According to reported figures last year, nearly 66 million Americans live in communities that are overseen by a homeowners association or similar entity. Here in Eden Prairie, Minnesota, and the surrounding area, HOAs thrive as communities have seen a tremendous spike in interest with new homeowners moving in. Even the best associations have their challenges, however, as board members have to deal with a broad spectrum of issues that arise from time to time. Below are some of the most common challenges to operating a successful HOA and what you can do to minimize their impact.
Managing it all Yourself
While you’re busy growing interest in the organization, making crucial decisions, and handling upcoming events, you’ll need a company to handle all the other items on your list. Gassen keeps HOA boards on top of their finances and property upkeep by providing resources and manpower whenever you need us. By allowing a professional company to manage your association for you, you’ll avoid several pitfalls that could cause everything to go awry
Staying on Top of the Accounting
Chances are, nobody on your HOA board wants to handle the money. Failure to do so, however, can lead to devastating consequences including an audit from the IRS. If your organization is sending and receiving funds in any manner, then you need to need to hire an accountant to take care of the finances for you. A Gassen HOA accountant has the training and knowledge to help you keep all of your financial records straight. All of your organization’s accounting can be handled online through our website.
Finding Reputable and Dependable Vendors
When it comes to managing your landscape, making structural repairs, or preparing a dwelling for your upcoming tenants, who do you trust? Even word of mouth or five-star ratings online can be deceiving when looking for reliable contractors, landscapers, or home improvement companies. Thankfully, Gassen has already done the research for you. We have assembled a list of certified, licensed, and vetted vendors that we can contact on your behalf no matter what type of work you need to be completed.
Preparing for Future Expenses
What type of expenses do you foresee down the road? How much capital do you have stored to cover these expenses? This is one of the greatest challenges that faces HOA board members as well as those who own properties with multi-dwellings. Reserve studies are a valuable tool that can help you prepare for upcoming expenses by calculating several different variables. Our Gassen HOA specialists help our clients secure their bu business futures by conducting a reserve study and then putting together a game plan for securing funds down the road. These funds will be used for projected growth as well as foreseeable expenditures.
Gassen HOA Management Can Help You with Your Challenges!
If you are having a difficult time juggling all the responsibilities of operating an HOA or large residential property, then look to Gassen! We specialize in HOA accounting, vendor resources, property management, and real estate listings. Call us today at 952-922-5575 and let us help you every step of the way!