Annual Assessments Made Easy: 12 Key Performance Indicators for HOAs & Condo Associations
Wise Property Solutions, a member of Innovia Co-Op, underscores in this quick guide the significance of conducting an annual assessment for homeowners and condominium associations. The following are their 12 essential performance indicators:
Reserves: Ensure that sufficient reserves are upheld, as evidenced by a reserve study, to prevent the need for special assessments.
Insurance: Maintain comprehensive insurance coverage as required.
Leadership: Foster active participation from the Board and committee volunteers.
Meetings: Facilitate effective and productive meetings with timely agendas and discussions focused on results.
Governance: Administer the association in accordance with governing documents and relevant laws.
Delinquencies: Maintain the rate of delinquencies at or below 5%.
Financial Management: Establish a formal budget, provide financial reports, and implement fraud protection measures.
Covenants: Enforce covenants equitably and conduct inspections to verify compliance.
Maintenance: Develop a program for regular maintenance and necessary replacements.
Vendors: Award contracts based on project specifications and vendor qualifications.
Communications: Engage residents effectively through various communication channels.
Forums: Create opportunities for owners and residents to present their concerns to the Board in a forum setting.
Keep Your HOA Strong: Partner with Wise Property Solutions for Ongoing Success
By consistently reviewing these aspects, Wise Property Solutions assists associations in sustaining their vitality and identifying areas for improvement. Reach out to Wise Property Solutions today to ensure your HOA is progressing in the right direction.