuming task that requires knowledge of property laws, finance and building maintenance. While some property associations can afford to hire a professional property manager, most associations manage their own properties. Self management of a property association may be challenging, but may be worth the cost savings for the entire community.
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Instructions
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Elect a property association board. Board positions and their duties are usually listed in the association's handbook and positions are filled by the members of the association. Board members are responsible for enforcing association rules and keeping accurate financial records.
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Have a copy of the rules and regulations of the property association. Association rules cover a wide range of topics, such as what pets are allowed and when trash can be placed on the curb for pickup. Knowing these rules, ensures that everyone is following them.
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Set a fixed date when the property association dues are collected. According to Carter Realty, a property management company based in Atlanta, Georgia, prompt collection of association dues is vital for the financial welfare of the community.
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Hire contractors for the maintenance of the property. According to Carter Realty, most property associations must hire landscapers, trash collectors and maintenance workers who beautify the property and provide general building maintenance.
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Hold property association meetings on a regular basis. Depending on the association's rules, a raise in association dues and maintenance issues must be voted on by all members in the association.
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References
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