Homeowners dues: almost nobody in HOA management likes to talk about them with residents. That said, they remain an integral part of keeping your HOA running, no matter if you use property management services or not. They make HOA life possible—community amenities, high property values, neighborhood bashes and all. Yes, they can be a sticky subject, but let’s not think of dues as a completely negative thing. Without them, everything from the board to the bonds your residents have forged probably wouldn’t exist.
To make use of all the positives that dues bring to your community, you must have a system set up in place to collect them. While a few months ago on our blog we talked about how to prevent late payments, which are the bane of HOAs everywhere, this month, we’ll go over what a functioning dues-paying system looks like and how to properly implement one.
The System Should Be Professional, Yet Compassionate
Your HOA deserves to collect payments, but your residents also deserve to live free of harassment, even if they’re late on said payments. Every HOA’s dues-paying system must walk that line—there’s simply no getting around it. While we at Gassen can help you construct a collection system that works for your individual circumstances, here are our general recommendations:
● Dues should be easy to pay | Your residents shouldn’t need to jump through hoop after hoop to make their periodic payments. Turning an already tricky topic into a headache is a great way to inspire resentment in your community. Consider online property management services to make things simple for everyone.
● Be completely up-front about where your residents’ money is going—especially if you’re asking for more of it | Times are tight for everyone these days, so if you must increase your dues, make sure there’s a good reason for doing so, and be completely transparent about this reason. There’s no quicker way to end up with a disgruntled community than imposing additional fees without immediate explanation.
● Alert homeowners ahead of time before dues change | Again, money is a pressing concern for many homeowners. It’s only courteous to not drop metaphorical bombs on people when it comes to such a stressful subject. Emergencies aside, if you know you’ll need more or less money in the future, your residents should be aware long before such a change takes place.
Need Financial Help for Your HOA? Gassen is On the Case
No matter if you’re in need of full-out accounting property management or less extensive services, we can crunch the numbers and give you answers. Give us a call now at 952-922-5575.