The role of a HOA property manager is one that is full of responsibility, duty and care. You have a variety of obligations and ultimately, every decision you make has to benefit the other members of the HOA board and the residents. Sadly, because of this high-pressure environment, many HOA managers are prone to making the same mistakes over and over. Thankfully, it doesn't take much to rectify these problems, however, the damage to your reputation as an HOA manager may prove difficult to salvage.
By educating yourself and being able to recognize where things can go wrong, you’ll become much more efficient at your role and be acknowledged as a reliable and trustworthy HOA manager. Here we’ll explore the most common mistakes every HOA manager makes, and how you can avoid them.
You’re not using accounting software
Any HOA manager will understand the immense pressure and stress that comes with handling all accounts related to the organization they’re tasked with managing. Payment collections, invoices, maintenance payments, account management, bookkeeping, budgeting, budget forecasts, simplified billing and more all need to be handled by you, so making a mistake can cause catastrophic issues further down the line.
The best way to combat any kind of accounting issue is by investing in accounting software. So, what is Homeowner Association (HOA) Accounting Software? Well, with HOA accounting software you get all your bookkeeping responsibilities in one easy to manage platform. Accounts and handled with ease, and automated payments and accounting responsibilities are a breeze. This gives you more time to handle other tasks, safe in the knowledge that all your accounts are up to date and correct!
Letting your personal feelings get in the way
As an HOA manager, you'll be faced will all kinds of challenges. From issues between residents to arguments over communal areas and outstanding bills. However, these challenges are made even more complicated with HOAs let their personal feelings override their better judgment. Maybe the sweet old lady you're fond of keeps forgetting to pay her bills but you let her off another month because you like her. Or another resident you often clash with is demanding something you don't want to provide because you don't like them. This kind of attitude will only create more problems within your organization and will make you look incredibly unprofessional.
The solution is simple. Treat everyone equally. Address issues appropriately and don’t let your personal feelings get in the way of being good at your job!
And finally, not collecting overdue fees
Often, our desire to be liked can mean we avoid doing what’s right. And that can include not collecting those overdue fees. This kind of financial issue can cause all kinds of problems further down the line, as well as accusations of bias and favoritism amongst residents.
If you want to avoid this classic HOA mistake, you shouldn’t allow your standards to slip. You should be able to collect money owed professionally and promptly without compromising your integrity or your professionalism. If you’re unsure of how to approach this awkward subject, revert back to your training.